Vienna, Austria - Global law firm Baker & McKenzie acted as a legal adviser for a banking consortium in the capital increase of AT&S Austria Technologie & Systemtechnik Aktiengesellschaft, a leading Austrian printed circuit board manufacturer. Erste Group Bank AG and Berenberg, Gossler & Co. KG acted as joint lead managers of the banking consortium.
Despite the current difficult market environment, the transaction was completed successfully for a total of about EUR100 million. All 15,527,412 offered, new and already owned shares of AT&S were placed with investors in a public offering in Austria as well as in an international private placement.
“The distinctive feature of the transaction is that a pre-placement with institutional investors preceded the public offer for subscription. For the first time in Austria, a capital increase was entered in two installments in the company register. In this way, shares sold in the pre-placements could promptly be delivered to investors and simultaneously the number of the remaining offers was kept flexible until the end of the subscription period,” commented Philipp Spatz, a partner at Baker & McKenzie’s Vienna office who led the transaction together with Eva-Maria Ségur-Cabanac and Christoph Moser.
"One of the transaction's major due diligence focuses is in China, where AT&S is currently building a new plant for production of IC substrates, which is to receive an essential part of the expected proceeds. As one of the largest international law firms with 74 offices worldwide, we are in an excellent position to cover the international aspects of the transaction from one source,” commented Eva-Maria Ségur-Cabanac.
Headquartered in Leoben-Hinterberg, Austria, AT&S Group employs approximately 7,300 employees worldwide and currently has six production sites targeted on technology.
Baker & McKenzie Vienna regularly advises debt and equity issues. In July 2013, Baker & McKenzie advised a PEMA Group company on the issuance of a secured EUR52.8 million bond as well as the SOZIALBAU Konzern on the emission of secured bonds by the group company WOFIN Wohnungsfinanzierungs GmbH according to the Trustees Act (Kuratorengesetz). More recently, Baker & McKenzie supervised transactions from the bond issuance program of voestalpine AG, Lenzing Re-IPO as well as the issuance and initial public offering of the restaurant and catering company DO & CO in Istanbul.
Legal Advisor Investment Bank:
Baker & McKenzie
Lead:
Capital Markets: Dr. Philipp Spatz (Partner, Vienna), Dr. Eva-Maria Ségur-Cabanac (Partner, Vienna), Mag. Christoph Moser (Associate, Vienna)
Team:
Capital Markets: Mark Devlin (Partner, Frankfurt), Dr. Christoph Wolf (Partner, Frankfurt), Dr. Manuel Lorenz (Partner, Frankfurt), Tilman Wink (Counsel, Frankfurt), Mag. Stefan Arnold (Associate, Vienna)
