Schoenherr advised immigon portfolioabbau ag ("immigon") on the sale of VB Leasing Finanzierungsgesellschaft m.b.H ("VB Leasing (Austria)") to BAWAG PSK Leasing GmbH. immigon had previously held its 100% stake in VB Leasing (Austria) via its subsidiary Unternehmensbeteiligungs Gesellschaft mit beschränkter Haftung. The relevant sale and purchase agreement was executed on 12 August 2015. The closing is anticipated for the fourth quarter of 2015, subject to customary conditions, including regulatory approvals.

VB Leasing Finanzierungsgesellschaft m.b.H.-Group held net customer receivables of EUR 653 million as at 30 June 2015. The Purchaser will replace 100% of the refinancing of VB Leasing Finanzierungsgesellschaft m.b.H.-Group of approx. EUR 650 million at closing. The deal economics were not disclosed.

The Schoenherr team advising immigon was led by Thomas Kulnigg (partner; Corporate/M&A) and Sascha Hödl (partner, Corporate/M&A). They were assisted by Franz Urlesberger (partner; EU & Competition), Clemens Rainer (attorney at law; Corporate/M&A) and Hutan Rahmani (attorney at law; Banking & Finance/Capital Markets).

Ithuba Capital served as financial advisor to immigon.

BAWAG PSK Leasing was advised by BPV Hügel (Mödling, Austria).