Understand Your Rights. Solve Your Legal Problems
An initial public offering of a 30% equity stake in Athens International Airport S.A. (AIA) was launched by the Hellenic Republic Asset Development Fund (HRADF), the state agency assigned with the implementation of the privatisation programme of Greece.
The IPO included a public offering to retail and institutional investors in Greece and an offering to international institutional investors outside of Greece pursuant to a private placement and the listing of all AIA’s shares for trading on the Regulated Securities Market of the Athens Exchange (ATHEX). The proceeds from this listing came to EUR 784.7 million.
This IPO is expected to create beneficial revenue for the country, as this is the biggest initial public offering in Greece in over 18 years and AIA is the operator of the largest airport in Greece.
To better understand the challenges that this transaction faced, we need first to get an idea of the particularities of the corporate status of AIA.
AIA is a special utility company established as a Greek société anonyme to hold a 30-year BOT concession for the new greenfield airport 30 km from central Athens (the Airport) pursuant to the Airport Development Agreement (the ADA) entered by the Hellenic Republic and private sector parties on 31 July 1995. The ADA and the articles of association of AIA were ratified by virtue of Law 2338/1995 (the Ratifying Law).
The Airport commenced its operations in 2001 and a 20-year extension of the concession period was ratified by Law 4594/2019 and became effective on 19 February 2019.
The shareholders of AIA prior to the IPO were the HRADF (with 25% of the shareholding of AIA), Greece’s sovereign wealth fund HCAP (with 30% of the shareholding of AIA), Avialliance, a wholly owned subsidiary of the Canadian pension fund PSP Investments (with just over 40% of the shareholding of AIA), and members of the Copelouzos family (with a bit less than 5% of the shareholding of AIA).
As in other similar concessions where the State remains a party in the concessionaire company, the ADA and the articles of association of AIA included detailed provisions imposing limitations to the holding and transfer of shares as well as a distinct corporate governance structure, with a view of safeguarding the State’s and the private shareholders’ interests in this investment.
It was these corporate particularities that posed certain significant challenges to the planning and execution of the IPO. In this respect, a consensus of all shareholders needed to be obtained, so as to pursue the lifting of all share transfer restrictions and proceed with the “opening” of the company to new investors. At the same time, since the corporate governance regime was in certain of its elements unique (BoD composition and election process, special quorum and majority in GSMs etc.) the shareholders needed to adapt it to the requirements of a listed company, so as to pass the scrutiny of the Hellenic Capital Markets Commission and of the Companies Registry, but at the same time balance established interests the day after. Finally, all relevant agreements and arrangements between the shareholders needed to be legally valid and sustainable both for the regulatory authorities as well as for the benefit of the prospective investors.
DVLaw acted as Greek law counsel to HRADF since its first attempt in 2019 to sell its 30% stake in AIA through a trade sale. The international tender process was postponed at the beginning of the binding offer phase in mid-2020 due to the COVID 19 pandemic and was finally abandoned following HRADF’s strategic decision to pursue an IPO. We have advised HRADF throughout the whole preparatory IPO phase with the negotiation and finalisation of a multi-layer and interconnected set of arrangements between the shareholders, the company, and the competent authorities. This included, inter alia, a comprehensive memorandum of understanding that put in place the road map until the IPO and the listing of AIA’s shares on ATHEX, the enactment of a set of special legislative initiatives allowing for the adaptation of the corporate governance structure of AIA with that of a listed company, which were designed to take effect upon the successful listing of AIA’s shares on ATHEX, a shareholders’ agreement that regulated important aspects of the company’s governance in conformity with the law and two cornerstone agreements with the existing private shareholders of the company. Furthermore, during the actual IPO process all the above arrangements were properly disclosed in the Prospectus and HRADF, as selling shareholder, abided to its regulatory obligations pursuant to the Prospectus Regulation and other pertinent legislation.
We were really fortunate to work with a dream team of legal advisors. White & Case and Your Legal Partners also acted as advisors to HRADF. Latham & Watkins and PotamitisVekris were the legal advisors of AIA, Milbank and Zepos & Yannopoulos acted as legal advisors to the Managers and the Underwriters, Linklaters and Koutalidis acted as legal advisors to Avialliance.
Working with leading practitioners from top-tier Greek and international law firms around the clock for many months was an unprecedented experience for our team and a valuable lesson on coordination and collaboration in tackling complex legal issues posed by the unique status of AIA.
The whole process required us to follow a strict timeline with many actions on the critical path. Under the inspired guidance of the project managers of HRADF, the involvement of these professionals ensured the smooth and seamless completion of the individual milestones to the benefit of all parties involved.
Above all, however, this IPO reaffirmed that there are some key principles that must be followed and applied in this type of multi-person transaction. These are the commitment to the client’s needs, the willingness to be agile and accept legal improvisation when approaching complex or unprecedented issues (such as the conditionality of the special corporate governance legislative provisions on the successful outcome of the IPO and the listing) and the need to always look for a balanced approach and to prefer consensual solutions rather than coercive actions.
Indeed, AIA’s IPO was the first significant IPO in Europe for 2024 and the biggest IPO in Greece in almost two decades. The proceeds amounted to approximately €785mn, implying a market capitalisation at listing of €2.46bn. It was oversubscribed approximately 12 times with strong demand exceeding €8bn from local and international investors and with over 20,000 individual applications received for the Greek public offering leg of the combined offering.
This extremely successful IPO marks a historic moment in Greece’s economic trajectory, as it reflects the growing investor confidence in the Greek economy.
It also reinforces the strong momentum for the Greek capital markets and the Athens Exchange, contributing 2.5 billion euros to the market’s capitalization. For AIA, the diversification of the investor base will unlock long-term value for the enterprise and should be considered as a strong “vote of trust” to the company and its development plans. As for HRADF, the IPO is the latest of a series of very successful transactions that showcases the unwavering dedication and professionalism of the fund and its management team in implementing the privatisation programme of Greece.
DVLaw is a well-established law firm focusing on core areas of commercial activity, including banking and finance, NPLs markets, capital markets, corporate and M&A, privatisations and tax. As regards its privatisation practice in particular, DVLaw has an established relationship with HRADF since it has been involved in some of its landmark transactions, such as the €1.23 billion takeover of 14 Greek regional airports by Fraport Greece, the privatisation of the Marina of Alimos and the privatisation of the Greek regional port of Igoumenitsa through the sale of HRADF’s 67% shareholding in the Igoumenitsa port operating company to a consortium led by Grimaldi group. Our expertise has been recognised also by Greece’s national growthfund HCAP, which is the sole shareholder of HRADF. In this respect, we have been mandated to advise HCAP for the privatisation of the regional airport of Kalamata through the granting of a long-term concession, the tender process being now in its binding offer phase, and we have been selected to be part of the group of advisors that will assist HCAP in its effort to privatise the remaining 22 regional airports that are in its portfolio of assets. We hope that we will maintain and strengthen the trust our clients have in us.
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Donald Trump has been in an ongoing civil fraud case led by Letitia James since last year and has now posted a $175m bond. This was an agreed amount after an appeal bringing it down from $454m
By posting the bond Trump has now prevented James from being able to seize any of his assets including Trump tower, his Florida estate and resort and Golf course reported by The Times.
This civil fraud case is not the only legal trouble Trump has found himself in in the lead up to the Elections planned for late 2024.
Trump has 4 legal cases which include 91 charges altogether.
The first case involves hush money paid to an adult film actress before the 2016 elections. The actress reports the money was paid to her to keep quiet about her affair with Donald Trump.
The $130,000 was documented as legal fees in Trump’s business records and this is just one of the 34 counts of fraud under campaign finance laws that Trump is being investigated for.
The trial for this case is now scheduled for April 15 and this will be the first criminal trial of a US President.
The first trial has taken place where Trump was tried for falsification of records to sway the results in the 2016 election. He is accused of paying Stormy Daniels $130,000 to cover up an affair and then illegally reimbursing his lawyer, Michael Cohen for the money and recording it as legal fees in his records.
The jury consisted of seven men and five women.
Trump's lawyer, Blanche argued that there is no crime for influencing for an election stating, "it’s called democracy”. The defence argument consisted of Trump being unaware of the Hush money as his former personal counsel, Michael Cohen was left to handle it and Trump only had to sign it.
David Pecker, the former publisher for National Enquirer was called as a witness by the Prosecutor as they argued a strategic partnership between Cohen and Pecker. They created a plan to keep damaging information out of the public eye prior to the 2016 election.
The prosecutor also brought in quotes from the set of Access Hollywood tapes where Trump was clearly making vulgar comments about sexually assaulting women, the tape came out just a month before the election. This was pinned down to being 'locker room talk' however, when Daniels made her claim this became a panic for the campaign and paying her hush money was the only way to maintain appearances for Trump in 2016.
We wait for the verdict to come.
The BBC reports that In 2020 it was found that Trump had been allegedly pressuring officials and spreading false information in order to delay the certification of Biden’s victory in the election.
This has led to 4 cases of conspiracy to defraud the US as well as conspiracy against the rights of citizens.
A leaked phone call allegedly found Trump requesting the top election official in Georgia state to find more votes in favour of Trump.
Trump and 18 others were found to be conspiring to overturn his defeat in the 2020 election.
This found Trump with a racketeering charge which could result in a 20 year prison sentence, Trump has pleaded not guilty and has described the charge as politically motivated.
When Trump left office he was found to be mishandling classified documents as he travelled to his new residence with documents from the White House.
He is also being investigated for obstructing the FBI when they were trying to retrieve them.
This falls under the Espionage Act which could result in a sentence of 10 years in prison. As well as a 20 year sentence due to withholding or concealing documents.
Trumps lawyers are trying to delay the trial until after the November Election.
Trump has continually pleaded not guilty to all cases.
The founder of FTX, a trading platform for cryptocurrency, Sam Bankman-Fried has officially been sentenced to 25 years in prison for his fraud and embezzlement crimes.
Created in 2019 to trade cryptocurrency. Customers could open accounts to trade and buy cryptocurrency and then convert this into real cash which they could withdraw into their bank accounts
Late 2022 the company went bankrupt after billions of dollars of customers’ money had been lost due to fraud. The company went bankrupt and millions of customers were locked out of their accounts unable to withdraw their money. Some had lost their life savings.
Customers lost in total around $8bn as well as investors losing roughly, $1.7bn.
FTX shareholders are extremely unlikely to see their money returned and this includes, Tiger Global Management, the Ontario teacher’s pension plan, Sequia Capital as well as the New England Patriots owner Robert Kraft and NFL quarterback, Tom Brady and Ex-wife, Gisele Bundchen who advertised for FTX.
Their stakes were at one point valued at tens of millions and now are worthless.
The hedge fund, Alameda Research was supposedly holding $11.3bn but according to accounting experts present at the trial, only $2.3bn of this could be found.
In November 2023 Sam Bankman-Fried was convicted of 7 charges of wire fraud and conspiracy.
Sam Bankman-Fried had been living lavishly with colleagues using the money for their own personal lives and gains.
Prosecutors demanded a 40-50 year sentence for Sam Bankman-Fried arguing that the crimes could be repeated as well as a need to deter other from similar acts.
Bankman-Fried’s lawyers asked for a 6 year sentence arguing that this was his first offence and he was non-violent, as well as the promise that customers would be paid back in full.
This latter claim was rejected by the judge as “illogical” and “Speculative”. The current CEO of FTX also rejected this as the amount of money lost could not be paid back by the company.
Today, the Judge agreed on a 25 year sentence for Sam Bankman-Fried.
Related: FTX investors halt lawsuit against law" firm Sullivan & Cromwell
Diversity within the legal industry is gradually improving with more to be done we can take a look at those who have created an active plan to increase diversity in the workforce.
The Fairness Project is committed to helping students improve their employability by understanding the barriers and how to overcome them. They also work to highlight the students’ own personal biases in order to create future employers who are fair and can alter the culture in the industry.
The Times recognised law firms which made significant progress in the way of diversity in 2023.
Included in their top rankings is Addleshaw Goddard as they have increased their statistics for women in partner roles from 20% to 28% over a 7 year period.
They are also featured in The Times Top 50 Employers for Women list.
Osbourne Clarke law firm based in Bristol has been committed to their inclusivity programmes which are a part of their Race Action Plan. These include, the Scholarship Initiative designed to support scholars and help them overcome the barriers in the industry.
Additionally, they have the OC Reach Talent Programme which welcomes ethnic minority students to gain work experience within the firm. This improves their opportunities as well as creating a substantial talent pool within the firm.
The Solicitors Regulation Authority have completed a study which shows the inclusivity which can be seen in the UK legal industry. Despite there being great progress with inclusivity growing each year there are still moves which need to be made to make the professional world more diverse.
The Solicitors Regulation Authority revealed that in the UK a small 19% of lawyers are black, Asian or from a minority ethnic origin. Of this only 17% of partners fall into any of these categories.
The median pay gap between those who are black, Asian or an ethnic minority and those who are white is at 7.6% in 2023. This means minority groups are being paid less than white staff over the legal industry.
In the UK, it was found that women make up 53% of lawyers and only 37% of partners in the UK are women
Forbes found that in the US only 39.51% of lawyers are women and only 4.89% of partners were women of colour.
Lawyers who come from privileged backgrounds and have parents who are from a ‘professional’ background is at 57% In 2023. This is slowly decreasing however, those who come from independent and fee-paying schools are still a majority within large law firms.
The LGBTQ+ community is a very underrepresented group within the legal industry and in the UK in 2023, only 4.57% of lawyers were reported to identify within the LGBTQ+ community. Of this only 2.57% of partners were of this group. This statistic is also reported to be increasing year by year, more needs to be put into action to encourage safety within the legal industry and promote diversity.
It is important for clients to see a wide array of people they can connect with. A study done by Reuters showed that law firms with the least diversity within their staff are more likely to miss out on instructions from corporates.
They discovered that 25% of corporate legal departments use diversity data when selecting which law firm to work with.
Research from Harvard Business Review observed that companies with above average total diversity achieve an average of 19% points of higher innovation revenues as well as 9% points higher earning before interest and taxes.
The culture within the legal industry is gradually changing and improving, with the support from further programmes designed to advocate for minority groups we can have hope more people receive equal opportunities.
Today, the 26th March 2024, Julian Assange learns whether he will be extradited to the United States or not after trying to overturn this for several years now.
Today the UK High Court gather to make a ruling and have now stated that the court is seeking assurances from the US and the appeal will be moved to 20 May. If no assurances are filed the appeal against extradition to the United States will be granted. As stated by the BBC.
The High Court has given the US government 3 weeks to give assurances to Julian Assange that he could rely on the First Amendment to the US Constitution, the protection of free speech. Also requested is assurances that Assange would not be prejudiced at trial or given a sentence based on his Australian nationality.
The Court has dismissed the argument that Assange was prosecuted due to political opinions.
This decision means that Assange will not be extradited immediately.
Assange, 52, an Australian computer expert, has been indicted in the U.S. on 18 charges over Wikileaks' publication of hundreds of thousands of classified documents in 2010.
According to the Economic Times, Julian Assange faces 17 counts of espionage and one charge of computer misuse. If convicted, his lawyers say he could receive a prison term of up to 175 years, though American authorities have said any sentence is likely to be much lower.
The argument against his imprisonment is that he was acting as a journalist to expose military wrongdoing and should therefore be protected under press freedoms guaranteed by the First Amendment to the U.S Constitution.
Assange is an Australian editor, publisher and activist who founded Wikileaks in 2006.
Assange used WikiLeaks to release thousands of internal or classified documents from government and corporate entities. This included documents obtained from U.S. Army Intelligence relating to the U.S. wars in Iraq and Afghanistan which was criticised as a threat to U.S. National security.
From then Assange wound up as a high profile target often being labelled as a terrorist and placed on house arrest several times.
Assange has now been in Belmarsh prison in London since 2019 at the request of US authorities as in 2021 a district judge stated Assange should not be sent to a US prison at the risk of suicide.
Camplus is an operator specialising in student housing and they are participating in a new pan-European joint venture with Partners Groups, listed on the SIX Swiss Exchange and Dea Capital Real Estate.
They will develop portfolios of new student accommodation in Europe aiming to become a market leader and have over 5 thousand beds. This represents the largest private equity deal in the European student-housing market. They are developing outside of Italy with projects in France and Spain.
Meanwhile the development of Camplus Ivry has developed a 250-bed site in Barcelona and a 448-bed in Paris. The plan is to launch the first two student residences, in Barcelona and Paris, between 2026 and 2027 and to create, within six to seven years, a platform widely distributed throughout Europe.
For the legal matters, Camplus was assisted by GOP with a team led by the Partner Emanuele Bosia assisted by the Associate Beatrice Orestano, in a team with the firm Iuxteam - Avvocati & Commercialisti led by Rocco Campanella.
This represents the largest private equity deal in the European student-housing market.
Cento Firori specialises in zootechnical feeds and complementary feeds as well as equine nutrition.
ECG Nutrition and supplements is a Belgian company belonging to the Equire Care Group involved in the acquisition of the company owned by Cento Fiori.
For the ECG group, this is the second investment in Italy after the acquisition of Clinica Equina San Biagio in October 2023.
The team at Iuxteam provided legal advice for Cento Fiori in the acquisition specialising in the production of feed and beauty products for horses by ECG Nutrition and Supplements. The team was led by Mario Fuzzi, managing partner for tax aspects and Rocco Campanella for legal aspects assisted by Giovanna D’Ottavio, Marta Barberini and Giulia Dirienzo.
Iuxteam also advised the Cento Firori in the reinvestment transaction.
The team at Iuxteam provided legal advice for Cento Fiori in the acquisition specialising in the production of feed and beauty products for horses by ECG Nutrition and Supplements.
Both companies are established players within the utility market, this acquisition will support Lanes Group’s ambitions for expansion across the UK.
Lanes Group, a UK company providing services for utility for Local government, transportation, rail, domestic sectors, telecoms and construction. Lanes Group were supported in the acquisition by Pearson Legal as well as RSM.
Clear-flow provides drainage services across the south West of England. They provide various services including tinkering, CCTV drainage and more to commercial customers including South West Water
The planning, preparation and competitive sales process for Clear-flow was run by PKF Francis Clark. The transaction was led by Andrew Killick and supported by Dave Armstrong and Brad Anderson.
PKF Francis Clark identified Lanes as an ideal purchaser due to the synergistic benefits for both parties and their customers. PKF negotiated all commercial aspects of the transaction and fully supported the EV to EQ negotiations through to completion.
Upayments is a prominent online payment solutions provider transforming business financial transactions with digital payment services tailored for businesses and entrepreneurs, founded in 2016. They have had significant success in the fintech industry which is consolidated by this sale leading them into a thriving industry as a leading innovator.
Meysan Partners advised UPayments in the sale of 51% of the share capital to the National Bank of Kuwait.
As a counsel for the sellers, my team and I played a key role in the sale of a 51% stake in Upayments to NBK. Our responsibilities encompassed negotiating and finalizing the transaction documentation, which included the Share Purchase Agreement, Shareholders Agreement, and various ancillary agreements integral to the sale. Additionally, we are involved in closing the transaction, meticulously finalising the conditions precedent, and ensuring all closing deliverables were in order, such as obtaining CPA approval.
To guarantee the success of this transaction, we prioritised the efficient allocation of tasks within our team, meticulous attention to every detail in our deliverables, and the strategic utilization of Meysan's resources. These priorities were critical in navigating the complexities of the sale and achieving a successful outcome for our client.
I was joined on this project by Michel Ghanem (Partner) and Neyla Rahal (Counsel).
My proficiency in Mergers and Acquisitions substantially increases the contribution I make to both our team and our clients. The depth of my experience in managing intricate deals, along with my honed negotiation and persuasive skills, plays a crucial role in securing successful outcomes in transactions. This expertise is not just about applying a set of fixed procedures; it's about understanding the unique dynamics of each transaction.
Indeed, while there are best practices and methodologies that are commonly applied in M&A, the reality is that each case requires a bespoke approach. This customization is dictated by a variety of factors, including the client's specific needs and objectives, the stance and expectations of the counterparty, the intricacies inherent in the transaction, and the distinct regulatory and legal requirements of each deal. My role, therefore, involves not only leveraging my expertise but also adapting our strategy to meet the nuanced demands of each situation effectively, ensuring that our client's goals are achieved in the most efficient and beneficial manner possible.
When representing a buyer in M&A transactions, the complexity of the role significantly increases due to the necessity of conducting a comprehensive review of the target company’s legal and financial standings. This ensures that the transaction documents meticulously include all necessary warranties and specific indemnities to safeguard the buyer’s interests.
Conversely, while acting on behalf of the seller presents its own set of challenges, it is an equally critical role. The sale process offers a prime opportunity to maximize shareholder value. Our responsibility involves strategically showcasing the business’s value to optimize the sale price. A key challenge we address for sellers is minimizing potential liabilities, including managing disclosures against warranties. We employ our negotiation expertise to effectively protect our client’s interests within the transaction documents, ensuring a balance between achieving a favourable sale outcome and limiting future obligations.
In both scenarios, the aim is to provide tailored legal counsel that empowers our clients to make informed, value-driven decisions. This involves a nuanced understanding of each party's priorities and leveraging this insight to navigate the complexities of M&A deals successfully.
To safeguard both Meysan and our clients from potential legal risks, we adhere to a meticulous due diligence process. Initially, for Meysan's protection, we conduct thorough conflict and compliance checks on all involved parties using advanced software solutions. We ensure that no engagements are signed until these preliminary checks are satisfactorily completed. Additionally, our due diligence reports always incorporate disclaimers and assumptions to shield Meysan from liabilities regarding matters beyond our expertise or outside our qualified jurisdictions.
Regarding our clients, our approach to risk assessment is both detailed and client-focused.
We request comprehensive information and background from the client to gain a deep understanding of the project. This involves not only gathering extensive details but also discerning the project's ultimate goals. Through this process, we evaluate the project's feasibility and legality, ensuring compliance with relevant laws and regulations. This dual-layered due diligence strategy is fundamental to identifying and mitigating legal risks effectively, thus protecting both our firm and our clients throughout the course of any project.
Navigating the complexities of a transaction, particularly the sale of shares with an adjustable consideration based on completion accounts and an earnout payment tied to specific milestones, presented several significant challenges. Foremost among these was the requirement to obtain approvals from multiple regulatory bodies, including the Competition Protection Authority, the Central Bank of Kuwait, and the Ministry of Commerce and Industry. Additionally, the difficulty of negotiating governance mechanisms and various transaction documents, alongside agreements critical for the company's post-completion operations such as partnership, technology, and employment agreements, added layers of complexity to the process.
To effectively manage and overcome these challenges, our approach centres on thorough task allocation and strict adherence to timelines, ensuring that all milestones are met within the set deadlines. We leverage the full spectrum of Meysan's resources, encompassing our legal team, administrative staff, and Public Relations Officers (PROs) who possess extensive experience in liaising with regulators and navigating the requirements of different administrations. This comprehensive strategy enables our team to address any arising issues promptly and maintain the momentum needed to drive the transaction to a successful conclusion.
My choice of specialisations in corporate law, particularly in mergers and acquisitions (M&A), capital markets competition and related financial services, was driven by a keen interest in the dynamic nature of these fields and the significant impact they have on global business practices. These areas are not only intellectually challenging but also offer the opportunity to accelerate transformative business transactions that can redefine markets and industries. My passion for navigating complex legal landscapes and contributing to essential business decisions has been a guiding force in this choice.
Staying current in these rapidly evolving fields requires a dedicated, multi-faceted approach. I regularly engage with continuing legal education programs and attend industry conferences to keep abreast of the latest developments and trends. Participating in professional networks and forums allows for the exchange of insights and experiences with peers, further enriching my understanding and approach to practice. Furthermore, I maintain an active engagement with academic literature and legal precedents, ensuring a deep and understanding of the legal frameworks governing M&A and corporate activities.
This commitment to ongoing education and professional development is essential for providing the highest level of service to our clients. It enables me to offer informed, strategic advice that aligns with the latest legal standards and market practices, ensuring that our clients' transactions are executed efficiently and effectively, with a keen awareness of both opportunities and risks.
Our commitment to our clients extends well beyond the closing of a transaction.
My team and I remain readily available to provide ongoing support and legal counsel as new needs or issues arise post-sale. This includes offering advice on any requested amendments or addressing unforeseen challenges that may emerge. Moreover, we leverage our extensive network and connections to facilitate any additional services our clients may require, particularly in jurisdictions where we maintain a presence. Our goal is to foster a lasting relationship with our clients, one that contributes to their continuous success by ensuring they have access to comprehensive legal support and resources tailored to their evolving needs.
In the period following the deal, our clients in general have seen notable advancements, largely attributed to the strategic legal frameworks put in place by Meysan. We carefully drafted and negotiated a suite of agreements designed to bolster the client’s operations and ensure its prosperity post-sale. This included a shareholders agreement that establishes a robust governance structure and management approach for the company, safeguarding the seller's interests in the process. Additionally, we facilitated a partnership agreement that underpins the cooperation between the buyer and the seller. This agreement is pivotal in fostering the development of the company’s technology and products, as well as expanding the customer base through mutual referrals. Through these targeted legal interventions, Meysan has equipped our client with the essential resources and frameworks to thrive in the post-sale environment, ensuring a smooth transition and a foundation for sustained growth.
Airseas design and produces wind propulsion technology to contribute to the decarbonisation of maritime transport. “K” Line has developed a partnership with Airseas over several years and are among the leaders in the sector. “K” Line demonstrates its confidence in the technology designed by Airseas and the strategy to combat global warming.
Deloitte France were there to support “K” Line on all the financial aspects. Whilst Jeantet advised them in cooperation with Nishimura surrounding the sale takeover of the activity of the company Airseas. Jeantet’s team was led by the Distressed M&A team led by Laid Estelle Laurent (partner) with Laetitia Ternisien (partner in social law), Jean Delapalme and Claire Blondel.
Airseas were advised throughout this sale takeover by Kacertis Avocats on restructuring aspects as well as social law and Eight advisory on financial aspects.
