Praktiker Group: Insolvency administrator Seagon successfully completes sale of foreign subsidiaries with Gleiss Lutz
Gleiss Lutz has advised the insolvency administrator Christopher Seagon on the sale of the Hungarian subsidiaries of Praktiker Group. With the completion of this transaction, all foreign entities of Praktiker Group have been successfully sold to investors, thereby securing a total of 6,600 jobs. Prior to the sale of the Hungarian subsidiaries, the Praktiker entities in Luxembourg, the Ukraine, Romania, Bulgaria, Poland and Greece had been sold since October 2013 in separate auction processes.
The shares in the operative Hungarian subsidiary Praktiker Kft. have been sold to Karl-Heinz Keth, its managing director. The three properties owned by Praktiker have been acquired by a company of Wallis Group. Praktiker Kft. operates 19 stores with approx. 1,100 employees and most recently achieved an annual turnover of approx. EUR 100 million.
A team from Gleiss Lutz’s Hamburg and Munich offices, led by Dr. Ralf Morshäuser (partner, corporate/M&A, Munich) and Dr. Patrick Mossler (partner, corporate/M&A, Hamburg), was involved in all transaction processes.
The following Gleiss Lutz team advised Christopher Seagon on the sale of the Hungarian subsidiary: Dr. Patrick Mossler (Hamburg), Dr. Ralf Morshäuser (Munich) (both partner, corporate/M&A, both lead), Dr. Tobias Falkner (counsel, restructuring/M&A, Munich), Dr. Carolin van Straelen (corporate/M&A, Munich), Dr. Axel Kuhlmann, Franziska von Hutten-Langlotz, Maximilian Habel (all corporate/M&A, Hamburg) and Dr. Matthias Werner (counsel, IP/IT, Munich).
For many years now, Gleiss Lutz has been one of the leading law firms to advise on the acquisition and sale of insolvent companies. The firm regularly advises companies, shareholders, creditors, insolvency administrators and investors, drawing on the expertise not only of its experienced M&A but also its renowned restructuring specialists.