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Schoenherr and Jakobljevich & Grave Advise on Austrian ERR Sale of Shares to Aves One

Schoenherr and Jakobljevich & Grave Advise on Austrian ERR Sale of Shares to Aves One

Austria
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Schoenherr is reporting that it advised the shareholders of Austrian freight wagon holding company ERR Rail Rent Vermietungs GmbH (ERR) on the sale of 100% of their shares in ERR and 33.3% of their shareholding in the asset management company ERR European Rail Rent GmbH to Aves One AG ("Aves One"), a logistics equipment company. Gleiss Lutz advised the shareholders of ERR on the German law aspects of the transaction, and Huth Dietrich Hahn (in Germany) and Jakobljevich & Grave Rechtsanwalte (in Vienna) provided legal advice to Aves One.

The share purchase agreement was signed and announced on August 22, 2016, and the transaction is expected to close in October 2016. The purchase price for the acquisition of the ERR group companies amounted to EUR 33.5 million.  

Aves One is a global asset owner of logistics equipment based in Hamburg, and ERR is a freight transportation company focusing on the rental of freight wagons for rail-bound transport. According to Schoenherr, as a result of the acquisition, Aves One will nearly double its total value of assets under management to more than EUR 400 million. In addition, Aves One will increase its freight wagons inventory to over 4,200 units. The participation in the ERR asset management company enables Aves One to cover the entire freight transport value chain. Jürgen Bauer, the managing director of ERR's Austrian freight wagon holding company will be appointed to the Board of Aves One as COO.   

Schoenherr supported the sellers on the drafting of the share purchase agreements and on negotiations with Aves One. The firm's team consisted of Partner Alexander Popp and Attorney Miriam Simsa. 

The Jakobljevich & Grave team consisted of Kordula Fleiss-Goll and Iris Kuntner.