While allegations of corruption continue to make headlines in Austria, the Ministry of Justice responded in January with draft legislation on the Corruption Law Amendment Act 2023.

Brandl Talos has advised Creandum on its USD 20 million investment in Prewave. Act Legal WMWP advised Prewave.

Schoenherr, working with Luther and Hogan Lovells, has advised the Cargo-Partner Group Holding on its EUR 1.4 billion sale of Cargo-Partner GmbH and 60 other subsidiaries to Nippon Express Holdings. Freshfields Bruckhaus Deringer advised the buyer.

Cerha Hempel has advised majority shareholder Talents Squared Limited on the sale of a 90% stake in Modul University Vienna to a subsidiary of the Hungarian Mathias Corvinus Collegium. Brauneis reportedly advised Modul minority shareholder Wirtschaftskammer Wien. Illes Geza Marton and Graf Isola reportedly advised the Mathias Corvinus Collegium.

Brandl Talos has advised European climate technology-focused fund Climentum Capital on leading a EUR 4.5 million seed investment round for Fermify.

Wolf Theiss has advised hospitality sector software provider Hospitality Software Solutions on its acquisition of SiTec. 

Former Counsel Nicole Daniel has been promoted to a Partner position in DLA Piper's Austrian office.

Wolf Theiss has advised financial technology start-up BehaviorQuant Behavioral Finance Technologies and its US and French investors on a seed funding round.

Dorda and Nestor Nestor Diculescu Kingston Petersen, working with Heuking Kuhn Luer Wojtek’s Munich office, have advised Cancom on the acquisition of K-Businesscom and all its subsidiaries from shareholders Aluk Privatstiftung, Invest Unternehmensbeteiligungs Aktiengesellschaft, Raiffeisen, Franz Semmernegg, and Jochen Borenich. SCWP Schindhelm reportedly advised the sellers. 

CMS has advised Best in Parking and its majority shareholder Breiteneder Immobilien Parking on receiving a minority investment from Macquarie Asset Management. Linklaters advised Macquarie Asset Management.

Schoenherr, working with Linklaters, has advised joint global coordinators and joint bookrunners BNP Paribas and Citigroup Global Markets Europe and joint bookrunner UniCredit Bank on the oversubscribed EUR 250 million issuance of convertible bonds by Voestalpine AG. Cerha Hempel advised Voestalpine.

Last Thursday the Court of Justice of the European Union ("CJEU") issued a long awaited ruling on damages resulting from a data protection infringement (C-300/21). Since the Regulation (EU) 2016/679 (General Data Protection Regulation; "GDPR") came into force on 25 May 2018, claims for damages under Art 82 GDPR due to alleged data protection violations like unlawful data processing or incompliance with the GDPR as well as in the context of data breaches or leaks have been steadily increasing. The CJEU's recent ruling clarifies essential issues but raises just as many questions.

Schoenherr has advised Seven Refractories on the EUR 93 million sale of its European, Indian, and US operations to RHI Magnesita. Brandl Talos advised Seven Refractories' founder and CEO Erik Zobec as well as other minority management shareholders. Cerha Hempel and Ulcar & Partnerji, working with Clifford Chance, Khaitan & Khaitan, Legance, Harneys, Eubelius, and Barnes & Thornburg, advised the buyer.

Schoenherr, working with Linklaters, has advised sole coordinator, documentation agent, bookrunner, and mandated lead arranger UniCredit Bank Austria, facility agent ING Bank, bookrunners and mandated lead arrangers Erste Group Bank, Raiffeisenbank International, and Commerzbank, as well as other banks on the EUR 1.7 billion revolving syndicated facility for Wiener Stadtwerke.

Binder Groesswang has advised Semperit Aktiengesellschaft Holding on its acquisition of the Austrian Rico Group. SCWP Schindhelm advised the seller. CMS advised a consortium of banks led by UniCredit Bank Austria and UniCredit Bank on providing EUR 250 million in financing for Semperit.

An in-depth look at Ursula Rath of Schoenherr covering her career path, education, and top projects as a lawyer as well as a few insights about her as a manager at work and as a person outside the office.

A December 2022 decision by the Austrian Constitutional Court to annul the media privilege in the Austrian Data Protection Act has raised questions on how the country’s approach to the legal landscape regulating the media will change. Wolf Theiss Partner Kurt Retter and DLA Piper Counsel Stefan Panic analyze the ruling’s implications.

Investment activity in Austria’s technology sector remained strong in 2022, despite the global economic downturn caused by the pandemic. Cerha Hempel Partner Christoph Reiter, Schoenherr Partner Thomas Kulnigg, and Dorda Managing Partner Axel Anderl talk about where the money is coming from, where it is going, and what can be expected for 2023.