The global law firm White & Case provided legal advice to Jastrzębska Spółka Węglowa S.A. (“JSW”) in connection with the sale of all the shares which JSW holds in Wałbrzyskie Zakłady Koksownicze Victoria S.A. (“WZK Victoria”) to Agencja Rozwoju Przemysłu S.A. and Towarzystwo Finansowe “Silesia” Sp. z o.o. (“TFS”) (ARP and TFS jointly referred to as the “Investors”).
The final agreement concluded on 30 September 2016 concerns JSW selling the Investors 92.8413% of the shares in WZK Victoria. The total sale price for the WZK Victoria shares was PLN 350,000,000 with a possible price adjustment based on the cumulated EBITDA value of WZK Victoria in the years 2016-2019. The whole amount for the sale of the WZK Victoria shares has already been paid.
In the project, White & Case was responsible for the overall coordination of the sale process, which also included negotiating the final version of the documentation, hammering out agreements with the Ministry of the State Treasury related to the Investors taking over so-called investment commitments and negotiating with trade unions and employer organizations the takeover of a package of social benefits. The negotiations took almost 6 months of intensive work.
The White & Case team was comprised of Marcin Studniarek (partner), Rafał Kamiński (local partner), Jakub Gubański (counsel) and Małgorzata Mroczek, Anna Pawelec, Monika Dużyńska and Michał Jadwisiak (associates).