CHSH Cerha Hempel Spiegelfeld Hlawati has advised FWU AG, Munich, on its acquisition of 100% of the shares in Skandia Austria Holding AG and thus indirectly also 100% of the shares in Skandia Lebensversicherungs AG and Skandia Invest Service GmbH, all headquartered in Vienna, from the German Heidelberger Leben Group.
Closing is subject to approval from the competition authorities and the Austrian Financial Market Authority (insurance and securities supervision). As at 31 December 2014, Skandia Austria administered approx. 82,000 insurance contracts, which form part of the transaction.
FWU Group is a financial service provider with operations worldwide, holding participations in Europe and the Middle and Far East. In Europe, FWU AG has been serving the German, French, Italian, Luxembourg and Spanish markets for more than 30 years by providing high quality investment solutions in the form of unit-linked life insurance products.
The transaction not only required extensive skills in corporate law, M&A, financial market supervision law and anti-trust law, but also in-depth industry experience with insurance undertakings and products. All advisory services relating to the transaction in Austria were provided by the Corporate Transactions Team of CHSH Cerha Hempel Spiegelfeld Hlawati headed by Managing Partner Dr. Clemens Hasenauer.
In addition to Clemens Hasenauer, the team at CHSH comprised partners Johannes Prinz and Harald Stingl as well as counsels Bernhard Wychera and Katerina Schenkova.