WARSAW – 20 December 2021 – Greenberg Traurig is advising the Polsat Plus Group in connection with the planned acquisition by Cyfrowy Polsat S.A. of the green assets of ZE PAK - shares in PAK-Polska Czysta Energia sp. z o.o. representing 67% of the company's share capital and shares in Port Praski sp. z o.o. representing approximately 66.94% of the share capital.
The total price for the PAK PCE shares and the newly issued PAK PCE shares associated with a contribution in kind in the form of ZCP Elektrownia Konin will exceed PLN 800 million. The total price for the shares in Port Praski is approximately PLN 880 million.
The closing of the transactions are subject to the fulfillment of the conditions precedent set forth in the preliminary agreements.
According to the new strategy announced by the Polsat Plus Group, the planned investments in the development of clean energy will amount to approximately PLN 5 billion by 2026, which would enable generation capacity to reach 1000 MW, and approximately PLN 0.5 billion in the construction of the value chain of an economy based on the fuel of the future – hydrogen.
Investment in the green assets of ZE PAK is also accompanied by further development in the area of real estate and the acquisition of shares in the Port Praski project. Port Praski is a unique location in Poland and Europe with 38 hectares of investment land and 800 thousand sqm of development in the center of Warsaw.
"The acquisition of the green assets of ZE PAK and the investment in Port Praski represent the next stage of the strategic development of the Polsat Plus Group with the support of Greenberg Traurig. This transaction perfectly illustrates how important ESG and sustainable development are nowadays. It is also an ideal example of the synergy between Greenberg Traurig's leading practices," said Daniel Kaczorowski, Partner in Greenberg Traurig's Warsaw office.
Greenberg Traurig is providing comprehensive legal advice on the transactions.
The transactions are led by Partner Daniel Kaczorowski, supported by Senior Associates Agnieszka Stopińska and Paulina Kimla-Kaczorowska and Associate Michał Kuratowski.
The Polsat Plus Group, whose founder and largest shareholder is Zygmunt Solorz, is adding the production of clean energy to its most important pillars – telecommunications and content – as part of its multiplay strategy of providing Polish residents with high-quality service at a reasonable price in the segment of first-rate services. This fits in with the ESG idea of building the value of the Polsat Plus Group in a sustainable manner that takes into account and addresses environmental, social and business issues in a responsible and transparent way.
Greenberg Traurig, recognized as one of the leading law firms in Poland, was recently named 2021 “Law Firm of the Year in Poland” by International Financial Law Review (IFLR) and was also awarded “Poland Firm of the Year” at the highly esteemed Euromoney Legal Media Group “Women in Business Law Awards 2021 Europe.” “MergerMarket” ranks the firm as the No. 1 firm with respect to the value of M&A transactions handled in Poland in Q3 2021, with the value exceeding 5 USD billion.
Greenberg Traurig LLP
Greenberg Traurig, LLP is a global, multi-practice law firm with approximately 2300 attorneys serving clients from 40 offices in the United States, Latin America, Europe, Asia, and the Middle East.
GREENBERG TRAURIG Nowakowska-Zimoch Wysokiński sp.k. was named the 2021 Poland Firm of the Year award at the highly esteemed Euromoney Legal Media Group “Women in Business Law Awards 2021 Europe” and the 2021, 2019, 2018 Law Firm of the Year in Poland by International Financial Law Review (IFLR). The Warsaw office of Greenberg Traurig, LLP provides legal services to clients in Central Europe and beyond and consists of approximately 100 lawyers. Team members are regularly recognized as leaders in numerous practice areas. Chambers Global, Chambers Europe, IFLR1000 and EMEA Legal 500 consistently rank them among the top tiers the areas of Corporate/M&A, Capital Markets, Real Estate, Private Equity, Tax, Banking and Finance, Project Finance, Energy, Dispute Resolution and TMT.
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