CMS has advised Gelsenwasser on the sale of its Czech water supply, wastewater disposal, and heat and power generation business to the Accolade Group. Kinstellar and, reportedly, Herbert Smith Freehills advised the Accolade Group.
The transaction remains contingent on regulatory approval.
Gelsenwasser is a listed German infrastructure and utility company. Its activities include, in addition to water, gas and electricity supply, and wastewater disposal, services for infrastructure, renewable energies, digital networks, and neighborhood concepts.
The Accolade Group operates industrial parks in the Czech Republic, Poland, Germany, and Slovakia.
According to CMS, “Gelsenwasser is ending its successful involvement in the Czech region of Karlovy Vary after more than 25 years, and will in the future focus on its activities in Germany and Poland. 100% of the shares of Gelsenwasser Beteiligungen were sold. Gelsenwasser Beteiligungen, in turn, held 28.16% of the shares in Chevak Cheb and 50% each in Terea Cheb and KMS Kraslicka Mestska Spolecnost.”
The CMS team included Czech Republic-based Partner Lukas Janicek, Associates Lukas Reichmann and Jan Gerych, and Lawyer Huyen Vuova, with further team members in Germany.
The Kinstellar team included Partners Klara Stepankova and Tomas Cihula and Managing Associate Michal Kniz.