Wolf Theiss advises 4iG Nyrt on the acquisition of two important players in the Albanian telecomunications market: ALBtelecom and One Communications
Tirana / Budapest, 12 May 2022 – Wolf Theiss advised 4iG Nyrt on the acquisition followed by merger clearance of two important players in the Albanian telecommunications market i.e. ALBtelecom, the largest fixed network operator and One Communications - one of the two largest mobile
Wolf Theiss acted as legal advisor to 4iG Nyrt, a Hungarian IT and Technology group in relation to the acquisition of a majority stake of 80.27% in ALBtelecom, the leading landline voice, internet and TV provider in Albania (the signing took place on 8 December 2021). The closing was approved by the Albanian Competition Authority on 4 March 2022. 4iG Nyrt, a company listed on the Hungarian stock exchange, acquired the stake in the Albanian telecom operator from a subsidiary of Calik Holding, one of Turkey's leading privately held industrial groups. A few weeks later, 4iG also successfully acquired a majority stake of 99.899% in One Telecommunications, another player on the Albanian telecommunications market. Wolf Theiss assisted 4iG Nyrt with the Albanian regulatory approvals, especially related to the merger clearance.
For the successful completion of this regional engagement, the Wolf Theiss team involved in the project was led by Richard Clegg (Partner, Corporate/M&A), Nako Sokol (Partner, Albania) and Norbert Balint (Counsel, Hungary, Corporate/M&A & Capital Markets), while Irina Dekova (Consultant, Corporate/M&A) and Kristaq Profkola (Associate, Albania), also played an important role in the project team. The core team was further supported by other Wolf Theiss lawyers in Albania, Hungary and Bulgaria. Yavuz & Uyanik & Akalin advised on elements of the transaction involving Turkish law.
"For such a complex transaction like the acquisition of ALBtelecom in which a package of contracts and declarations under four different jurisdictions must be in place, you need a really professional team like the Wolf Theiss team. I would like to emphasise my gratitude to the whole team again not just for the successful closing but even for the client-friendly, client-supportive attitude", stated by Csaba Vezekényi, Legal Manager of 4iG Nyrt.
"The clearance of the 4iG – ALBtelecom / One Communications transactions is a landmark case, as it is required complex analysis carried out quickly by the Albanian Competition Authority (ACA), particularly considering the novelty of the case and the market consultation exercise undertaken by the Authority. The consolidation from three to two operators resulting from the acquisitions led to an in-depth Phase II review of the mergers by ACA and is a precedent setting case for the telecom sector in the Albanian market", stated Richard Clegg, Partner, Corporate/ M&A at Wolf Theiss.