DLA Piper advises PORR on successful EUR122 million capital increase

DLA Piper has advised Austrian construction group PORR AG on its oversubscribed international share placement totaling EUR122 million.

The transaction was carried out in Austria as part of a public, prospectus-required offer with subscription rights. Advice was also provided in other countries outside the USA as part of a private placement to selected institutional and other investors not subject to a prospectus. Trading of the shares in the Prime Market segment of the Vienna Stock Exchange began on 8 November.

Berenberg advised on the transaction as Sole Global Coordinator and Joint Bookrunner, and Erste Group and Raiffeisenbank International advised as additional Joint Bookrunners. Rothschild & Co acted as financial advisor.

The DLA Piper team was led by head of the Vienna Capital Market practice Dr. Christian Temmel, supported by senior associate Dr. Christian Knauder. Dr. Christian Temmel commented: "I am pleased that we were able to advise and support our client PORR AG on this successful capital raising. The acceptance of the national and international market transfers, alongside the associated strengthening of the issuer's balance sheet, offers PORR a solid foundation for the future.”