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5 July 2018

Sayenko Kharenko advised Glenalta on combination of its business with CFT

Sayenko Kharenko has acted as Ukrainian legal counsel to Glenalta S.p.A (Glenalta), a special purpose acquisition company, with respect to the combination of its business with CFT S.p.A (CFT), the parent company of CFT Group, one of the world’s leading manufacturers of food processing and packaging machines (the Transaction).

Following the Transaction performed through reverse takeover, CFT’s shares became listed on the Italian Alternative Investment Market (AIM Italia) with a free float equal to approximately 51.51% of CFT’s share capital, which allows CFT to raise substantial finance to support its business. Additionally, it is anticipated that Glenalta will spend approximately EUR 88,000,000 on the development of CFT Group.

Sayenko Kharenko’s involvement in this Transaction included performing of full-scope legal and tax due diligence of CFT Ukraine, a Ukrainian company within CFT Group, including its corporate, contractual, regulatory, employment and financial affairs, as well as reviewing the company prospectus and advising on complex Ukrainian law matters with respect to the Transaction.

Glenalta is an Italian special purpose acquisition company with assets of approximately EUR 98,000,000. Glenalta is listed on AIM Italia organized and managed by Borsa Italiana, the Italian central stock exchange.

CFT Group, founded in 1945, is among the world’s biggest designers and manufacturers of machinery and turnkey systems, mainly for the Food & Beverage industry. Operating worldwide, CFT Group has a direct presence in ten countries (Italy, Germany, France, Russia, Ukraine, USA, Brazil, India, China, and Malaysia) and employs 570 people all over the world.

The core Sayenko Kharenko team included associates Oksana Daskaliuk, Ilhar Hakhramanov, Olga Kyriusha and Dasha Dashkevych, and was led by counsel Sergiy Kazmirchuk under the general supervision of partner Vladimir Sayenko. Senior associate Konstantin Penskoy and associate Yurii Dmytrenko advised on tax matters.

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