What's new at DZP?
DZP has advised Tarnobrzeskie Wodociągi sp. z o.o. (“Tarnobrzeskie Wodociągi”) and Tarnobrzeg Municipality on the sale of a minority shareholding in Tarnobrzeskie Wodociągi to a Local Government Investment Fund Closed-end Private Equity Investment Fund (“Fund”), represented by the Polish Development Fund (“PDF”).
In the transaction, the Fund entered into an investment agreement with Tarnobrzeg Municipality and Tarnobrzeskie Wodociągi in which the parties laid down the conditions for the Fund’s investment and the sale to the Fund of up to 45% of shares in two tranches. As a result, the Fund became a minority, passive shareholder in the company. According to the investment agreement, it will not affect the company’s day-to-day management and in approx. 20 years, as a result of redemptions of the Fund's shares, the local government will again become the sole shareholder in Tarnobrzeskie Wodociągi.
This is another successful transaction (in addition to, inter alia, investments in Opole, Gdynia and Nowy Sącz) carried out thanks to the "Package for Medium Cities" programme, on which DZP advised. The programme was set up to stimulate economic growth and improve the quality of life in medium-sized cities in Poland. The Fund's investment model is safe for local governments and their subsidiary companies. The Fund invests in well-managed, profitable municipal companies with stable financial standing, thus obtaining a favourable capital investment, and for municipalities it means additional funds to carry out investments important for their development and the quality of life of their inhabitants.
DZP handled the formal side of the transaction, supported the City in the City Council adopting a procedure to select a buyer for the shares and ensured that the negotiations were conducted on the rules laid down in the procedure. DZP also developed and negotiated the whole of the transaction documentation with the PDF, primarily the investment agreement, share purchase agreements and amendments to the articles of association based on the arrangements made during the negotiations.
From 25 May 2018 the General Data Protection Regulation (GDPR) applies in Poland and other European Union countries. We would therefore like to give you several details on the subject of how DZP processes personal data.
The administrator of the personal data is Domański Zakrzewski Palinka Sp.k. (“DZP”; address: Rondo ONZ 1, 00-124 Warszawa). Data are processed for contact purposes and to impart information on changes to provisions and authority practices and on other issues, including events concerning day-to-day legal, economic and cultural issues, inter alia, by sending DZP newsletters. The above is carried out on the basis of legitimate interests, i.e. in accordance with art. 6(1)(f) of the GDPR. Data can also be processed where necessary for the conclusion or performance of a contract and for compliance with a legal obligation to which DZP is subject, i.e. pursuant to art. 6(1)(b) and (c) of the GDPR. Data can be transferred to entities with whose help DZP achieves the indicated aims, including entities maintaining IT infrastructure. Giving data is voluntary and in contractual relations is a requirement for concluding and performing a contract. It is possible to object to data processing, request access to, rectification and erasure of personal data or restriction of processing and data portability. Data are kept until an objection is made, and in contractual relations – throughout the term of the contract and thereafter for a period specified in provisions on archiving and limitations period for claims. Anyone has the right to file a complaint with the President of the Personal Data Protection Office. Questions concerning privacy at DZP can be sent to DZP’s Data Protection Inspector, Macieja Maciejewskiego, at: email@example.com.
New rules on cookies: Domański Zakrzewski Palinka sp.k., as the service provider of the www.dzp.pl website, stores and accesses cookies, i.e. small text information fles sent by a web server and stored on your hard drive, or other data storage medium of a user, for the purposes of: proper functioning of the www.dzp.pl website, confguring the www.dzp.pl website, security and reliability of the www.dzp.pl website, session monitoring, providing advertisements, personalization of the displayed information to the user, or analysis, statistics, research and website trafc auditing.