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ALLEN & OVERY ADVISES ON THE SALE OF PRAGUE STOCK EXCHANGE

Allen & Overy announced today it advises more than 17 sellers on the sale of the Prague Stock Exchange (PSE) to the Vienna Stock Exchange. As a result Vienna Stock Exchange will become PSE's new majority shareholder and at the same time majority owner of three stock exchanges in Central and Eastern Europe.

Allen & Overy has advised on all legal aspects of the sale of shares in PSE. The transaction documents include both Czech and English law governed agreements. The sale is subject to approval by the Czech National Bank.

Czech Republic-based corporate partners Jane Townsend and Jan Myška led the Allen & Overy team, assisted by associates Eva Kotrlová and Lucie Vávrová.

Commenting, Jane said: "We were very pleased to have been given the opportunity to advise the numerous sellers involved in this transaction and working together with the financial advisors Goldman Sachs International, Patria Corporate Finance, a.s., and Komerční banka a.s. It was a challenge to co-ordinate all parties involved from a seller with 10 shares to major stockholders including private equity sellers."

Patria's Head of Corporate Finance, Tomáš Klápště added: "The transaction was demanding, unique and complex: the transaction team had to unite the interests of the large number of PSE shareholders and achieve the best strategic partnership for the PSE, whilst steering the transaction through such a volatile market environment."

For further information please contact Jana Kloudova, jana.kloudova@allenovery.com, +420 222 107 117.

 
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Allen & Overy is an international legal practice with approximately 5,500 staff, including some 500 partners, working in 31 major centres worldwide.

Allen & Overy has been operating in the CEE region since 1991, when its first office opened in Warsaw. Since then, it has expanded its operations to include also Prague, Budapest, Bucharest, Bratislava and Moscow, all of which are renowned in the market for top quality legal advice combined with local commercial understanding, as well as for their integrity and their pro-active approach on matters. Additionally, Allen & Overy has recently signed an exclusive association with leading full service Romanian law firm Radu Taracila Padurari Retevoescu SCA (RTPR), effective from July 2008, expanding the number of CEE offices in which we are able to provide local law advice to six.