IFLR 1000
The Guide to the World's Leading Financial Law Firms

The solid Baker & McKenzie Gruszczynski i Wspólnicy capital markets practice has had a very busy year and will be pushing for a higher ranking in the future. This is true for both equity and debt, as the firm is involved in some interesting mandates. "Of course, Baker & McKenzie, yes, they have a good practice," says one peer, "it is very active especially on deals from Ukraine". However, says another partner, "they will have a bit of a profile because they also have a Ukraine office but apart from that if it's purely Polish ECM transactions they're not so present." Konrad Konarski is praised by competitors for his securities proficiency.

The firm has been very active in cross-border equity offerings with a listing on the Warsaw Stock Exchange (WSE). It has advised on seven out of eight IPOs from Ukrainian companies, the only Lithuanian IPO on the WSE (Avia Solutions Group), the only Slovenian IPO on the WSE and the only simultaneous public offerings in Czech Republic, Slovakia and Poland.

Ukraine work remains one of the firm's strengths. The team advised Unicredit as the underwriter on Ukrainian and Russian dairy producer Milkiland's €60 million IPO on the WSE and advised Unicredit and Erste bank on the €75 million IPO of Fortuna Entertainment Group and matters related to its public offerings in Poland, Czech Republic and Slovakia, and its dual listing on the Warsaw and Prague stock exchanges. Additionally, the firm advised ING, Silk route financial and ING Securities on the public offering and dual listing of shares in Nova Kreditna bank Maribor. This was the first rights offering in Slovenia, the first dual listing of a Slovenian company, the first public offering of shares of a Slovenian company in Poland and the first Slovenian company intending to apply for listing on the WSE.

On the debt side, the firm was involved in the largest EMTN Programme launched by a Polish corporate client in a number of years when it acted as Polish, Swedish and English legal adviser to Polkomtel and its Swedish SPV (special purpose vehicle) Polkomtel Finance. This was in relation to the establishment of its first EMTN programme for up to €1 billion and the first tranche of notes at €250 million. The firm's work also included its listing on the Catalyst market of the WSE.

Banking is not the strongest area for Poland's Baker & McKenzie Gruszczynski i Wspólnicy, nevertheless the firm retained its position in the third tier with a steady stream of mandates.

One the deals that kept the firm in thye leading group saw it involved in the Bank of China's €900 million financing to a Hungarian chemical holding, where is advised on the establishment of a security package over Polish assets of the Hungarian borrower.

Market commentators have noted a decrease in the visibility of Baker & McKenzie Gruszczynski i Wspólnicy's on the M&A market. "I haven't seen Baker across the table on the major deals that we've been doing. I haven't seen Baker that much," says one partner, with another adding: "Baker, they do a lot of small deals. A volume of smaller deals but not the sort of top tier deals." Nevertheless, the firm has had a steady year with a couple of high value deals and holds on to its position in the second tier.

This year the firm advised Atrium European Real Estate with regard to the €170 million acquisition of CH Promenada in Warsaw. In a high value private equity deal, the firm advised Penta Investments on the €380 million sale of a leading Polish convenience store business, Zabka Polska, to Mid Europa Partners.

The firm has also been active in the healthcare sector and advised PineBridge Investments on its acquisition of a 50% shares stake in Promedica Group, an entity providing homecare services to the elderly. This comes with an option to purchase a further 25% in a year and a half. Additionally, the firm is currently advising Fresenius Medical Care on the Polish aspects of its acquisition of 100% shares in Eurodial.

In project finance, Baker & McKenzie Gruszczynski i Wspólnicy is one of the stronger tier three firms. It had a busy year in connection to renewable energy and the Warsaw office extended its experience in the project finance formula.

The firm has been very active in the financing of wind farms and recently advised Raiffeisen Bank Polska, DNB Nord Bank Polska, Bank Zachodni WBK and PKO BP with regard to the €61 million and €44 million financing for the development of 24MW windfarms in _ukaszów and Modlikowice.