The Slovenian Competition Protection Agency has approved the acquisition of maintenance provider Adria Tehnika by easyJet, however, the District Court in Kranj has temporarily halted the takeover after prohibiting Czech financial fund Hartenberg from disposing of its ownership stake in the aircraft maintenance provider. As a result, Hartenberg will be unable to sell the Ljubljana-based Adria Tehnika to easyJet until the legal proceedings are concluded, the daily “Dnevnik” reports.

Until June 2024, Adria Tehnika was owned by the Czech company Adria Prime, after which it came under the control of investment firm Hartenberg Holding, backed by Czech Prime Minister Andrej Babiš. Hartenberg acquired its stake through the purchase of a 100% shareholding in Adria Prime. Within Adria Prime, Hartenberg held a 72% stake, while the remaining shares were owned by two minority shareholders. In 2022, Hartenberg extended a three million euro loan to Adria Tehnika, which included a call option allowing it to acquire 100% ownership of the company at the value of the loan, irrespective of its market valuation, in the event that refinancing was not secured, according to sources familiar with the matter cited by the newspaper.

At least one of the minority shareholders reportedly believed the arrangement to be temporary and expected refinancing of the three million loan to follow. However, Adria Tehnika allegedly made no effort to secure external refinancing. Hartenberg subsequently exercised the call option, thereby obtaining full ownership of the company. One of the minority shareholders of Adria Prime then filed a lawsuit with the Kranj District Court seeking to annul the transaction through which Hartenberg gained full ownership of Adria Tehnika. The claimant also requested a temporary injunction to prevent any transfer of ownership to easyJet until the court case is resolved. On Monday, the court ruled that Hartenberg may neither dispose of nor encumber its stake in Adria Tehnika.