CMS has advised mBank and PKO Bank Polski on the EUR 50 million financing granted to Polfam. Balicki Czekanski Gryglewski Lewczuk advised Polfam.
Polflam is a fire-resistant glass manufacturer in Poland owned by Baltisse.
The CMS team included Partner Jakub Wieczorek, Counsel Monika Kowara, Associate Kamil Stankiewicz, and Lawyer Michal Szczesniak.
Fellner Wratzfeld & Partner has advised the Italian Zucchetti Group on its acquisition of 100% of shares in Zadego.
Zadego is an Austrian company that develops and distributes the “easybooking” hotel software. According to FWP, by integrating “easybooking,” a proven software solution for small and medium-sized accommodation providers, with its extensive range of software and services, Zucchetti aims to offer hoteliers a more comprehensive and efficient solution.
The FWP team included Partner Paul Luiki, Attorney at Law Helene Rohrauer, and Associate Julian Krallinger.
FWP did not respond to our inquiry on the matter.
Kinstellar has advised DSV on the sale and leaseback of its newly constructed logistics park in Senec, Slovakia, to Reico Long Lease. Wilsons reportedly advised the buyers.
DSV operates in freight forwarding.
Reico Long Lease is an open-ended real estate mutual fund managed by Reico Investicni Spolecnost Erste Asset Management.
According to Kinstellar, the facility in question spans approximately 69,600 square meters of gross leasable area and features a robust ESG profile.
The Kinstellar team included Senior Associate Adam Pichler and Junior Associate Alexandra Milde.
Squire Patton Boggs has advised Trinity Bank on the acquisition of the Pankrac House office complex in Prague from real estate investor CPI Europe.
Czech Republic-based Trinity Bank has a 29-year history of serving over 210,000 clients.
According to Squire Patton Boggs, located in the heart of Prague 4’s prominent business district, the Pankrac House comprises nearly 18,000 square meters of fully let office space, with tenants including Omnicom Media Group and Canadian Medical.
The Squire Patton Boggs team included Partner Radek Janecek, Of Counsel Lenka Nova, and Senior Associate Marek Hrubes.
Squire Patton Boggs did not respond to our inquiry on the matter.
Serbia’s legal market is influenced by ongoing political instability stemming from months-long student protests and the recent resignation of the Prime Minister, according to NKO Partners Junior Partner Branko Jankovic. This situation is expected to slow M&A activity, particularly in real estate and mining, though everyday employment-related legal work is on the rise.
“The main topic right now is certainly the ongoing political situation, particularly the student protests that have persisted for about four months,” Jankovic begins. “The massive protest held in Belgrade on March 15 was peaceful and it definitely ended up pushing matters forward. A short while after it took place, the National Assembly acknowledged the resignation of the Prime Minister; currently, there’s uncertainty around the next steps, whether we’ll have a new government, new elections, or a transitional administration.” Naturally, this political instability is influencing the legal market significantly, Jankovic reports, particularly M&A transactions across different sectors. “Real estate development projects, especially the EXPO 2027 project, are likely to experience implementation delays, while the mining sector has already seen a slowdown due to permit issuance being effectively on hold.”
As for other significant events, Jankovic points to the “month-long strike by lawyers, which concluded on March 4. There’s an ongoing discussion about the possibility of another strike or work suspension, with an extraordinary session of the Bar Association convened for March 29, to discuss this option.” The upcoming vote will decide whether further action will occur. “This has understandably created additional uncertainty in the legal profession,” Jankovic adds.
Still, even with these circumstances, Jankovic shares that “despite everything, the business and investment climate remains relatively stable for now. However, we anticipate a noticeable slowdown in M&A activity, particularly in real estate and mining.” On the other hand, he reports an increase in everyday legal work, “especially in the area of employment law, such as managing redundancies triggered by the political and social climate.”
As for any notable legislative developments, Jankovic reports these matters are “mostly on hold at the moment due to the political situation. Until there’s a clear direction, whether we have a new government, elections, or some transitional solution, significant legislative developments are unlikely.” According to him, “the general approach currently is one of “wait and see” with most stakeholders awaiting political stabilization before proceeding.”
Finally, Jankovic indicates that Serbia’s immediate future is heavily dependent on political developments. “Naturally, this uncertainty is influencing both transactional work and day-to-day legal advisory. Once the political landscape clarifies, we’ll have a better sense of direction and stability, but for now, the situation remains fluid,” he concludes.
Sayenko Kharenko has advised UK Export Finance, Deutsche Bank, and Barclays Bank on a EUR 181 million loan facility to JSC NNEGC Energoatom. B. C. Toms & Co reportedly advised Energoatom.
JSC NNEGC Energoatom is Ukraine’s state nuclear energy company.
According to Sayenko Kharenko, the UKEF-covered financing is meant to “support Energoatom’s long-term contract with Urenco for the supply of enriched uranium products, which are essential for fuelling Ukraine’s nuclear power plants and ensuring a stable and secure energy supply. The five-year syndicated facility is crucial for maintaining Ukraine’s energy security and independence, particularly during the ongoing conflict, and reflects the broader international support for Ukraine’s critical infrastructure.”
The Sayenko Kharenko team included Partner Anton Korobeynikov, Senior Associate Oles Trachuk, and Paralegal Polina Savinska.
Over the past years, the number of casual and seasonal employees in Hungary has reached nearly 320 thousand, however, according to the Government, many employees are only registered as such because of the tax benefits associated with the forms of simplified employment.
Casual employment means any employment relationship between the same parties that lasts for a maximum of 90 calendar days per annum in total and a maximum of 15 days per month in total if none of its continuous periods exceeds 5 calendar days. Seasonal employment allows employment relationships between the same parties for a maximum of 120 days per year in total; its two main types are agricultural and tourism.
Since February 2025, the daily tax rate payable by the employer in respect of these employment relationships has increased as a result of an amendment to the Act on Simplified Employment. For seasonal work, the daily tax rate has increased from 0.5 to 0.75% of the minimum wage (HUF 2,200); for casual work, from 1 to 1.5% (HUF 4,400). The daily tax rate on the casual work of film industry extras has not changed: it remains 3% (HUF 8,700). From February, the calculation basis of pensions will be 2.1% of the minimum wage (6,100 HUF) per day for seasonal work; 4.2% of the minimum wage (12,200 HUF) per day for casual work, and 2.8% of the minimum wage (8,100 HUF) per day for casual work as a film extra.
From July 2025, if an employee works more than once in casual work, seasonal work or both per calendar year, the combined duration of these employment relationships may not exceed 120 days per calendar year. The purpose of this rule is to prevent employers from registering ‘normal’ employment (that is out of the scope of the Simplified Employment Act) as if it were casual or seasonal work to obtain a tax advantage. Nevertheless, until July, the Ministry of National Economy may fine-tune the amendment to ensure that it does not impose a disproportionate administrative burden on casual and seasonal employees.
By Levente Csengery, Partner, KCG Partners Law Firm
WKB Wiercinski Kwiecinski Baehr has advised FixMap on its acquisition of a majority interest in Internet Union.
FixMap has been a portfolio company of Arcus Infrastructure Partners since 2024 (as reported by CEE Legal Matters on September 23, 2024).
Internet Union is a NewConnect-listed telecommunication company.
The WKB team included Partner Grzegorz Godlewski, Managing Associate Malgorzata Studniarek, and Associate Mateusz Malinowski.
WKB did not respond to our inquiry on the matter.
In recent years, Croatian enterprises have increasingly embraced innovative ownership structures to retain and incentivize top talent. Initially spearheaded by the IT sector, this trend has expanded across industries, from established family businesses to emerging ventures. The rationale is straightforward: aligning employee interests with long-term corporate success through equity participation.
The IT sector, known for pioneering workplace perks, was among the first to recognize the strategic value of offering ownership stakes to key employees. This approach not only optimizes compensation but also ensures alignment with corporate objectives, particularly in anticipation of potential exit scenarios.
As the trend gains momentum, companies are adopting diverse employee ownership models, with Employee Stock Ownership Plans (ESOPs) and their variations at the forefront. While the tax treatment of traditional ESOPs has improved as of 2024, many enterprises are gravitating toward alternative structures, particularly those involving holding companies.
1 The Holding Company Model
This approach involves establishing a holding company jointly owned by the founder and key employees. Rather than granting direct stakes in the operating entity, the founder transfers a portion of their shares to the holding company, thereby indirectly linking employees to the business. This model offers several advantages:
However, this model may fall short in adequately rewarding employees during exit events, as their indirect ownership may not fully capture the value realized.
2 Hybrid Solutions
To address these limitations, Croatian companies are increasingly adopting hybrid structures that combine elements of traditional ESOPs and holding company models. These hybrids ensure that key employees are appropriately rewarded in exit scenarios, even if their indirect ownership does not directly reflect the company’s valuation.
3 Implementation Considerations
Designing and implementing employee ownership structures is a nuanced process requiring meticulous coordination between legal and tax advisors. Key considerations include:
In our recent experience, three out of five employee ownership projects involved holding company structures, one followed a traditional option plan, and one adopted a hybrid approach tailored to the company’s specific needs.
Ultimately, the most successful enterprises view employee ownership not merely as a structural tool but as a strategic imperative. By fostering loyalty, motivation, and alignment, these companies are better positioned to navigate an increasingly competitive market and achieve sustainable growth.
By Tarja Krehic, Managing Partner, and Ivan Zornada, Partner, Krehic & Zornada Law Office
APTIQ Global has announced the launch of APTIQ Communications with Irina Melecciu-Vitelaru as its Managing Partner.
APTIQ Communications is a division dedicated to supporting foreign investors and entrepreneurs with integrated communications.
According to APTIQ Global, this initiative aligns with its mission to “provide comprehensive business advisory solutions throughout the entire lifecycle of a company, regardless of size or industry. APTIQ Communications aims to establish authentic, meaningful partnerships with clients, based on thorough research and in-depth understanding of sectors such as real estate, retail, fintech, professional services, hospitality, energy, banking & finance, tech start-ups, media etc. Therefore, the team will work closely with the other components of the APTIQ Global network, including mergers and acquisitions, taxation, legal advisory, valuation, and human resources services, to ensure a holistic and coordinated approach.”
“Since our inception eight years ago as a collaborative hub of professionals under IMV Consulting brand, we have dedicated ourselves to truly understanding the challenges each entrepreneur faces,” added Managing Partner APTIQ Communications Irina Melecciu-Vitelaru. “They always knew they could rely on us acting as an extension of their internal teams, rather than just another service provider. With the introduction of APTIQ Communications, we are excited to embrace a more international approach – an evolution that enables us to provide comprehensive support to medium and large Romanian and foreign entrepreneurs and investors.”