CEE Legal Matters

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  • Aydemir Advises Titan Group on Divestment

    Aydemir has advised Titan Cement International on an agreement to divest its 75% share in Adocim Cimento Beton for USD 87.5 million with 50% being sold to Mugla Cimento and 25% to Yurt Cimento.

    The transaction remains contingent on regulatory approval.

    According to Aydemir, Adocim Cimento Beton includes cement assets in the Eastern Region of Turkiye.

    The Aydemir team included Managing Partner Ilber Aydemir, Partner Gupse Hatko Aydemir, Associates Naci Bulent Erturgut and Basak Oncel, and Legal Trainees Ceyhun Sefer and Basak Ozhan.

  • Freshfields, BDK Advokati, and Baker McKenzie Advise on Midea’s Acquisition of Arbonia Climate Division

    Freshfields has advised Midea Group subsidiary Midea Electrics Netherlands on its EUR 750 million acquisition of the climate division from Arbonia AG. BDK Advokati advised Midea on the local aspects of the acquisition of Serbian company Termovent, as part of the broader transaction. Baker McKenzie advised Arbonia.

    Midea develops and manufactures products in the area of air conditioning and building technology, industrial components, robotics, and automation.

    Arbonia AG is a Swiss building supplier, listed on the SIX Swiss Exchange.

    The Freshfields team included Vienna-based Counsel Gernot Fritz and Associate Iris Amschl as well as further team members in Frankfurt, Berlin, Hong Kong, Brussels, Tokyo, Duesseldorf, Hamburg, Amsterdam, Milan, Shanghai, Hong Kong, and Paris.

    The BDK Advokati team included Senior Partner Vladimir Dasic and Junior Associate Peter Eric.

    The Baker McKenzie team included Warsaw-based Associates Anna Krekora, Michal Pakosz, and Piotr Pawlowski and Paralegal Konrad Rutkowski, Prague-based Associate Jan Dudik, as well as further team members in Zurich, Geneva, Berlin, Duesseldorf, Frankfurt, Munich, Amsterdam, Beijing, Shanghai, Brussels, Madrid, Milan, Paris, and Stockholm.

    Editor’s Note: After this article was published, Karanovic & Partners announced that it advised Arbonia as well. The firm’s team included Senior Partner Milos Jakovljevic and Junior Associates Teodora Vasin and Kristijan Nikolic.

  • White & Case Advises Alpha Bank on Disposal of Real Estate Assets Portfolio in Greece

    White & Case has advised Alpha Bank on the partial disposal of a portfolio of real estate assets in Greece. Karatzas Partners reportedly advised Alpha Bank as well. Sullivan & Cromwell and Potamitis Vekris reportedly advised the buyers.

    According to White & Case, the transaction involved creating a holding structure initially valued at nearly EUR 400 million, which was later adjusted – following sales to third parties and certain exclusions – to encompass 460 assets valued at nearly EUR 300 million that will remain minority-owned by Alpha Bank.

    The White & Case team included lawyers in Dubai, London, and Abu Dhabi.

  • Hot Practice in CEE: Marton Eorsi on Addleshaw Goddard’s Infrastructure and Energy Practice

    Addleshaw Goddard’s infrastructure and energy practice has been active across Central and Eastern Europe, with projects spanning battery storage, energy investments and motorways in Poland, disputes in Romania, and offshore wind development in Lithuania, according to Partner Marton Eorsi who highlights the growing necessity of private sector involvement in CEE, particularly in transport, energy transition, and urban mobility.

    CEELM: What work has been keeping your energy practice busy over the past year?

    Eorsi: It’s been a particularly active year for our infrastructure and energy practice in CEE. To give you some examples, we’re currently working on a battery storage project, and we have been advising on several disputes in the energy sector, in particular in Romania. We were also involved in significant energy investments in Poland, including energy from waste, nuclear, EV charging, and geothermal. We have advised MOL, the leading Hungarian integrated oil and gas company, on a prospective acquisition of an upstream interest, and we have advised on an offshore wind project in Lithuania.

    Beyond the CEE region, our infrastructure work spans our 20 global offices. For example, in the Middle East, we are engaged in the gigaprojects in Saudi Arabia and other large-scale desalination, transport, and renewables projects, while in Asia, much of our work involves renewables and construction projects and disputes, often working with key players of the global infrastructure and energy supply chain. In Spain, we are working for Hispasat on the agreement for the creation of SpaceRISE, a consortium formed by Eutelsat, SES, and Hispasat, and on the agreements with the European Commission and the European Space Agency for the launch of IRIS (Satellite Resilience, Interconnectivity and Security Infrastructure), the European Union’s constellation of secure satellites. This will be the first-ever public-private partnership (PPP) in the aerospace sector in Europe. In France, we are advising on a large number of projects, including offshore wind and submarine optical cable infrastructure. In the UK, we were busy in the water, transport, and health sectors, as well as energy (including hydrogen and battery storage) and PPP handback projects.

    CEELM: What has been the primary driver behind these levels of activity?

    Eorsi: In CEE, infrastructure and energy markets are not homogenous in the sense that some governments actively involve the private sector in financing and delivering these projects while others rely more on the public sector. Right now, the trend that we are seeing is an increase in transport-related PPP projects, including roads and railways, as well as social and healthcare infrastructure. At the same time, energy transition is driving major projects across the region. Governments and investors are looking at renewables, such as offshore wind, solar, and hydrogen, as part of a broader move away from fossil fuels.

    Whilst the infrastructure in CEE improved markedly in the last few decades, there remains a significant infrastructure gap in the infrastructure capital stock when compared to that of Western Europe. The average value of capital stock per capita in Western Europe is over USD 26 million, whereas in the CEE, this is less than USD 15 million. According to some estimates, CEE would need to invest EUR 65-75 billion every year for 10 years to catch up, and this estimate does not include an additional EUR 50 billion per year to maintain existing infrastructure. These amounts also exclude the gargantuan sum required to deliver the energy transition. With an aging population putting increased pressure on taxation, governments recognize that private sector involvement is no longer optional but essential. This is opening up opportunities for long-term investors in infrastructure and energy, including energy transition and social infrastructure projects.

    CEELM: Apart from that, are there any other sectors of note in the mix?

    Eorsi: Absolutely. The transport sector has been a focal point for investment across CEE. We are currently looking at the Czech pipeline with great interest, particularly the proposed railway link between Vaclav Havel Airport and Prague’s city center, and a range of other railway and highway projects. These include the modernization of the Prague-Kladno rail link, the construction of a double track, as well as the electrification and implementation of the European Train Control System.

    Poland is also a major hub of activity. The recent announcement to open our own office in Warsaw is a testament to our interest in the region and Poland in particular. With our new office in Warsaw, we have added a leading energy and infrastructure practice to our global platform. There, we have been working on several waste-to-energy plants, a fast tramway system in Krakow, motorway projects, geothermal, and EV charging. We have also advised on the first Polish nuclear power plant. We are also actively looking at other planned developments like the Central Airport project.

    Serbia and Lithuania are also leading the way in government-driven PPP projects, and we expect to see increased activity in these markets over the next few years.

    CEELM: Finally, what do you think the next 12 months will look like?

    Eorsi: The outlook is positive, though not all CEE countries are progressing at the same pace. Some governments fully embrace PPP structures, while others remain a bit more cautious. For example, Poland is increasingly embracing PPPs as an essential component of its investment landscape. According to a report by the Ministry of Funds and Regional Policy, 19 PPP agreements valued at nearly PLN 557 million were signed in 2024. While this might seem modest, it represents the most successful outcome in the past five years, signaling optimism for future growth. We expect activity in the municipal sector, the decarbonization of heating plants, port infrastructure, interconnectors, and energy storage. We also expect investment opportunities in social infrastructure like housing and urban regeneration.

    For these projects to be successful, it is key to be able to attract the broadest possible universe of equity and debt investors and unlock the vast pools of capital available in global financial centers like London. Local expertise and familiarity with international best practices are essential for these projects to be investable and bankable.

    We expect continued strong interest in the Czech Republic, Poland, Serbia, and Lithuania, particularly in the energy, transport, and digital infrastructure space. Specialist infrastructure investors, as well as supply chains, are actively looking for high-value projects in the CEE, and debt funding sources are also eager to finance infrastructure projects in the region.

  • Clifford Chance Advises Atrium Group Services on Sale of Atrium Flora Shopping Center

    Clifford Chance has advised Atrium Group Services on the sale of Atrium Flora shopping center to Max Realitni. BNT Attorneys reportedly advised Max Realitni.

    Atrium Group Services is a subsidiary of G City Europe.

    Max Realitni is part of the Redstone Group.

    According to Clifford Chance, located between Prague’s Vrsovice and Vinohrady districts, Atrium Flora spans 20,000 square meters of retail space and 17,600 square meters of office space, featuring approximately 130 stores, a dedicated food court, an underground garage with 750 parking spaces, and the only IMAX cinema in the Czech Republic.

    The Clifford Chance team included Partner Emil Holub, Counsel Milan Rakosnik, and Associate Simon Dusek.

  • KG Advises Piraeus Bank on Merger of Intracom Properties with Evropi Holdings

    Kyriakides Georgopoulos has advised Piraeus Bank, acting as an advisor, on the merger through absorption of Intracom Properties by Evropi Holdings.

    The KG team included Partners Theodore Rakintzis, Irene Kyriakides, and Ioanna Kyriazi, Counsels Penny Oikonomopoulou and Meletios Andrianos, and Associates Ioannis Nakis, Sotiria Pane, and Rodopi Maniati. 

    KG did not respond to our inquiry on the matter.

  • Rymarz Zdort Maruta, Baker McKenzie, and Clifford Chance Advise on BEST’s Merger with Kredyt Inkaso

    Rymarz Zdort Maruta has advised BEST on its merger with Kredyt Inkaso. Baker McKenzie advised Kredyt Inkaso. Clifford Chance advised Kredyt Inkaso majority shareholder Waterland Private Equity.

    BEST is a Polish financial services company.

    Kredyt Inkaso provides debt management services.

    According to Rymarz Zdort Maruta, BEST will acquire Kredyt Inkaso by transferring all of Kredyt Inkaso’s assets in exchange for BEST shares at a ratio of 0.67537 per KISA share. Moreover, an investment and pre-merger agreement was executed between BEST and Waterland, the majority shareholder of Kredyt Inkaso, as well as with BEST’s majority shareholders and management board members, Krzysztof Borusowski and Marek Kucner.

    The Rymarz Zdort Maruta team included Managing Partner Pawel Rymarz, Partners Aleksandra Dobrzynska-Grezel and Iwona Her, Counsel Adam Puchalski, and Senior Associates Malgorzata Derus and Tomasz Kordala.

    The Baker McKenzie team included Partners Tomasz Krzyzowski, Marcin Iwaniszyn, Michal Lisawa, Marcin Trepka, and Piotr Wysocki, Counsels Katarzyna Grodziewicz and Mikolaj Piaskowski, Senior Associates Pawel Jaros, Jakub Czerka, Bartek Babanczyk, and Michal Derdak, and Associates Robert Smigielski and Krzysztof Sierpinski.

    The Clifford Chance team included Managing Partner Agnieszka Janicka, Partner Marcin Cieminski, Of Counsel Nick Fletcher, Counsels Tomasz Derda, Jaroslaw Lorenc, Krzysztof Hajdamowicz, and Tomasz Szekalski, Senior Associates Katarzyna Kuchta, Michal Magdziak, Aleksandra Ulatowska, and Agata Parys, Associates Marcin Waszynski, Martyna Sieczka, Marie Terillon, Julia Chodkowska, Zofia Zawlodzka, Krzysztof Burda, and Mariusz Wisniewski, Lawyer Maria Janiak, Legal Intern Jan Okurowski, and Trainee Grzegorz Serafin.

  • Kinstellar Advises MVM Group on CCGT Power Plant Development

    Kinstellar has advised the MVM Group on developing a 500-megawatt combined-cycle gas turbine power plant at the Matra Power Plant in North-East Hungary.

    The MVM Group is a Hungarian power company,

    According to Kinstellar, the new facility will replace aging, high-emission lignite-fired power assets and support the expansion of renewable energy sources in the country. The winning development consortium – comprising Elsewedy, West Hungaria Bau, and Status KPRIA – was selected through a public procurement process.

    The Kinsetllar team included Budapest Office Managing Partner Balazs Sepsey and Senior Associate Laszlo Bujaki.

  • Ellex Represents Alltech in Trademark Case Against Actizen

    Ellex has successfully represented Alltech in a trademark opposition case against Actizen in Latvia.

    According to Ellex, the US-based company Alltech markets animal feed additives under the trademark ACTIGEN in the EU. It has successfully resolved a trademark dispute with Latvian company Sagitus which arose over Sagitus’s registration of the trademark ACTIGEN in Latvia for goods under Class 5, including medicines and dietary supplements intended for animals.

    Moreover, Ellex reports that the dispute was amicably settled with Sagitus agreeing to limit the scope of its ACTIGEN trademark registration in Latvia so that the registered goods do not include any references to animals.

    The Ellex team included Partner Martins Gailis and Associate Anna Marta Riekstina.

  • 2025 CEE General Counsel Summit Sneak Peak: Interview with Davor Majstorovic of AMB Legal

    With preparations for the 2025 CEE General Counsel Summit in full swing, AMB Legal Partner Davor Majstorovic shares his thoughts about the upcoming event and what he’s looking forward to the most.

    CEELM: Why did you decide to participate in the GC Summit?

    Majstorovic: The CEE GC Summit is a great chance to meet people from different industries, connect with other General Counsels, and hear about the latest developments – not just in law, but in business and beyond. It’s an opportunity to step outside the day-to-day legal work and gain fresh perspectives that can be useful in so many ways.

    CEELM: What are you most looking forward to at the event?

    Majstorovic: I’m most excited about meeting new people and having real discussions on the key issues shaping the legal world. I’m especially interested in hearing perspectives beyond just SEE, looking at CEE and global trends as well. The last time I attended something like this in Belgrade, about six or seven years ago, I was an in-house lawyer. The discussions back then covered many corporate and business topics that turned out to be incredibly valuable. Now, coming from the external side, I see just how important these insights are from both perspectives.

    CEELM: What insights or discussions do you expect to hear from General Counsels at this year’s summit?

    Majstorovic: The agenda isn’t still available, but I’d love to hear more about data protection – it’s such a pressing topic right now. M&A and corporate legal trends are also on my radar. The way regulations are evolving, especially around private individuals, is really changing how we look at the legal system. In my work, whenever there’s a legal issue that needs to be handled under domestic or international law, I am always looking for practical, real-world solutions. Therefore, I’m hoping to get some takeaways that can actually be applied in practice.

    CEELM: Why should General Counsels make sure to attend this summit?

    Majstorovic: For GCs, this is one of the best ways to gain fresh insights from other industries, exchange experiences, and pick up practical ideas. It’s not just about the legal side – court decisions, regulations, and compliance – but also about how legal teams operate within companies, how they structure their work, and how they contribute to the bigger picture. One topic that always stands out is employee satisfaction and retention. Learning how other companies keep their people engaged and happy can be just as valuable as any legal update. Whether you’re an in-house or external lawyer, this summit is an amazing opportunity to step outside your own company’s bubble and see how others are tackling similar challenges.