CEE Legal Matters

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  • Dentons Advises Piraeus Bank on EUR 181 Million Financing for Metlen Energy & Metals’ Solar Plant in Romania

    Dentons has advised Piraeus Bank on project financing for a solar power plant developed by Metlen Energy & Metals in Romania.

    According to Dentons, the EUR 181 million financing will support the development of a 273-megawatt solar plant, underscoring the growth potential of the renewable energy sector in the region.

    The Dentons team included Partner Simon Dayes, Counsel Maria Tomescu, Senior Associate Luiza Onofrei, and Associates Alin Serea and Carmen Banica.

    Dentons did not respond to our inquiry on the matter.

  • Paksoy and Peynircioglu Eren Advise on Ontex Group’s Sale of Turkish Subsidiary Dilek Grup

    Paksoy, working with Linklaters’ Brussels office, has advised Ontex Group on the sale of its Turkish subsidiary Dilek Grup. Peynircioglu Eren advised the buyers.

    The transaction remains contingent on regulatory approval.

    According to Paksoy, the subsidiary in question covers Ontex Group’s operations in Turkiye, associated export business, and manufacturing facility in Istanbul. 

    Dilek Grup is a distributor of fast-moving consumer goods in Turkiye and neighboring countries.

    The Paksoy team included Partners Elvan Aziz and Togan Turan, Senior Associate Kansu Aydogan Yesilaltay, and Associate Mine Hazal Senol.

    The Peynircioglu Eren team included Founding Partners Evrim Peynircioglu and Seref Erdem Eren.

  • Addleshaw Goddard Enters Polish Market with Addition of Linklaters Warsaw Office

    Addleshaw Goddard has entered the Polish market via an agreement with Linklaters to transfer the former’s Warsaw office.

    The office will be led by Managing Partners Janusz Dzianachowski and Marcin Schulz, who were at the helm of Linklaters Warsaw as well.

    According to Addleshaw Goddard, this addition – agreed with Linklaters and its Warsaw partners –reinforces the firm’s “commitment to supporting the growing demands of its clients in Central and Eastern Europe and bolsters its presence in key global markets. The new Warsaw office will serve as a regional hub, enabling the firm to deliver enhanced legal expertise and tailored services to clients across Poland, the CEE region, and Turkey.” The transaction is anticipated to be completed on April 30, 2025, subject to both Addleshaw Goddard and Linklaters Partner votes.

    “We are delighted that the Warsaw office of Linklaters has agreed to join Addleshaw Goddard,” said Addleshaw Goddard Managing Partner Andrew Johnston. “It is an important and exciting milestone in our international expansion journey. Warsaw is a vital economic and business hub in Central Europe, and this expansion allows us to better meet the needs of our clients, who are increasingly seeking support across borders in this dynamic region.”

    “We are very pleased that our Warsaw team will be transferring to Addleshaw Goddard where they will have the scope to continue to develop and deliver for clients as part of a firm for which Poland is a growth opportunity,” commented Linklaters Firmwide Managing Partner Paul Lewis. “We are grateful for the team’s contribution to Linklaters over many years and look forward to continuing to work with them in the future.”

    Linklaters will continue to operate its Warsaw-based Linklaters Service Delivery Centre which supports the firm’s operations globally.

  • Nearly EUR 6 Billion in Fines Since the GDPR

    In 2024, EU data protection authorities imposed a total of EUR 1.2 billion in fines. This brings the total value of fines to EUR 5.88 billion since the GDPR became applicable, DLA Piper’s latest report reveals.* The technology sector has been hit the hardest, with data protection focusing on managerial responsibility and privacy issues in AI tools.

    The total value of fines imposed in 2024 fell by 33% compared to the EUR 1.78 billion imposed in 2023. But this doesn’t mean the focus has shifted away from enforcement relating to privacy. The decrease is mainly due to the Irish DPC’s record EUR 1.2 billion fine imposed on Meta in 2023, the highest ever.

    In 2024, the technology sector and social media were the most affected by data protection sanctions, with nine out of the ten highest fines being imposed on organisations in this sector. For example, the Irish authority fined LinkedIn EUR 310 million for breaching the principles of the GDPR on a number of grounds in relation to analysing user data and processing it for targeted advertising. Another significant sanction was also imposed in Ireland, where Meta was fined EUR 251 million for a data breach affecting 3 million users in the European Economic Area (EEA).

    In addition to the technology sector, major fines were also imposed in the financial and energy sectors. The Spanish data protection authority imposed two fines totalling EUR 6.2 million on a major bank for inadequate security measures. And the Italian data protection authority fined a utility company EUR 5 million for using outdated or inaccurate customer data.

    Hungary in the regional midfield

    In terms of the total value of GDPR fines imposed since 25 May 2018, Hungary retained 17th place in the European ranking last year with around EUR 4.2 million (HUF 1.7 billion) in fines. Ireland (EUR 3.5 billion), Luxembourg (EUR 746 million) and France (EUR 597 million) made up the top three. Some of the high-profile cases in Hungary included the sanction imposed by the National Authority for Data Protection and Freedom of Information (NAIH) on a headhunting company for unlawfully processing and sharing the data of thousands of job applicants. Last year, the NAIH also issued a warning on the lawful handling of voice recordings.

    Focus on AI and managerial responsibility

    Privacy aspects of AI technologies are also in the focus of regulators’ attention. In Ireland, the data processing practices of X’s chatbot have been under scrutiny. And the Dutch data protection authority has imposed a record EUR 290 million fine on a ride-hailing app for transferring personal data to a third country. It also issued a EUR 30.5 million fine on AI company Clearview for GDPR breaches relating to data collection and facial recognition systems. The Dutch data protection authority is also investigating whether the company’s directors are personally liable for multiple breaches of the GDPR.

    EU rules are increasingly focusing on the personal liability of company directors, with stricter compliance requirements. Whether authorities have the power to impose personal liability in the event of a breach of the GDPR varies from Member State to Member State.

    What data protection challenges can we expect this year?

    Much attention is expected to be paid this year to the “consent or pay” model, which was the subject of lively debate in 2024. Users can choose between two options: consent to the use of their personal data for behavioural advertising or pay for the service. Last April, the European Data Protection Board (EDPB) finally adopted an opinion stating that major online platforms have to allow users to choose an additional “equivalent alternative” that’s free and without behavioural advertising. While EDPB didn’t state that these models cannot be lawful in any case, it concluded that in most cases they don’t comply with the GDPR requirements for valid consent and are therefore unlawful.

    The EDPB’s long-awaited opinion on data protection aspects of AI models, published in December, doesn’t provide clear guidance, so the boundaries of lawful use of personal data for AI tools remain uncertain.

    With the rapid expansion of artificial intelligence and strict EU data protection legislation, we can expect a number of regulatory investigations, sanctions and court cases in the coming years.

    *The GDPR fines and data breach survey report includes a country-by-country table of fines imposed between January 2024 and January 2025. The survey covers the 27 EU Member States, plus the UK, Norway, Iceland and Liechtenstein

    By Zoltan Kozma, Partner, Head of the Intellectual Property and Technology, and Mark Almasy, Associate, DLA Piper Hungary

  • Bulboaca & Asociatii Advises Superbet Group on EUR 1.3 Billion Investment from Blackstone and HPS Investment Partners

    Bulboaca & Asociatii has advised Superbet Group on a EUR 1.3 billion investment from American investment funds Blackstone and HPS Investment Partners.

    According to Bulboaca & Asociatii, founded in 2008 by entrepreneur Sacha Dragic, Superbet is advancing its position in the international entertainment and technology markets. The deal further strengthens Superbet’s relationship with Blackstone— which acquired a minority stake for EUR 175 million in 2019— while introducing HPS Investment Partners as a new strategic investor.

    Editor’s Note: After this article was published, Bulboaca & Asociatii informed CEE Legal Matters that its team included Managing Partner Adrian-Catalin Bulboaca, Deputy Managing Partner Catalin Petrea, and Partner Mariana Signeanu.

    Herzog Fox & Neeman, Sidley Austin, and Loyens & Loeff Luxembourg reportedly advised Superbet Group as well. Simpson Thacher & Bartlett reportedly advised Blackstone. Milbank reportedly advised HPS Investment Partners.

  • Pekin Bayar Mizrahi and Bener Advise on Cleversoft Group’s Acquisition of Fineksus

    Norton Rose Fulbright’s Turkish affiliate law firm Pekin Bayar Mizrahi has advised the Cleversoft Group on its acquisition of Fineksus from Ahmet Vefik Dincer and Mehmet Ali Tombalak. Bener advised the sellers.

    Fineksus is a regtech company offering financial messaging and AML solutions in Turkiye and the Middle East. 

    The Pekin Bayar Mizrahi team included Senior Partner Ferhat Pekin, Partner Senem Golge Yalcin, and Associate Selin Ivit.

    The Bener team included Partner Bahar Ulgen Hasserbetci, Of Counsel Onur Kordel, and Senior Associate Oya Tureoglu.

  • Cytowski & Partners Advises Trace Space on USD 4 Million Seed Round

    Cytowski & Partners has advised Latvian Trace Space on its USD 4 million seed round with Berlin-based Cherry Ventures. Goodwin Procter reportedly advised Cherry Ventures.

    Trace Space builds AI tools for product manufacturing. According to Cytowski & Partners, the funds will be used for product development and go-to-market efforts in the US and Europe.

    In 2023, Cytowski & Partners advised Trace Space on its USD 1.5 million pre-seed financing (as reported by CEE Legal Matters on February 16, 2023).

    The Cytowski & Partners team included Partner Tytus Cytowski and Associates Eresi Uche, Kunal Kolhe, Fabiana Morales, and Heidi Fan. 

  • FWP Advises Varta on StaRUG Restructuring

    Fellner Wratzfeld & Partner has advised German battery manufacturer Varta in StaRUG restructuring proceedings.

    StaRUG is the German Stabilization and Restructuring Framework for Businesses.

    According to FWP, the Regional Court of Stuttgart dismissed all objections against the restructuring plan, making it final and non-appealable. Under the plan, the main shareholder and investor Porsche contributed EUR 60 million, while banks and other creditors waived parts of their claims in exchange for future participation. Porsche also acquired 70% of Varta subsidiary V4Drive, facilitating the supply of high-performance batteries for hybrid sports cars. 

    The FWP team included Partners Markus Fellner, Paul Luiki, and Lukas Flener, Attorneys at Law Florian Henockl and Nadine Maros, and Associates Wolfgang Plischnack, Sebastian Kremnitzer, Manuel Schweiger, Petra Ungerbock, Mark Timar, and Claus Wintersteller.

  • Koutalidis Advises Piraeus Bank on EUR 275 Million Bond Loan for Aktor Concessions

    Koutalidis has advised Piraeus Bank on a secured bond loan issuance of up to EUR 275 million by Aktor Concessions, with Piraeus Bank acting as both bondholder agent and paying agent, and subscribing to the full amount.

    According to Koutalidis, a first drawdown of EUR 177 million was completed on January 28, 2025. Proceeds from the bond loan will be used for refinancing Aktor Concessions’ existing debt and for general corporate purposes.

    In 2023, Koutalidis advised Aktor Concessions and Intrakat on PPP project financing for West Peloponnese Road (as reported by CEE Legal Matters on August 4, 2023).

    The Koutalidis team included Partner Ioannis Kaptanis, Counsel Dimitris Kalyvas, and Associates Nike Konidaris, Marina Angoura, and Gerasimos Siokos.

    Koutalidis did not respond to our inquiry on the matter.

  • Turunc Advises Gelecek Etki Fonu on Exit from Mega Fortuna

    Turunc has advised Gelecek Etki Fonu on its exit from Mega Fortuna to Aonic. Akol reportedly advised Aonic.

    Mega Fortuna is a developer of mobile gaming discovery and loyalty platforms. 

    Gelecek Etki Fonu is a Capital Markets Board-regulated venture capital fund managed jointly by asset management company Tacirler Asset Management and Vestel Ventures, the corporate venture capital arm of Vestel – a home appliances company in Turkey and a group company of Zorlu Holding.

    Aonic is a Sweden-based diversified video gaming group. 

    The Turunc team included Managing Partner Kerem Turunc, Managing Associate Naz Esen, and Associate Yagmur Aker.