CEE Legal Matters

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  • White & Case and Clifford Chance Advise on Orlen’s USD 1.25 Billion Bond Issuance for the US Market

    White & Case has advised Orlen on its issuance of USD 1.25 billion in unsecured bonds on the US Rule 144A bond market. Clifford Chance advised the banks.

    The consortium that organized the issuance included Citigroup Global Markets Europe, J.P. Morgan, Banco Santander, Goldman Sachs Bank Europe, and SMBC Bank EU.

    According to White & Case, the ten-year bonds carry a 6% annual coupon and were issued under Orlen’s global medium-term note program. Listed on Euronext Dublin, the issuance will help finance Orlen’s day-to-day corporate operations.

    In 2024, White & Case advised the banks involved in Orlen’s EUR 2 billion financing (as reported by CEE Legal Matters on November 1, 2024).

    The White & Case team included Warsaw-based Partner Marcin Studniarek, Local Partner Bartosz Smardzewski, and Associates Dawid Ksiazek, Michal Truszczynski, and Klaudia Pacocha and London-based Partner Melissa Butler, Counsel Doron Loewinger, and Associate Amulang Povaeva.

    The Clifford Chance team included Partners Matt Fairclough, Milosz Golab, and Johannes Juette, Counsel Aleksandra Rudzinska, Senior Associate Jeffery Hung, Associates Krzysztof Burda and Gabriela Kobak, Lawyer Trey Oxendine, and Law Clerks Aritra Chamak Saha and Natasha Sarna.

  • Gessel Advises Szopex Founders on 75% Share Sale to CCC

    Gessel has advised the Founders of Szopex on the sale of a 75% stake in the company to the CCC Group. Oles, Rysz, Sarkowicz reportedly advised CCC Group.

    The transaction remains contingent on regulatory approval.

    Szopex owns sportswear and footwear retailers such as SklepBiegacza, WarsawSneakerStore, and SKstore, operating both brick-and-mortar and online platforms.

    According to Gessel the deal, which aligns with CCC’s new strategy to strengthen its premium segment, includes a base price of PLN 27.8 million for the stake, half payable in cash and half potentially through CCC’s Modivo shares. The agreement also features a call option for the remaining 25%, contingent on Szopex’s performance in 2028.

    The Gessel Team included Managing Partner Marcin Macieszczak, Partner Dominika Ramirez-Wolkiewicz, Managing Associate Aleksandra Szyszko-Kaminska, Senior Associate Emilia Szkiela, Associate Marcin Walczak, and Attorneys at Law Christian Schmidt and Agnieszka Kolenda-Kuchcicka.

  • Dentons Advises Republic of Lithuania on EMTN Program Issuances

    Dentons has advised the Republic of Lithuania on the issuance of two EUR-denominated benchmark bonds under its Euro Medium Term Note Program. TGS Baltic reportedly advised the Republic of Lithuania as well. Freshfields and Sorainen reportedly advised the underwriters.

    According to Dentons, “The Republic of Lithuania updated its Euro Medium Term Note Programme in January by way of a supplement and successfully completed two separate bond issuances: EUR 1 billion 2.875% notes maturing in 2030 and EUR 1 billion 3.625% notes maturing in 2040. The notes have ratings of A2, A, and A by Moody’s, S&P, and Fitch, respectively, and are listed on the regulated market of the Luxembourg Stock Exchange.”

    Moreover, Dentons reports that “the Ministry of Finance of the Republic of Lithuania forecasts international bond issuance in the region of EUR 6 billion in 2025 as a result of increased defense spending and these two series, with an order book of more than EUR 4.5 billion and little to no new issue premium, demonstrate Lithuania’s appeal as a high-quality sovereign issuer.”

    In 2024, Dentons advised the Republic of Lithuania on a EUR 1 billion bond issuance (as reported by CEE Legal Matters on July 17, 2024) and on a EUR 1.5 billion bond issuance (as reported by CEE Legal Matters on February 20, 2024). In 2023, Dentons advised the Republic of Lithuania on a EUR 1.25 billion bond issuance (as reported by CEE Legal Matters on June 20, 2023). In 2022, the firm advised the Republic of Lithuania on its EUR 1.2 billion bond issuance (as reported by CEE Legal Matters on November 8, 2022).

    The Dentons team included London-based Partner Nick Hayday, Associate Ed Varney, and Paralegals Tania Karda and Annabel Clifford.

  • Abcoo Advises Eczacibasi Holding on Real Estate Agreement with Mia Ordinary Partnership

    Abcoo has represented Eczacibasi Holding on a promise-to-sell real estate agreement in return for revenue sharing with Mia Ordinary Partnership. Sole practitioner Fatih Yildirim reportedly advised Mia Ordinary Partnership.

    Eczacibasi Holding is a Turkish industrial group of companies founded in 1942.

    According to Abcoo, the agreement concerns a 157,383-square-meter property located in Istanbul’s Kartal District, owned by Eczacibasi Holding. 

    The Abcoo team included Partners Hasan Caglayan and Berk Batur and Senior Associate Ayse Uyanik.

  • Cerha Hempel Advises Sony Music Entertainment on Acquisition of Czech Label Supraphon

    Cerha Hempel has advised Sony Music Entertainment on its acquisition of Supraphon.

    According to Cerha Hempel, the deal involves Supraphon’s catalog of over 130,000 recordings. With Supraphon’s catalog under its umbrella, SME solidifies its position as a prominent player in Central Europe’s music industry. 

    The Cerha Hempel team included Managing Partner Petr Kalis, Senior Associate Marek Smula, and Associate Martina Soukupova.

    Cerha Hempel did not respond to our inquiry on the matter.

  • KLC Advises National Bank of Greece on EUR 41 Million Financing for First Battery Storage Project in Greece

    KLC has advised the National Bank of Greece on the project financing of Greece’s inaugural battery energy storage project sponsored by Elsewedy Electric SAE.

    According to KLC, the 50-megawatt/100-megawatt-hour battery storage system was successful in the country’s first standalone BESS tender and will receive both operating and investment aid. The total financing of EUR 41 million involves an NBG facility, co-financing under the Recovery and Resilience Facility, and investment aid through the RRF. The power generated shall be purchased through a ten-year operating agreement with DAPEEP.

    KLC did not respond to our inquiry on the matter.

  • Kinstellar Advises Mitiska REIM on Acquisition of Land in Bratislava

    Kinstellar has advised Mitiska REIM fund First Retail International 2 on the acquisition of land in Bratislava for the construction of the Podunajska Brana retail park via a joint venture between Mitiska Group and Asset Services.

    Financial terms of the deal were not disclosed.

    Asset Services is a Czech Republic-based provider of development, property, and facility management services.

    Mitiska REIM is a specialist investment management company in European convenience real estate. FRI 2 invests exclusively in retail parks. According to Kinstellar, the fund has already deployed more than EUR 200 million of equity for acquisitions and development projects in Spain, Portugal, Germany, Romania, Belgium, Netherlands, Poland, and the Czech Republic.

    The Kinstellar team in Bratislava included Partner Roman Oleksik, Managing Associate Dasa Labasova, and Junior Associate Martin Danco.

    Kinstellar did not respond to our inquiry on the matter.

  • Paksoy Advises Turkcell on USD 1 Billion Eurobond Offering

    Paksoy, working with Linklaters, has advised Turkcell on its USD 1 billion Eurobond offering. Allen Overy Shearman Sterling and its Turkish affiliate Gedik Eraksoy reportedly advised the joint bookrunners.

    Turkcell is a Turkish ICT solutions provider. According to Paksoy, the Rule 144A/RegS issuance of USD 1 billion in unsecured and unsubordinated notes consists of “USD 500 million 7.45% notes due 2030 and USD 500 million 7.65% sustainable notes due 2032.”

    The Paksoy team included Partner Omer Collak, Senior Associate Melis Gencol, and Associate Bengisu Yilmaz.

  • Cobalt Advises Rheinmetall on Ammunition Plant Project in Lithuania

    Cobalt has advised German defense company Rheinmetall on a joint project with Lithuania’s EPSO-G Invest and Giraites Ginkluotes Gamykla to establish a 155-millimeter artillery ammunition manufacturing plant in Baisogala, Lithuania. TGS Baltic reportedly advised EPSO-G Invest. Sorainen reportedly advised Giraites Ginkluotes Gamykla.

    According to Cobalt, the initiative represents an investment of up to EUR 300 million, marking a significant advancement of the country’s defense industry infrastructure.

    The Cobalt team included Managing Partner Irmantas Norkus and Senior Associate Kostas Grigaitis.

  • Ellex Advises Accent Equity on Acquisition of Brimer

    Ellex, working with Thommessen, has advised Accent Equity on the acquisition of Brimer from Entec Group. Wikborg Rein reportedly advised the Entec Group.

    According to Ellex, the acquisition includes Brimer’s operations in Norway and Latvia, with Brimer management co-investing alongside Accent Equity to accelerate the company’s growth.

    Founded in 1974, Brimer is a European supplier of composite/GRP solutions for critical infrastructure at sea and on land. The group’s Latvian subsidiaries operate under the Norplast brand.

    Accent Equity, established in 1994, invests in Nordic private companies.

    The Ellex team included Lativa-based Partner Sarmis Spilbergs, Senior Counsels Iveta Ceple and Eduards Dzintars, Senior Associates Kaspars Olsevskis, Ints Skaldis, and Niklavs Zieds, and Associate Ineta Kanepe.