CEE Legal Matters

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  • Vernon David and Turcan Cazac Advise on Victoriabank’s Acquisition of Microinvest

    Vernon David has advised Victoriabank and its parent Banca Transilvania Financial Group on the acquisition of Microinvest. Filip & Company reportedly advised Banca Transilvania Group and Victoriabank as well. Turcan Cazac, working with Osborne Clarke, advised the shareholders of Microinvest.

    The transaction remains contingent on regulatory approval in Moldova and Romania.

    Victoriabank is the third largest bank in the Republic of Moldova, with total assets exceeding MDL 26 billion as of March 2025. Since 2018, it has been part of the Banca Transilvania Financial Group.

    Microinvest is the largest non-bank lending institution in the Republic of Moldova, with total assets of MDL 6.6 billion and a loan portfolio of MDL 6 billion, as of March 2025. With a team of 355 professionals and a network of 18 branches, the company serves more than 40,000 active clients.

    “The acquisition of Microinvest is a clear step in Victoriabank’s growth strategy, including expansion through aquisitions,” said Victoriabank CEO Levon Khanikyan. “We’ve long admired Microinvest for reshaping microfinance in Moldova with its innovative products and outstanding customer relationships. We value their achievements, the professionalism of their team, and their positive impact on the local economy.”

    “Microfinance is a key focus area for the Financial Group Banca Transilvania, developed through BT Mic, BT Direct, and Banca Transilvania,” added Banca Transilvania Deputy CEO Bogdan Plesuvescu. “We’re looking to replicate in Moldova the same success we’ve seen in Romania – both in empowering clients through microfinance and through strategic acquisitions.”

    “We’re honored by the trust placed in us and see this as a great opportunity to grow our impact on Moldova’s economy,” commented Microinvest CEO Dmitrii Svinarenco. “Microinvest remains committed to its mission – to deliver accessible, personalized, and responsible financing to clients wherever they are.”

    The Vernon David team included Partners Sergiu Bivol and Roman Ivanov, Senior Associate Nadejda Ciubotaru, and Associates Adelina Braga, Mihai Silta, Sergiu Besliu, and Eduard Gurin.

    The Turcan Cazac team included Managing Partner Alexander Turcan, Partners Octavian Cazac and Ana Galus, and Associate Valeria Popa.

  • KSB and Havel & Partners Advise on AGC Glass Europe’s Sale of FK Teplice

    Kocian Solc Balastik has advised AGC Glass Europe on the sale of its premier league football team FK Teplice to a company from the Accolade Group. Havel & Partners advised the Accolade Group.

    AGC Glass Europe is a producer of flat glass for construction, automotive, solar systems, and specialized industries. According to KSB, it has owned FK Teplice for over 30 years and continues to maintain a close partnership with the club through ongoing social responsibility initiatives and the development of the Youth Academy.

    The KSB team included Partner Jan Lasak, Senior Lawyer Josef Kriz, Lawyer Ota Mach, and Junior Lawyer Ivan Michna.

    The Havel & Partners team included Partners Jan Koval and Lukas Syrovy, Managing Associate Ivo Skolil, Senior Associate Nikola Leova Pospisilova, Associate Jiri Moravec, and Junior Associates Dominika Hrebackova and Johana Nemeckova.

  • Sayenko Kharenko Represents Reckitt Ukraine During Regulatory Inspection of Aerosol Product Labeling

    Sayenko Kharenko has successfully represented Reckitt Benckiser Hygiene Home Ukraine during a regulatory inspection of aerosol product labeling conducted by the territorial division of the State Emergency Service of Ukraine.

    Reckitt is a manufacturer of personal and household hygiene products, known for brands such as Vanish, Durex, Air Wick, Strepsils, Cillit, and Nurofen.

    According to Sayenko Kharenko, the inspection was launched across the supply chain following the identification of potential non-compliance in aerosol labeling during product distribution in the retail network. Following the inspection, Reckitt Ukraine received an official report confirming the absence of any violations. 

    The Sayenko Kharenko team included Partner Oleksiy Koltok and Senior Associates Dmytro Shahirmanov and Zhanna Zayets.

  • KWKR Advises Radix Ventures on Investment in Fresh Inset

    KWKR has advised the Luxembourg-based investment fund Radix Ventures on its investment in Fresh Inset. 

    According to KWKR, Fresh Inset is a Polish CleanTech innovator that has developed the Vidre+ solution designed to extend the freshness of fruits, vegetables, and flowers. The investment was part of a Late B round worth PLN 18 million, with Radix Ventures acting as the lead investor and contributing EUR 1.5 million (approximately PLN 6 million).

    The KWKR team included Partner Paulina Opielka, Managing Senior Associate Iwona Aleksandrowicz-Strus, Senior Associate Marcin Rudzki, and Associates Dominik Korybalski, Weronika Szachniewicz, Anna Grzywna, Katarzyna Kanik and Pawel Zyskowski.

    KWKR could not provide additional information on the matter.

  • Gide and DLA Piper Advise on EUR 9 Million Seed Investment Round for Ingenix

    Gide has advised Inovo Fund III SCSp on its participation in a EUR 9 million seed investment round for Ingenix that also saw the OTB Ventures and the International Finance Corporation invest. DLA Piper advised Ingenix.

    Inovo Fund III SCSp is a fund owned by Inovo.vc.

    Ingenix.ai is a biotech company developing a foundational model for clinical trials. According to DLA Piper, the funding will enable “Ingenix to further develop its advanced AI platform, potentially revolutionizing the way clinical trials are conducted worldwide. Ingenix’s proprietary model analyses biological phenomena at the molecular, cellular, and population levels, enabling clinical trial outcomes to be predicted with unprecedented accuracy.”

    The Gide team included Partner Pawel Grzeskowiak, Counsel Wojciech Czyzewski, and Associates Magdalena Zawislak and Mateusz Wieckowski.

    The DLA Piper team included Warsaw-based Partner Rafal Kluziak, Counsels Wojciech Kalinowski and Anna Chrabota-Bajson, and Junior Associates Michal Bandurski and Konrad Nazarowski as well as further lawyers in Leeds and London.

  • CMS Advises on Slovak Republic’s Retail Government Bonds

    CMS has advised the Debt and Liquidity Management Agency of the Slovak Republic on the issuance of its first retail government bonds. 

    The retail bonds were placed through a syndicate of five banks including Ceskoslovenska Obchodna Banka, Slovenska Sporitelna, Tatra Banka, UniCredit Bank Czech Republic and Slovakia, and Vseobecna Uverova Banka.

    According to CMS, this dual-tranche issuance consists of two instruments designed specifically for the retail market: the “Investor” tranche, a two-year bond with a 3.00% annual yield, and the “Patriot” tranche, a four-year bond with a 3.30% annual yield. The combined issuance, totaling EUR 500 million, was oversubscribed and sold in three and a half days.

    The CMS team included Managing Partner Juraj Fuska, Lawyer Martin Melicher, Senior Associates Zuzana Nikodemova and Martina Simova, and Associate Demian Boska as well as further team members in Zagreb, Skopje, Bucharest, Ljubljana, and Istanbul.

  • Norton Rose Fulbright Advises Aegon Growth Capital Fund on Sale of 44% Stake in Phinance

    Norton Rose Fulbright has advised Aegon Growth Capital Fund on the sale of a 44% share stake in Phinance. BAB Legal reportedly advised the buyers. GWK Legal reportedly advised the non-selling shareholders.

    Aegon Growth Capital Fund is a venture fund focused on investing in financial services companies in Europe. 

    Phinance is a financial brokerage firm in Poland. It has been operating since 2002 and currently operates 52 branches and over 1,200 active advisors.

    The Norton Rose Fulbright team included Warsaw-based Partner Agnieszka Braciszewska, Counsel Artur Jonczyk, Senior Associate Katarzyna Berestecka, and Associates Jan Nowjalis and Damian Pawlak.

  • Baker McKenzie Advises on Argan Capital and Polon-Alfa Financing

    Baker McKenzie has advised Argan Capital and Polon-Alfa on the financing required for a new continuation fund for Polon-Alfa managed by Argan Capital as well as on the full refinancing of Polon-Alfa’s existing debt secured through P Capital Partners. Clifford Chance reportedly advised on the matter as well.

    Argan Capital is a CEE-focused mid-market private equity firm.

    Polon-Alfa is a producer of fire detection products and systems across Poland, Romania, Hungary, and beyond. According to Baker McKenzie, the financing is designed to support Polon-Alfa’s further development through a new continuation fund, while simultaneously refinancing existing debt, thus enhancing the company’s operational efficiency and strategic flexibility.

    The Baker McKenzie team included Warsaw-based Partner Marcin Iwaniszyn, Senior Associates Jakub Czerka and Jan Szczurek, and Associate Oskar Lipien as well as further team members in London.

  • Dentons and Relevans Advise on Senior Financing for JTRE’s Downtown Yards Development

    Dentons has advised a club of banks led by Tatra Banka on a syndicated loan of EUR 168 million to JTRE to finance the Downtown Yards residential project in Bratislava. Relevans advised JTRE.

    The club of banks included Tatra Banka as agent and arranger, along with Slovenska Sporitelna, UniCredit Bank Czech Republic and Slovakia, and Vseobecna Uverova Banka.

    JTRE is a European real estate developer based in Bratislava. According to Dentons, the Downtown Yards project is a flagship green residential development located in the most modern urban district near the Danube. The development will include 656 residences, offices, business spaces, plentiful car parking, and 6,100 square meters of greenery. The first stage of the project is scheduled for completion in 2026-2027.

    The Dentons team included Partner Patricia Gossanyiova, Counsel Petra Strbova, Senior Associate Tatiana Jevcakova, and Associates David Stanek and David Duda.

    The Relevans team included Attorneys at Law Miroslava Stefanikova and Zuzana Vido.

  • Cobalt Advises Creditreform Latvija on Reorganisation

    Cobalt has advised Creditreform Latvija on a multi-stage reorganization. 

    According to Cobalt, as part of the reorganization, the company’s credit information operations have been transferred to Crefo Rating, now Creditreform Rating. In addition, its sister company B2Kapital SIA has been merged into Creditreform Latvija, and the debt recovery and loan portfolio acquisition business has been fully transferred to the B2 Impact ASA group. 

    The Cobalt team included Partners Toms Sulmanis and Sandija Novicka and Senior Associates Marija Berdova and Ivo Maskalans.