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  • Reals Advises Conseq Realitni on Acquisition of EA Hotel Atlantic Palace in Karlovy Vary

    Reals has advised Conseq Realitni on the acquisition of the EA Hotel Atlantic Palace in Karlovy Vary.

    Conseq Realitni is a property fund focused on the Czech Republic and Poland.

    The Reals team included Partner Gabriela Spak Porupkova and Attorney at Law Filip Balousek.

    Editor’s Note: After this article was published, Reals informed CEE Legal Matters that the seller was Pavel Alfery Hrdina who represented himself.

  • BPV Braun Partners, DZP, and Dentons Advise on Creditas Group’s Acquisition of Duon from Infracapital

    BPV Braun Partners and Domanski Zakrzewski Palinka, working with Watson Farley & Williams, have advised Creditas Group on its acquisition of Duon from Infracapital with financing from Komercni Banka. Dentons advised Duon. White & Case reportedly advised Komercni Banka.

    Duon is a private gas distributor in Poland. Its assets include more than 800 kilometers of gas pipelines, 12 networks connected to the national grid, 24 LNG-based cryogenic trailers, and 20 gas regasification stations, serving over 11,000 customers.

    Infracapital is the infrastructure equity investment fund of M&G, a UK-based investment house.

    The BPV Braun Partners team included Partner David Vosol, Counsels Pavel Vintr and David Plevka, and Associate Ivana Horakova.

    The Dentons team included Budapest-based Partners Rob Irving, Pawel Grabowski, and Maciej Skoczynski, Senior Associate Sebastian Ishiguro, and Associates Aliz Wulcz and Brigitta Kovacs as well as Warsaw-based Senior Associate Beata Blaz.

    The DZP team included Partners Marcin Krakowiak and Magdalena Skowronska and Senior Associate Tomasz Kalicki.

  • Dorda Advises Evergreen Hill Enterprise on Acquisition of TANN Group from Mayr-Melnhof Karton

    Dorda, working alongside Norton Rose Fulbright, has advised Evergreen Hill Enterprise on its acquisition of the TANN Group from Mayr-Melnhof Karton with an agreed enterprise value of EUR 360 million. Binder Groesswang reportedly advised Mayr-Melnhof Karton.

    Singapore-based Evergreen Hill Enterprise is part of an Indonesian privately held conglomerate active in banking, tobacco, consumer electronics, and other industries.

    The TANN Group, which operates seven production sites across Austria, China, the Philippines, Turkey, Canada, and Germany, specializes in printing and finishing fine paper used to produce tipping paper. With approximately 730 employees, TANN Group generates annual sales of about EUR 220 million. 

    The Dorda team included Partner Christian Ritschka and Principal Associate Ulrich Weinstich.

  • Dentons Advises DRFG Investment Group on Office Building Acquisition in Warsaw

    Dentons has advised the DRFG Investment Group on the acquisition of the Signum Work Station office complex in Warsaw managed by the Cromwell Property Group.

    DRFG Investment Group is a Czech Republic-based commercial real estate investor.

    Cromwell Property Group is an Australian real estate investment trust listed on the Australian Stock Exchange. 

    According to Dentons, “Signum Work Station – also known as Trinity Park III – is a modern 7-story A-class office building, a part of the Trinity Park complex. Situated at 49 Domaniewska Street, the property offers approximately 32,500 square meters of modern office space and 880 parking spaces.”

    In 2023, Dentons advised DRFG on investment in Bratislava’s Ister Tower project (as reported by CEE Legal Matters on February 16, 2023).

    The Dentons team included Partner Piotr Staniszewski, Managing Counsel Tomasz Krasowski, Senior Associate Kamil Igielski, and Associate Kamil Gapski.

  • Ellex Advises Trigon Capital on Acquisition of Estonia Farmid

    Ellex has advised Trigon Capital on its acquisition of Estonia Farmid.

    Estonia Farmid is an agricultural producer. According to Ellex, Trigon plans to merge Estonia Farmid with its existing Vaatsa Agro, forming one of Estonia’s biggest farming conglomerates. Prior to this acquisition, Trigon Capital operated 6,800 hectares of farmland and managed 3,500 dairy cows. The Estonia Farmid group adds 9,300 hectares of farmland and 2,700 dairy cows to the expanded operation.

    The Ellex team included Partners Sven Papp and Martin Maesalu, Counsels Gerda Liik, Jaanus Ikla, and Gerd Laub, Senior Associates Kaisa Jakobsoo, Hanna Pahk, and Kevin Gerretz, and Lawyers Karoline Poska, Karl Rudolf Org, Miikael Tuus, and Linda Helen Herman.

  • CMS, Kinstellar, and White & Case Advises on D4 Highway PPP

    CMS has advised the Via Salis consortium, comprising Vinci and Meridiam, on the D4 highway public-private partnership project in the Czech Republic. Kinstellar, working with Linklaters, advised the financing banks. White & Case advised the Ministry of Transport of the Czech Republic.

    The CMS team included Partner Lukas Janicek and Senior Associates Lenka Krutakova and Michal Samek.

    The Kinstellar team included Partner Kamil Blazek and Counsels Jan Lehky and Michal Forytek.

    The White & Case team included Partners Vit Stehlik and Peter Hodal, Local Partner David Wilhelm, and Associates Renata Ryglova and Jan Voborsky as well as further team members in London.

  • Strategy on Energy Development until 2040 with the Projection until 2050

    The National Assembly of the Republic of Serbia in its session held on 27 November 2024 adopted a new Strategy on Energy Development until 2040 with the Projection until 2050 („Strategy“).

    The first and main goal of the Strategy is the same as that of the previous energy strategy – energy security. Further goals are decarbonization of the energy sector, environment protection, improvement of energy efficiency, and establishing an economically competitive energy market. While drafting the Strategy and its goals, events that occurred since the adoption of the previous strategy were seriously taken into account, especially energy challenges which were (and some still are) present, including Russian-Ukrainian conflict, jeopardized supply routes, sabotages, accidents on important power plants in Serbia, etc. Also, international obligations of Serbia, contained in the Parise Climate Agreement and Sofia Declaration on the Green Agenda had an impact on the goals set out in the Strategy.

    For achieving proclaimed goals, the Strategy foresees changes in the following fields: i) improvement in energy efficiency in consumption and production/distribution/transport of all kinds of energy, ii) decrease of loss in production/distribution/transport of all kinds of energy, iii) decrease usage of coal and increase usage of natural gas and RES for electricity production, iv) construction of storage systems for electricity and heat energy produced from RES, v) increase RES share in final consumption of energy, vi) usage of RES and heat pumps for production of heat energy, vii) digitalization of energy processes.

    Electricity sector

    Major changes in the energy sector are envisaged in the electricity sector due to the decarbonization principle. As Serbia is producing now cca 60% of its electricity from coal, it is envisaged that RES’s share in the total production portfolio will be increased to 45% by 2030, and 73% by 2040.

    To achieve this ambitious goal, the plan is to have certain thermal power plants either put in reserve (and reinitiated when the need arises) or use them in decreased capacity. Until 2030 old thermal power plant Kolubara A will be put out of operation, while Morava may have the same fate or will be put in reserve. TENT and Kostolac, given their importance to the energy sector, cannot be subject to these measures. However, they will undergo installment of various filters (to decrease emissions of PM, NO2, SO2) until 2030. As per new thermal capacities, only block B3 in Kostolac with an installed capacity of 350 MW will be put into operation.

    Natural gas power plants also have a certain impact on the electricity sector. Panonske TE-TO will be put out of operation, and it is planned to construct a new one in the vicinity of Novi Sad. It will be a cogeneration power plant with an installed power of 350MW for electricity and 100 MW for heat.

    Speaking of hydropower plants, Đerdap 2, Potpeć, Vlasina, and Bistrica should undergo revitalization with a slight increase in capacity. New hydropower plants in Ibar (121 MW) and Morava (146 MW) should be constructed by 2040. Also, Bosnia and Herzegovina is planning joint construction of a power plant on Drina (212 MW) in which Elektroprivreda Srbije (“EPS”) should have 51% ownership.

    As per variable RES (wind and solar), the Strategy envisages that the Republic of Serbia will have an installed capacity of 1.77 MW in wind power plants and 1.73 MW in solar power plants until 2030 (a total of 3.5 GW of variable RES capacity). The projection until 2040 is 3.6 GW of wind power plants and 7.37 GW of solar power plants (a total of 10.97 GW of variable RES capacity).

    As the Strategy plans to decrease the usage of coal and increase the usage of RES in electricity production, the issue of a steady supply of reserved energy for balancing purposes arises. For this reason, a special place in the electricity sector has reversible hydro power plants, due to their role in the balancing of the electricity sector. The Strategy envisages as a priority the construction of reversible hydropower plant Bistrica (628 MW) by 2032. Also, Romania is planning to construct a new reversible hydropower plant Đerdap 3 (1.800 MW) by 2040.

    In order for the grid to be capable of receiving new capacities, as well as to be aligned with the energy efficiency goal and decrease loss during transport and distribution of electricity, the Strategy envisages also 1) construction of a new and revitalization of existing internal grid infrastructure and 2) construction of regional grids such as Trans-Balkan Corridor and Pannonian Corridor.

    The distribution grid should be also improved by reconstructing existing and constructing new transformer stations and grid as well as installing advanced management devices for the distribution grid.

    Heat Energy

    Currently, the heat energy sector is dominantly based on fossil fuels (coal and natural gas), while RES (biomass and biogas) has a share of 1.8% in total production. Also, the production and distribution systems are old.

    For achieving goals set out by the Strategy, rehabilitation, and modernization of remote-control heating systems are envisaged together with usage of highly efficient cogeneration facilities and usage of heating pumps. Simultaneously, a decrease of fossil fuel, especially coal in the production of heat energy while increasing RES share, where applicable, is planned.

    Energy Efficiency

    The Strategy stresses out importance of improving energy efficiency in all consumer sectors. Thus, investments in thermal insulation of buildings (both public and private) are necessary as well as investments in more efficient heating systems. Also, in the traffic sector application of new EURO standards should be implemented, more usage of electric cars and electrification of public transport.

    Natural Gas Sector

    The Republic of Serbia does not have significant reserves of natural gas for exploitation, thus it is mainly import-oriented. For a long period, Serbia was supplied only by Russian natural gas via one route (Hungary), which is not favorable from the energy security perspective. The diversification of supply routes was improved by the construction of an interconnection pipeline Bulgaria border – Hungary border, but this also is used for Russian gas only. Recently, a new interconnection with Bulgaria (Niš-Dimitrovgrad) was constructed and put into operation, through which Serbia is supplied by Azerbaijan natural gas.

    Although the supply routes are now more diversified compared to last decade, the Strategy envisages the construction of new interconnections with Romania, North Macedonia, Croatia, and Bosnia and Herzegovina.

    Apart from interconnectors, it is necessary to invest in existing transportation systems as well as in distribution systems, including the installation of smart metering systems. Expansion of underground natural gas storage to 750 mil m3 is ongoing, with the possibility of additional expansion for 750 mil m3 more. Also, the Strategy considers the construction of new natural gas storage in Vojvodina.

    Oil Sector

    Same as for natural gas, the Republic of Serbia does not have significant reserves of oil on its territory, and is highly dependent on imports, so far mainly from the Russian Federation and using only one oil pipeline – Janaf. To increase the security of supply, Serbia together with Hungary initiated the construction of a new oil pipeline that will connect to the “Družba” international oil pipeline. The Strategy also considers the construction of new pipelines toward Drač and Solun to diversify supply routes.

    To decrease imports, the Republic of Serbia should orient more toward the production of biofuel as well as oil shales. Also, by 2027 is planned to have oil capacity storage for 61 days for internal usage.

    Coal Sector

    Having in mind that the electricity sector is still mainly based on thermal power plants, and in the transitioning period toward greater usage of RES power plants, coal will be irreplaceable, the Strategy envisages investment in existing coal mines, as well as preparation of new ones to replace old and fully exploited mines as the time comes. Also, to avoid accidents in thermal power plants an integral system for management of coal quality should be implemented.

    Lastly, the Strategy also recognizes the usage of hydrogen as green energy and nuclear energy (on which the moratorium was lifted by the latest amendments of the Energy Law).

    By Jelena Gazivoda, Senior Partner, Nikola Djordjevic, Partner, and Marko Mrdja, Senior Associate, JPM & Partners

  • Rizoiu & Poenaru Splits Into Rizoiu & Asociatii and Poenaru Legal

    Rizoiu & Poenaru has announced the firm is splitting into Rizoiu & Asociatii and Poenaru Legal.

    Rizoiu & Asociatii is helmed by Partners Radu Rizoiu and Mihaela Gherghe while Poenaru Legal is led by Lucian Poenaru. 

    Before the split, Rizoiu was a Partner with Rizoiu & Poenaru between 2012 and 2025. Earlier, he was with Stoica & Asociatii as an Associate between 1997 and 2003, a Partner between 2003 and 2007, and a Senior Partner between 2007 and 2012.

    Prior to being a Partner with Rizoiu & Poenaru between 2012 and 2025, Poenaru was with Stoica & Asociatii as well, joining as a Junior Lawyer in 2008, becoming an Associate in 2010, and finally being promoted to Senior Associate in 2012.

    Mihaela Gherghe started her career as an Intern with Rizoiu & Poenaru in 2014. That same year, she became a Junior Lawyer before being promoted to Associate in 2016, a Senior Associate in 2018, and finally making Partner in 2021.

    Rizoiu & Asociatii stated that the “restructuring represents an opportunity for growth and specialization for both [Rizoiu & Asociatii and Poenaru Legal]. We are confident that this change will allow each firm to focus its resources and commitment, providing even more personalized and efficient legal services.”

  • Restrictions on the Employment of Migrant Workers

    Starting 1 January 2025, only citizens of Georgia and Armenia will be eligible for residence permits for the purpose of employment and guest worker residence permits. This marks a significant tightening of the previous rules, which allowed citizens of 10 countries to obtain guest worker residence permits and had no such restrictions for residence permits for the purpose of employment. Although these changes do not affect currently valid permits, the new rules will apply to all new permit issuances

    As of 1 January 2025, Government Decree 450/2024 (XII. 23.) on the employment of guest workers in Hungary has come into effect. According to the decree, only citizens of the countries listed in Annex 1 can be employed with a residence permit for the purpose of employment or a guest worker residence permit. Currently, Annex 1 only includes Georgia and Armenia. The new restrictions do not affect immigration procedures that were ongoing as of 31 December 2024, nor the validity of residence permits issued by that date. Extensions of permits are also possible under the old rules. However, new permits can only be issued based on the new decree.

    According to the above-mentioned decree, the countries listed in Annex 1 are those with which Hungary or the European Union has concluded a readmission agreement. As a general rule, only citizens of these countries can obtain residence permits for the purpose of employment or guest worker residence permits. However, citizens of countries not listed in Annex 1 can also obtain residence permits if their country has a state-recognized organization or office in Hungary that ensures their citizens leave Hungary if they do not comply with the regulations. The list of these countries will be published in a statement by the minister responsible for foreign policy. No such statement has been published yet, so employers should keep an eye on this in the future.

    With the changes coming into effect, employers who cannot or do not wish to employ third-country nationals under the seasonal guest worker residence permit or the employment residence permit for the purpose of investment have the option to apply for permits available for highly skilled individuals or those tied to specific nationalities.

    Regarding permits tied to specific nationalities, employers should be aware of the list of countries whose citizens can obtain the National Card. Citizens of these countries can reside and work in Hungary with relatively few restrictions and favorable conditions.

    If there is no option available based on nationality, opportunities for highly skilled workers may be considered. For third-country nationals with higher qualifications in IT, engineering or natural sciences, the Hungarian Card may be relevant. For those with different degrees and salaries above the special minimum salary, the EU Blue Card could be a solution.

    As of 1 January 2025, the decree of the Minister for National Economy on the total number of residence permits for the purpose of employment and guest worker residence permits that can be issued annually in Hungary has been published. According to the decree, the maximum number of these permits for 2025 is 35,000. Although it is unlikely that the number of issued permits will exceed this limit due to the existing restrictions, employers should keep this in mind in case the country restrictions are relaxed.

    By Akos Fehervary, Managing Partner, and Nora Ovary-Papp, Counsel, Baker McKenzie

  • Akos Mates-Lanyi Joins Taylor Wessing’s Budapest Office as Partner

    Former Dentons Counsel Akos Mates-Lanyi has joined Taylor Wessing’s Budapest office as a Partner in the firm’s corporate, M&A, and capital markets teams.

    Before joining Taylor Wessing, Mates-Lanyi was with Dentons as a Counsel between 2024 and 2025 and an Associate between 2014 and 2015. Earlier, he was with Noerr as its Head of Transactions and M&A between 2018 and 2024. Earlier still, he was with Kinstellar as a Managing Associate between 2015 and 2018 and a Counsel in 2018, as well as with DLA Piper as an Associate between 2008 and 2014.

    “Akos’ appointment is a huge boost for our firm,” said Managing Partner Torsten Braner. “We look forward to working with such an experienced corporate lawyer who has significant experience in corporate transactions, including M&A, private equity transactions, divestitures, joint ventures, corporate finance, restructurings, and capital markets transactions.”

    “I am very grateful for the opportunity to join the Taylor Wessing Budapest team,” added Mates-Lanyi. “I am full of ideas, motivation, and enthusiasm to successfully tackle future challenges and make a valuable contribution to the firm’s development and long-term success.”