Category: Hungary

Klart Legal has announced that Jozsef Zavodnyik, former member of Hungary’s Competition Council and Head of Competition at the Hungarian Ministry of Justice, has joined the firm as Counsel.

According to Klart Legal, Zavodnyik “will have a leading role in promoting our competition law practice,” and “clients can definitely benefit from his outstanding practical knowledge.”

After working for Hungary’s Insurance Supervisory Authority, Zavodnyik became the member of the Competition Council of the Hungarian Competition Authority. Between 2011 and 2014 he also headed the Decision-Making Support Team of the HCA. Prior to joining KLART Legal, he led the Competition Law, Consumer Protection, and Intellectual Property Department of the Ministry of Justice.

At Klart Legal, besides fostering the competition practice, Zavodnyik will be responsible for the fields of consumer protection and advertising law.

Maria Dardai has joined CMS’ Budapest office as Head of Compliance Projects.

Dardai moved over from UPC Hungary (Liberty Global), where she had been VP General Counsel, Compliance and Data Privacy Officer since 2009. Before that she was General Counsel Country Compliance Officer, Hungary at ABB (2008-2009), Head of Legal at Magyar Telekom (2002-2008), and Head of Legal, Compliance and Internal Audit at Nomura Securities Hungary (1999-2002). According to CMS, “Dardai not only has vast experience in compliance investigations but she has a deep insight into the Technology, Media and Telecommunications sector.”

CMS Budapest Managing Partner Gabriella Ormai commented that: “We are very excited about the addition of Maria to our compliance, anti-bribery, and investigation practice. She will be essential to the further building of the practice in Hungary and regionally.”

CMS’s Global Co-Head of Disputes and Budapest-based Disputes and Investigations Partner Zsolt Okanyi commented: “Maria’s experience with high-profile compliance matters in a diverse range of sectors, coupled with massive international experience in Central and Eastern Europe, will be extremely beneficial to clients who must navigate in an increasingly complex global business environment.”

Dardai added: “I am very excited to join CMS’ investigation team and looking forward to developing this practice further. I strongly believe that compliance has a tremendous importance in our clients’ operations which might be even more essential in Central and Eastern Europe than in other parts of the world. I am committed to serve clients at the highest standards and certain that clients will benefit from our strong experience in this practice area.”

Kinstellar’s Budapest office has advised CIG Pannonia Life Insurance on the purchase of local peers MKB General Insurance and MKB Life Insurance from Versicherungskammer Bayern. The identity of the seller was not disclosed.

Under the terms of the deal, CIG Pannonia Life Insurance will acquire 98.97% of the shares of MKB Life Insurance, while its wholly-owned subsidiary, CIG Pannonia First Hungarian General Insurance, will purchase 98.98% of the shares of MKB General Insurance. The transaction is subject to the approval of the Hungarian Competition Office and the National Bank of Hungary.

Anthony O’Connor, head of Corporate and M&A at Kinstellar in Budapest and firm-wide co-head of Kinstellar’s Private Equity sector, commented that: “We are extremely happy to have supported CIG Pannonia Life Insurance on this important strategic transaction and look forward to the future development of the combined business.”

O’Connor led the firm’s team on the deal, supported by Managing Associates Akos Mates-Lanyi and Daniel Straub.

Oppenheim has announced that Of Counsel Attila Menyhard was appointed the new Dean of the ELTE School of Law and took over in the role in July 2016.

According to Oppenheim, Menyhard “has been teaching civil law at the ELTE School of Law since 1997 and has been a full-time professor since 2012.” His appointment by the rector of ELTE is for three years.

The Kapolyi Law Firm recently advised Wingholding Ltd., the largest real-estate developer in Hungary, on the feasibility of the public and private placement of corporate bonds.

Following Kapolyi’s advice, Wingholding decided on the launch of a bond program, with OTP Bank Plc., the largest commercial bank in Hungary, as the arranger and securities dealer. The placement of bonds aims to generate funds to finance Wingholding’s real estate development activity. The bonds will be listed on the Budapest Stock Exchange.

According to Kapolyi, “this was the largest non-state-owned or guaranteed corporate bond IPO in Hungary in 2016 and the only corporate bond IPO with a supplementary issue.”

The Kapolyi team consisted of Managing Partner Jozsef Kapolyi and Viktor Krezinger.

Zoltan Dencs advised OTP Bank on the matter.

The Kapolyi Law Firm has advised Torony Real Estate Fund (represented by Diofa Asset Management) on the acquisition of a the V17 multi-tenant office building in Budapest from the V17 Kft, a subsidiary of Wing Zrt. The Szecsenyi law firm advised the sellers on the deal.

According to Kapolyi, “V17 is a new, A-class office building with excellent location, offering office space on seven  floors, with a canteen, eight elevators, and an underground car park.” The firm describes V17 as “a sustainable high-tech office building offering the highest technical content and excellent visibility on 11,100 square meters [of] office space.” 

The Kapolyi team was led by Managing Partner Jozsef Kapolyi and Senior Attorney Zita Orban

The Szecsenyi team was led by Managing Partner Laszlo Szecsenyi, supported by Balazs Vagvolgyi and Balazs Bona.

Image Source: v17officebuilding.hu

The Kapolyi Law Firm has provided legal assistance to the Magyar Posta Takarek Real Estate Fund, represented by Diofa Asset Management, during the acquisition of the 15,000 square meter Infopark G building from Magyar Telekom Telommunications Public Limited Company. Baker & McKenzie advised the sellers on the deal.

Kapolyi describes Infopark, located in Budapest’s XI district, as “the first innovation and technology park of Central and Eastern Europe,” and describes it as “an innovation center primarily for IT, telecommunication, and software development companies where multinational companies and young innovative companies found a place for their head office.” 

The Kapolyi team consisted of Managing Partner Jozsef Kapolyi and Senior Attorney Monika Kapetz.

The Baker & McKenzie team was led by Real Estate Partner Benedek Kovacs.

Image Source: infopark.hu

Hungarian competition expert Marton Horanyi has returned to Kajtar Takacs Hegymegi-Barakonyi Baker & McKenzie as a Partner, where he join the team specializing in competition law, government funds, commercial practices and consumer protection, as well as European Union law.

With more than a decade of experience in the field of Hungarian and EU competition law, Horanyi has represented domestic and multinational clients in cases such as cartel issues and fusion control before the Hungarian Competition Authority (GVH), the European Commission, and Hungarian and EU courts. He has also gained experience in the field of distribution of government subsidies, along with consumer protection and unfair commercial practices.  

Horanyi worked in the Budapest and Dusseldorf offices of Baker & McKenzie between 2007 and 2015, when he left to become a Partner at bpv Jadi Nemeth. A year later, in April of 2016, he joined EY Law in Hungary as Head of Antitrust and Competition, before moving back to Baker in September.

Budapest Managing Partner Zoltan Hegymegi-Barakonyi commented, in a statement released by the firm, that: “Competition law is a field of growing risk and elevated importance for our clients, therefore it has great significance that we can welcome a professional in the person of Dr. Marton Horanyi who has international experience.”

In re-joining Baker & McKenzie Horanyi offsets the loss of Peter Voros, who co-headed the office’s antitrust practice before moving over to Kinstellar in September (as reported by CEE Legal Matters on September 12, 2016).

DLA Piper Horvath & Partners has advised Mediaworks Hungary Zrt. on the acquisition of Pannon Lapok Tarsasaga Kiadoi Kft. from Funke Mediengruppe. GSV Legal advised Mediaworks on Austrian matters. Schoenherr advised Funke Mediengruppe on the acquisition.

After approval by Hungary’s National Media and Infocommunications Authority and the Hungarian Competition Authority, the acquisition closed on September 30, 2016. The purchase price was not disclosed

Mediaworks, with over sixty media brands, is one of the largest media enterprises in Hungary. Mediaworks has an annual turnover of approximately HUF 16 billion (approximately EUR 52 million), has nearly 650 employees, and owns newspapers such as Nemzeti Sport, Nepszabadsag, Vilaggazdasag, and other regional newspapers in eight Hungarian counties, as well as a portfolio of women’s and gastronomical magazines, and digital media products.

PLT and Mediaworks together have annual revenues of nearly HUF 25 billion (approximately EUR 81 million) and approximately 1150 employees.

The DLA Piper Horvath & Partners team on this transaction consisted of Managing Partner Andras Posztl, Partner Gabor Borbely, and Counsel Istvan Szatmary.

The GSV Legal team consisted of Partner Bernd Grama and Attorney Georg Zacherl.

Schoenherr’s team consisted of Vienna Partner Markus Piuk, Budapest Managing Partner Kinga Hetenyi, Vienna Attorney Manuel Ritt-Huemer, Budapest Attorney Gabor Kordovanyi, and Budapest Associate Roland Szebenyi. Vienna Partner Christoph Haid and Budapest Associate Andras Nagy advised on competition questions.