Category: Deals and Cases

Clifford Chance and Dominkovic & Osrecak have advised Taaleri Energia and Encro on the EUR 126 million senior debt financing package for the construction of the Zadar wind farm in Croatia. CMS reportedly advised the lending consortium.

The consortium providing project financing included Zagrebacka Banka, the Croatian Bank for Reconstruction and Development, and the European Bank for Reconstruction and Development.

Taaleri Energia is a Nordic renewables fund manager and developer. Encro is a renewable energy developer in Croatia.

According to Clifford Chance, “the Taaleri SolarWind II fund acquired the wind farm, which will have a capacity of 111 megawatts, together with Encro, the farm’s original developer. The Zadar wind farm is located in the county of Zadar, around 300 kilometers south-west of the capital city Zagreb. The wind farm is planning to enter into a long-term power purchase agreement for a substantial proportion of the electricity generated.”

Clifford Chance’s team included Partners Andrzej Stosio and Pawel Puacz, Counsels Dominik Kepinski and Kacper Bardan, and Associate Artur Gladysz.

Dominkovic & Osrecak’s team included Managing Partner Ivana Dominkovic Cecelja and Attorney at Law Emanuel Matesic.

Editor’s Note: After this article was published, CMS confirmed its involvement in the deal. The firm’s team included Croatia-based Partners Jelena Nushol Fijacko and Marija Musec and Senior Associate Relja Rajkovic and Poland-based Partner Rafal Zakrzewski.

JSK has advised Abris Capital Partners and its portfolio company Alsendo on their acquisition of a majority stake in Zaslat.cz. Samak reportedly advised the sellers.

Abris Capital Partners is a private equity investor in Central Europe, focusing on ESG and carbon neutrality. Abris manages EUR 1.3 billion of capital across three funds.

Alsendo specializes in technological shipping solutions for businesses in Central Europe. The company’s portfolio includes shipping services and technological solutions for business customers including e-commerce, marketplace, and global enterprises.

Operating since 2014, Zaslat is a parcel intermediation platform in the Czech Republic. The company is also present in the Slovak market and has been piloting its solutions in South Africa.

“The acquisition of Zaslat is the latest step in our ambitious buy-and-build strategy for Alsendo, allowing us to expand the business into the Czech Republic and Slovakia and solidify Alsendo’s position as the leading Central European player in the e-commerce shipping solutions market,” Abris Capital Partners Investment Manager Tomasz Hajduk commented.

The JSK team included Partner Tomas Dolezil, Senior Lawyers Helena Hailichova, Klara Smidova, and Hana Cislerova, and Junior Lawyers Jan Koprnicky and Marek Pume.

DLA Piper has advised Wirtualna Polska on its acquisition of the Szallas Group from Portfolion Capital Partners and private individuals. Baker McKenzie advised Portfolion.

Closing is expected in the fall of 2022, pending regulatory approval. 

According to DLA Piper, “the purchase price consists of Szallas Group’s enterprise value of EUR 72 million plus a net cash value estimated at approximately EUR 10 million as of the closing date.”

The Szallas Group owns travel platforms for booking accommodation in Hungary, the Czech Republic, Romania, Poland, and Croatia. The group also operates services offering spa packages, hotel discount coupons, tour operator services, and vouchers for tourist attractions.

The Wirtualna Polska Holding is a Warsaw-based public e-commerce company. Portfolion is a Hungarian venture capital firm.

The DLA Piper team was led by Poland-based Partner Jakub Domalik-Plakwicz and Counsel Marek Kleczek and included Associates Emilia Kalecka, Arkadiusz Karwala, and Kamila Mozdzen, and Junior Associates Dominik Mizerski and Agnieszka Tarasiuk; Hungary-based Partners Andras Posztl, Gabor Molnar, Gabor Fejes, Helga Feher, and Gabor Borbely, Local Partner Zoltan Kozma, Counsel Attila Sari, Senior Associates Gabor Spitz, Blanka Borzsonyi, Daniel Necz, and Imre Beres, Associates Kristof Szeredi and Bettina Bonczok, and Junior Associates Gergo Korodi, Mark Rozsavolgyi, Andor Boros, Fanni Oroszi, Bettina Ujfalusi, Krisztina Varkonyi, and Reka Reisz; Czech Republic-based Partner Miroslav Dubovsky, Senior Associates Petr Samec, Jan Zidek, and Ondrej Chlada, and Associates Jan Metelka and Petr Varvarovsky; Romania-based Counsels Ana-Maria Andronic and Monica Preotescu, Managing Associates Bogdan Buta and Corina Badiceanu, and Associate Diana Nacuta; as well as a team from the firm’s London office.

The Baker McKenzie team was led by Senior Counsel Pal Takacs and included Senior Associate Daniel Orosz.

Editor’s Note: After this article was published, the BLS-CEE Law Firm announced it had advised the Szallas Group on the transaction. The firm’s team was led by Partner Erzsebet Szalay.

Glatzova & Co has advised Pale Fire Capital on its acquisition of an investment stake in Czech heat pump manufacturer Acond. The NK Law Group advised the previous investor on the sale.

According to Glatzova & Co, “this investment will help Acond build a new plant, with which the company is to multiply its production capacity and expand abroad.”

Pale Fire Capital is an investment group focusing on technological innovation.

Glatzova & Co previously advised Pale Fire Capital on its acquisition of Arpem Networks (as reported by CEE Legal Matters on February 14, 2022), the acquisition of Virtual Training (as reported by CEE Legal Matters on August 18, 2021) and, in 2019, on its acquisition of Aukro (as reported by CEE Legal Matters on July 1, 2019).

The Glatzova & Co team included Partner Jiri Sixta and Attorneys-at-Law Jindrich Pastrnak and Gabriela Praskova.

The NK Law Group team included Czechia-based Partner Jitka Kadlcikova and Slovakia-based Partner Zuzana Nitschneiderova.

Schoenherr, in cooperation with Moravcevic Vojnovic and Partners, has advised Greiner Packaging International on its acquisition of Serbian PET flake producer Alwag from Aling-Conel and Reiwag Facility Services. The Stanivukovic law office advised majority shareholder Aling-Conel on the sale.

Greiner has been developing and producing rigid plastic packaging for 60 years.

According to Schoenherr, “with this acquisition, Greiner is expanding its business model across the value chain and has now added the reprocessing of recyclable materials to its operations. Some recycled materials, all of which previously had to be brought in from external suppliers, will now be produced in-house. The group is also adding to its expertise in the recycling sector and will be able to gradually prolong the lifecycles of its products.”

“Taking this step makes recycling an integral part of our business model,” said Greiner Packaging CEO and Greiner AG COO-elect Manfred Stanek.

Schoenherr’s team included Serbia-based Partners Luka Lopicic and Danijel Stevanovic, Attorney at Law Djordje Trifunovic, and Associate Pavle Eric and Austria-based Attorney at Law Michael Marschall and Associate Lukas Pirringer.

The Stanivukovic team included Managing Partner Goran Stanivukovic, Senior Partner Sinisa Colevic, and Junior Partners Sara Mikitisin and Milos Smajic.

Nestor Nestor Diculescu Kingston Petersen, working with Wachtell Lipton Rosen & Katz, has advised International Game Technology on the acquisition of iSoftBet. Firon Bar-Nir advised the sellers.

International Game Technology is a gaming company. iSoftBet is an online games supplier and content aggregator.

According to NNDKP, “the transaction included the jurisdictions of Cyprus, the Czech Republic, Malta, Romania, and the UK and the total deal value amounted to approximately EUR 160 million.”

NNDKP’s team included Partner Razvan Vlad and Senior Associate Vlad Anghel.

Firon Bar-Nir’s team included Managing Partner Alina Moldovan, Partner Ana Lavan, and Senior Associate Ana Zagor.

Dentons has advised a syndicate of banks led by Ceska Sporitelna, and including Ceskoslovenska Obchodni Banka and Komercni Banka, on the financing of KKCG Group and Aricoma Group’s acquisition of Musala Soft. Polenak, Boyanov & Co, and, reportedly, Andric and TM & Partners advised the banks as well. Clifford Chance advised Aricoma Group on the deal.

The completion of the acquisition, which took place earlier this year, is still pending regulatory approval (as reported by CEE Legal Matters on August 22, 2022).

Aricoma Group is a Central European IT services provider. According to Dentons, with its acquisition of the Bulgaria-based Musala Soft, the Aricoma Group will include ten technology companies with a “consolidated annual turnover exceeding EUR 400 million, an EBITDA of EUR39 million, and over 4,000 professionals.”

Dentons’ team included Prague-based Partner Daniel Hurych and Associates Martin Fiala, Jan Koristka, and Miroslav Sykora, Bratislava-based Associate Richard Marcincin, Warsaw-based Partner Bartosz Nojek and Associates Marcin Gruszka and Dominika Krysiak-Bogdzio, with further team members in Dusseldorf.

Polenak’s team included Partner Tatjana Shishkovska and Associate Andrej Stojkovikj.

Boyanov & Co’s team was led by Partner Damian Simeonov.

Clifford Chance’s team included Managing Partner Alex Cook, Partner Milos Felgr, Counsel Michal Jasek, Senior Associate Dominik Vojta, and Junior Lawyer Tomas Kubala.

Bernitsas has advised Delta Foods SMSA on the sale of its wholly owned Bulgarian subsidiary United Milk Company EAD to Tyrbul EAD. 

The completion of the transaction is still pending regulatory approval.

Delta Foods SMSA is a member of the Vivartia Group and produces and distributes dairy products and fresh fruit juices.

Tyrbul is a wholly owned subsidiary of Hellenic Dairies SA, a Greek dairy company.

Bernitsas team included Partner Nikos Papachristopoulos and Senior Associate Sofia Kontou.

Bernitsas did not respond to our inquiry on the matter.

Editor’s Note: After this article was published, Deloitte Legal informed CEE Legal Matters that it had advised Hellenic Dairies – through its Bulgarian subsidiary Tyrbul EAD – on the acquisition of the United Milk Company.

According to Deloitte Legal, “Hellenic Dairies is a multinational holding performing activities related to milk and dairy products production and distribution, owning several production plants in Greece and the Balkans, and commercial subsidiaries abroad … United Milk Company EAD is one of the largest milk and dairies production companies in Bulgaria. UMC has 50 years of milk processing experience. They produce a wide range of products from cow, sheep, and goat milk.”

The firm’s team included Country Legal Leader Zvezdelina Filova, Legal Managers Miglena Micheva and Kaloyan Yordanov, and Associates Kristian Nemtsov and Georgi Stefanov.

On March 23, 2023, Tabakov, Tabakova and Partners announced it had advised the seller in Bulgaria. The firm’s team included Partner Todor Tabakov and Senior Associate Vasil Ruykov.

Cobalt has advised FN-Serviss on a cross-border merger of its group of companies in which the company’s Estonian subsidiary was acquired by its Latvian parent company.

According to the firm, the company’s Estonian subsidiary was acquired by its Latvian parent company.

FN-Serviss is a company in the Baltics specializing in fire safety and occupational health and safety.

The Cobalt team included Latvia-based Partner Gatis Flinters and Senior Associate Marija Berdova and Estonia-based Senior Associate Heili Haabu.

PeliPartners has advised Global Trade Center on the sale of Bucharest’s Cascade Office Building to Hungarian Crown Holding Kft.

GTC is a commercial real estate company in CEE. Crown Holding is a real estate investment company active in the Hungarian and Romanian real estate markets.

Developed in 2004, the Cascade Office Building is a class-A office building with a surface of 4,300 square meters.

PeliFilip – which split into PeliPartners and Filip and Company in 2019 (as reported by CEE Legal Matters on April 2, 2019) – advised GTC in 2017 when it acquired the building from Adval Properties for EUR 9 million (as reported by CEE Legal Matters on July 13, 2017).

The PeliPartners team was led by Senior Associate Antonia Nica and included Senior Associate Oana Bucsa and Associate Adelina Iordache, supervised by Managing Partner Francisc Peli.

PeliPartners said it cannot disclose the buyer’s legal advisor.