CEE Legal Matters

Category: News

  • Kinstellar Appoints Seven New Partners in Bratislava, Budapest, Istanbul, and Kyiv

    Seven Kinstellar lawyers have been promoted to Partner: Bratislava-based Tomas Melisek, Budapest-based Levente Hegedus, Istanbul-based Bulut Girgin, and Kyiv-based Anastasiya Bolkhovitinova, Natalia Kirichenko, Oleg Matiusha, and Illya Muchnyk.

    Melisek is the Bratislava office’s Head of the Banking, Finance & Capital Markets practice. He has been with the firm since 2011. Earlier, he also spent a year and a half with Clifford Chance.

    Hegedus is the Head of the Budapest-based Banking, Finance & Capital Markets practice and the Co-Head of the firm-wide Restructuring & Insolvency practice. He joined Kinstelalr in 2009 as a Junior Associate, became an Associate in 2013, a Senior Associate in 2017, a Managing Associate in 2018, and a Counsel in 2020.

    Girgin is the Head of the Istanbul Competition and Compliance practice and Co-Head of the firm-wide Competition & State Aid practice. Before joining the firm in 2019, he spent over three years with ELIG Gurkaynak. Earlier, he was a Compliance Manager with the Fox Networks Group for a year and, before that, a Senior Regulatory Legal Counsel at Turkcell, between 2012 and 2014. He began his career as a Legal Consultant at Actecon.

    Bolkhovitinova is the Head of Kyiv’s TMT practice and a Co-Head of the firm-wide Telecommunications practice. She has been with the firm since 2021, having joined after spending 16 years with DLA Piper. She began her career as an Associate with EY Law, where she spent a year.

    Kirichenko, Head of the Kyiv IP&T and Data & Cybersecurity practices and a Co-Head of the firm-wide IP&T practice, joined Kinstellar in 2021. Before, she spent 11 years with DLA Piper and, earlier, two years as Head of Legal with All Motion. Earlier still, she spent a year and a half as a Legal Counsel with Progression LLC and over a year as a Legal Counsel with ADV.

    Matiusha is the Kyiv Head of the Infrastructure & Transportation and Real Estate & Construction practices. He has been with the firm since 2018, having joined after spending six years with DLA Piper. Earlier, Matiusha spent six years with Baker McKenzie and, before that, a year in-house with Consortium Ukrindustry. He started his career as the Deputy Head of the legal department at Sofia Kyiv in 2004, where he spent over a year.

    Muchnyk is the Head of the firm-wide Fintech practice. He has been with Kinstellar since 2021, having joined after spending 16 years with DLA Piper. Earlier, he spent a year as an Associate with EY Law and, earlier still, over two years as an Associate with Trust. He began his career in-house with Credit Union in 2000, where he spent one year.

  • Dorda and NNDKP Advise Cancom on Acquisition of K-Businesscom Group

    Dorda and Nestor Nestor Diculescu Kingston Petersen, working with Heuking Kuhn Luer Wojtek’s Munich office, have advised Cancom on the acquisition of K-Businesscom and all its subsidiaries from shareholders Aluk Privatstiftung, Invest Unternehmensbeteiligungs Aktiengesellschaft, Raiffeisen, Franz Semmernegg, and Jochen Borenich. SCWP Schindhelm reportedly advised the sellers. 

    The transaction remains contingent on regulatory approval. According to Dorda, “the transaction was structured so that the consideration will be paid partly in cash and partly in shares of the listed Cancom. The value of the cash consideration is approximately EUR 165 million; in addition, financial liabilities of approximately EUR 37 million will be redeemed. As part of the consideration the existing shareholders will receive 3.5 million new Cancom shares with a market value of more than EUR 100 million, which will be created by way of a capital increase against contribution in kind.”

    K-Businesscom is an Austrian ICT solutions and service provider with 1,650 employees, which generated revenues of around EUR 520 million and EBITDA of around EUR 28 million in the past financial year 2022/23. The company is active as a digital business engineer for IT and business consulting as well as software development in Austria, Germany, Switzerland, Romania, and the Czech Republic.

    Cancom is a German IT systems provider with a focus on digital transformation, cloud computing, and IT security. 

    According to Dorda, “the merger results in one of the leading IT companies in the DACH region. The customers of both companies will benefit from the combined expertise in IT and digitalization solutions. The takeover will increase Cancom’s market presence in the DACH region and extensively expand its solution and service capacities.”

    Dorda’s team included Partners Martin Brodey, Christian Ritschka, Heinrich Kuehnert, Bernhard Rieder, Nino Tlapak, Magdalena Brandstetter, and Bernhard Mueller, Counsel Andreas Seling, Senior Associates Katrin Antl, Ulrich Weinstich, Florina Thenmayer, and Magdalena Nitsche, and Associates Aleksandra Langer, Mirko Marjanovic, Petra Artner, Felix Zopf, Michael Hardt, Sebastian Stoeckl, Julia Huber, Florian Huegel, Diane Steindl, and Paul Traar.

    NNDKP’s team included Partner Adina Chilim-Dumitriu, Counsels Cristian Dranca and Alexandru Aman, and Associate Voica Lupascu.

    Editor’s Note: After this article was published, SCWP Schindhelm confirmed it had advised Invest Unternehmensbeteiligungs AG and Raiffeisen OOe Invest – the main shareholders of K-Businesscom. The firm’s team included Partners Franz Mittendorfer, Sebastian Huetter, Clemens Harsch, and Michaela Nill and Counsels Thomas Rosenthaler and Dieter Duursma.

  • CMS Advises Best in Parking on Minority Investment by Macquarie Asset Management

    CMS has advised Best in Parking and its majority shareholder Breiteneder Immobilien Parking on receiving a minority investment from Macquarie Asset Management. Linklaters advised Macquarie Asset Management.

    Macquarie Asset Management is a global infrastructure investor with assets under management of almost EUR 500 billion.

    According to CMS, “Best in Parking currently operates around 87,000 parking spaces at 198 high-quality locations, which act as EV charging stations of the future and hubs for mobility. The company currently has 470 EV charging points, which are to be expanded to over 1,000 by 2025. In addition to its core markets Austria, Italy, and Croatia, the company also operates in Switzerland, Slovakia, Slovenia, and other markets.”

    The CMS team included Austria-based Partners Martin Zuffer, Philipp Mark, Walter Gapp, Alexander Rakosi, Clemens Grossmayer, Dieter Zandler, Stefan Paulmayer, Johannes Hysek, Hans Lederer, Oliver Werner, and Sibylle Novak, Of Counsel Sixtus Kraus, Senior Associate David Kohl, Associates Shivam Subhash, Anna-Maria Kohlweg, Maximilian Uidl, and Vera Mitteregger, and Lawyers Vanessa Horaceck, Mariella Kapoun, Marlene Wimmer-Nistelberger, and Daniela Kroemer; Slovenia-based Partner Dunja Jandl, Counsel Irena Sik Bukovnik, Associate Sara Mernik, and Lawyer Maja Sipek; Croatia-based Partners Ana-Marija Skoko, Sandra Lisac, Marija Zrno Prosic, Marija Musec, Tamara Jelic Kazic, and Mia Kalajdzic, Senior Associates Antonija Kanjer and Karmen Sinozic, Associate Luka Abrlic, and Lawyers Ana Koceic, Mirta Klaic, and Vedrana Vuckovic; as well as furhter team members in Italy.

    Linklaters’ team included lawyers in the UK, Italy, and Germany.

  • Daniel Aranyi Makes Partner at Bird & Bird in Budapest

    Former Counsel Daniel Aranyi has been promoted to Partner at Bird & Bird in Budapest, where he also leads the firm’s Energy and Competition practice.

    Specializing in corporate and M&A, energy, and competition, Aranyi joined Bird & Bird in 2018 as a Senior Associate and was promoted to Counsel in 2020. Earlier, he spent over seven years at Weil Gotshal and Manges, from 2011 to 2018, as an Associate. Aranyi was also an Associate with White & Case in Budapest from 2005 to 2011.

  • Schoenherr, Brandl Talos, Cerha Hempel, and Ulcar & Partnerji Advise on Sale of Seven Refractories to RHI Magnesita

    Schoenherr has advised Seven Refractories on the EUR 93 million sale of its European, Indian, and US operations to RHI Magnesita. Brandl Talos advised Seven Refractories’ founder and CEO Erik Zobec as well as other minority management shareholders. Cerha Hempel and Ulcar & Partnerji, working with Clifford Chance, Khaitan & Khaitan, Legance, Harneys, Eubelius, and Barnes & Thornburg, advised the buyer.

    Closing is expected in the second half of 2023, pending regulatory approval.

    “With the acquisition of the European, Indian, and US-based operations of Seven Refractories, RHI Magnesita – the leading global supplier of high-grade refractory products – takes a significant step forward in non-basic refractory mixes,” Brandl Talos informed.

    Seven Refractories is a non-basic monolithic refractory mixes supplier operating in 45 countries.

    RHI Magnesita is a global supplier of refractory products, systems, and solutions for high-temperature processes exceeding 1,200 degrees Celsius in a range of industries, including steel, cement, non-ferrous metals, and glass.

    The Schoenherr team was led by Partner Markus Piuk and Attorney-at-Law Alfred Amann and included Partner Marco Thorbauer, Attorneys-at-Law Tatiana Iurkovska and Tobias Hayden, and Associate Irina Hanin.

    The Brandl Talos team was led by Partner Roman Rericha and Attorney-at-Law Markus Arzt.

    The Cerha Hempel team included Managing Partner Albert Birkner, Partner Anna Wolf-Posch, Counsel Michael Mayer, Senior Associate Martin Eichinger, and Associates Jakob Weber, Liliana Niederhauser, and Zakar Stepanyan.

    The Ulcar & Partnerji team included Managing Partner Matjaz Ulcar and Partner Barbara Ulcar.

    RHI Magnesita’s in-house team included General Counsel Ticiana Kobel, Head of M&A Simon Kuchelbacher, and Senior Managers Anna Moroz, Michael Schustereder, and Laura Laubichler.

  • Closing: PPD and INA’s Sale of TMF to Yildirim Group Now Closed

    On April 28, 2023, CMS announced that PPD and INA’s sale of TMF – the largest shareholder of Croatian fertilizer company Petrokemija – to the Yildirim Group (reported by CEE Legal Matters on November 22, 2022), had closed.

    As previously reported, Divjak Topic Bahtijarevic & Krka advised Prvo Plinarsko Drustvo and Tus & Grzic advised INA on the sale of their stakes in joint-venture company Terra Mineral Fertilizer. CMS advised the Yildirim Group on its acquisition.

    According to DTB, TMF is the largest shareholder of the only Croatian fertilizer company, Petrokemija. “The majority stake in Petrokemija has been sold to Turkish conglomerate Yildirim Group, and the completion of the transaction is subject to customary approvals of regulators in several jurisdictions.”

    Prvo Plinarsko Drustvo is a subsidiary of the Croatian private company ENNA. INA is a Croatian multinational oil company, with the Hungarian Mol Group and the Croatian government as its biggest shareholders.

    PPD had initially acquired a stake in Petrokemija back in 2018 (as reported by CEE Legal Matters on November 1, 2018), together with INA, through their joint-venture company TMF.

    The CMS team included Croatia-based Partner Marija Zrno Prosic, Attorney at Law Mario Vrdoljak, and Senior Associate Karmen Sinozic; Istanbul-based Partners Done Yalcin and Alaz Eker Undar and Associate Taner Elmas; and Austria-based Partner Dieter Zandler.

    DTB’s team included Senior Partners Damir Topic and Mario Krka, Attorneys at Law Dina Salapic, Andrej Zmikic, and Ana-Marija Sunko, and Associates Lorena Micik and Andrija Duvnjak.

    The Tus & Grzic team was led by Senior Partner Tomislav Tus.

  • Karanovic & Partners and Zagorc & Partners Advise on Volution Group’s Acquisition of I-Vent in Slovenia and Croatia

    Ketler & Partners, a member of Karanovic, and Ilej & Partners in cooperation with Karanovic & Partners have advised the Volution Group on its acquisition of I-Vent in Slovenia and Croatia for EUR 25.2 million on a debt-free cash-free basis from Milan Kuster. Zagorc & Partners advised Kuster on the sale.

    The Volution Group is a UK-based designer and manufacturer of energy-efficient indoor air quality solutions, with primary markets in the UK, Continental Europe, and Australasia. 

    I-Vent designs, manufactures, and supplies residential ventilation systems, primarily focused on decentralized heat recovery, supplying residential customers in Slovenia and Croatia.

    According to Karanovic & Partners, “the deal is with further contingent consideration of up to EUR 15 million based on stretching growth targets for the financial results for the three years up to, and including December 31, 2025.”

    The Ketler & Partners team included Senior Partner Marko Ketler and Senior Associate Ajda Kuhar.

    The Ilej & Partners team included Senior Partner Goran Ilej and Associates Antun Skansi and Tea Vuletin.

    The Zagorc & Partners team included Managing Partner Benjamin Zagorc and Partner Polona Bozicko.

  • Kinstellar, ODI, Jadek and Pensa, and Bradvica Maric Wahl Cesarec Advise on TAWAL’s EUR 1.2 Billion Acquisition of United Group CEE Tower Assets

    Kinstellar and ODI Law, working with Morgan Lewis London, have advised TAWAL on its bid to acquire the Bulgarian, Croatian, and Slovenian tower assets of the United Group for EUR 1.2 billion. Jadek and Pensa and Bradvica, Maric, Wahl, Cesarec advised the United Group. Paul Weiss and Kambourov and Partners reportedly advised United as well.

    The transaction remains contingent on regulatory approval.

    TAWAL is an integrated ICT infrastructure provider in the Kingdom of Saudi Arabia. The targeted assets include over 4,800 towers across Bulgaria, Croatia, and Slovenia.

    Kinstellar’s team included Bulgaria-based Managing Partner Diana Dimova, Partner Nina Tsifudina, Of Counsel Radoslav Chemshirov, Counsels Mladen Minev and Svilen Issaev, Managing Associate Georgi Kanev, Senior Associates Denitsa Kuzeva and Anita Borisova, and Associate Debora Dineva; Croatia-based Partners Edin Karakas and Dusko Zuric, Counsel Daniela Mayer, Special Counsel Olga Sipka, Managing Associates Andrijana Kastelan and Vedran Kopilovic, and Associates Zrinka Ivankovic, Tena Pajalic, and Franciska Fadljevic; and Prague-based Partner Tomas Cihula.

    ODI Law’s team included Partners Tine Misic, Susana Boncina Jamsek, and Primoz Mikolic, Senior Counsel Anze Arko, and Senior Associates Masa Drkusic, Klemen Erzen, and Matevz Fortin.

    Jedek & Pensa’s team included Partners Nastja Merlak and Ozbej Merc.

    The Bradvica, Maric, Wahl, Cesarec team included Partner Mislav Bradvica, Attorneys at Law Ivan Luetic and Kristina Rudec, and Associates Andrea Smolic and Ivan Jelic.

  • Schoenherr Advises Carrier on Acquisition of EUR 12 Billion Viessmann Climate Solutions

    Schoenherr, working alongside Linklaters and Paul Weiss Rifkind Wharton & Garrison, has advised the Carrier Global Corporation on its acquisition of Viessmann Climate Solutions. Hengeler Mueller and, reportedly, Davis Polk & Wardwell advised Viessmann Climate Solutions.

    The transaction remains contingent on regulatory approval. According to Hengeler Mueller, “Carrier Global will acquire Viessmann Climate Solutions, the largest business area of the Viessmann Group, in a cash and stock transaction for an enterprise value of EUR 12 billion. The Viessmann Group will become the largest private shareholder in Carrier Global.”

    Based in Palm Beach Gardens, Florida, the Carrier Global Corporation is an American multinational heating, ventilation and air conditioning, refrigeration, and fire and security equipment company with over 52,000 employees serving customers in 160 countries on six continents.

    According to Schoenherr, “family company Viessmann was founded in 1917 as a local garage for heating technology. Today, it has become a global, broadly diversified group with over 14,500 members and a total annual revenue of over EUR 4 billion. The Climate Solutions and Refrigeration Solutions business areas include sustainable solutions in heating, cooling, water, and air quality.”

    “The acquisition will help Carrier create a comprehensive and differentiated suite of sustainable technologies and services in the energy transition market, transforming the company into a global leader in intelligent climate and energy solutions in all major geographies,” Schoenherr informed.

    Schoenherr’s team included Austria-based Partners Roman Perner, Constantin Benes, and Volker Weiss, Attorneys at Law Michael Marschall, Franziska Oczlon, and Lisa Todeschini, and Associates Verena Krikler and Michael Sturmair; Hungary-based Partner Kinga Hetenyi, Attorney at Law Adrian Menczelesz, and Associates Zsofia Rideg, Noemi Suller, Aron Hegyi, and Noemi Csiki; Romania-based Partner Madalina Neagu and Senior Attorney at Law Mihaela Popescu; Serbia-based Attorney at Law Djordje Trifunovic and Associate Milos Jokic; Czech Republic-based Partner Vladimir Cizek and Attorney at Law Rudolf Bicek; and Slovakia-based Attorney at Law Jan Farbiak and Associate Jakub Bernik.

    The Hengeler Mueller team was led by Duesseldorf-based Partners Matthias Hentzen and Thomas Meurer, with further team members from the firm’s offices in Duesseldorf, Frankfurt, Munich, and Berlin.

  • Ellex and KPMG Law Advise on Eesti Gaas’ Acquisition of Gaso from Latvijas Gaze

    Ellex has advised Eesti Gaas on its EUR 120 million acquisition of Gaso from Latvijas Gaze. KPMG Law advised the seller.

    Closing is expected in 2023, pending regulatory approval.

    According to Ellex, Latvijas Gaze will receive a base equity consideration amounting to EUR 120 million and interest payable for the time until completion.

    Eesti Gaas operates in Latvia, Lithuania, Finland, and Poland, under the Elenger brand. In Estonia, Eesti Gaas operates the gas distribution network and supplies its customers with natural gas through pipelines, as well as supplying pressurized and liquefied natural gas.

    Latvijas Gaze is a Latvian natural gas company, specializing in the import and sale of natural gas.

    The Ellex team included Latvia-based Senior Partner Raimonds Slaidins, Associated Partner Maris Brizgo, Attorney-at-Law Iveta Ceple, and Lawyers Ineta Kanepe and Gabriela Fomina, as well as Estonia-based Partner Martin Kaerdi and Counsel Triin Frosch.

    The KPMG Law team included Managing Partner Una Petrauska, Partner Ieva Tillere-Tilnere, and Attorney-at-Law Ugis Ludins.