Category: News

  • Cobalt Advises Luminor on Reorganization of Management Structure

    Cobalt Advises Luminor on Reorganization of Management Structure

    Cobalt has advised Luminor on the company’s management structure reorganization. As a result, Luminor will be headquartered in Estonia with branches in Latvia and Lithuania.

    The change is planned to take place in January 2019.

    Luminor, a joint venture of DNB and Nordea banks, was established on October 1, 2017 as a new-generation financial service provider in the Baltics (as reported by CEE Legal Matters on October 12, 2017). According to the company, the reorganization will make its management structure more transparent and work processes more efficient.

    Cobalt’s Tallin team consisted of Partners Kristel Raidla-Talur, Karina Paatsi, and Egon Talur, Senior Associates Heleri Tammiste, Heili Haabu, and Karli Kutt, and Associates Mattias Tammeaid and Mart Blondal. The Riga office was represented by Partners Gatis Flinters and Sandija Novicka, Specialist Counsel Andrejs Lielkalns, Associates Krisjanis Buss, Diana Zepa, and Assistant Lawyer Sabine Vilka. The Vilnius team was led by Managing Associate Eva Suduiko and included Senior Associate Elena Vegelyte and Associate Aurelija Balciune.

     

  • Ece Gursoy Becomes New CLO at Global Ports Holding

    Ece Gursoy Becomes New CLO at Global Ports Holding

    Ece Gursoy has become the Chief Legal Officer at Global Ports Holding plc, the world’s largest independent cruise port operator.

    Prior to joining Global Ports Holding, Gursoy served for six years as the Chief Legal Officer, Company Secretary, and Executive Director of Lightsource Renewable Energy Holdings Limited. Before going in-house, Gursoy spent over eight years at international law firms Dentons and White & Case specializing in project finance, infrastructure, energy, and private equity, working on a range of public private partnerships, private finance initiatives, infrastructure, concessions, and renewable projects.

    Gursoy is a member both of the Law Society of England and Wales and the Istanbul Bar Association. She holds a LL.M. degree in Corporate and Commercial law from the University of London and a Ph.D. in European Competition Law from King’s College London. She is also a member of the board of the Turkish British Chamber of Commerce and Industry where she served as Company Secretary between 2015 and 2017 and was recently appointed Vice-Chairman.

    “GPH is a dynamic company, uniquely positioned as the leading global port operator,” said Gursoy. “This role is a fantastic opportunity which combines the sophisticated features of a LSE listed company and phenomenal growth. I am looking forward to help the company as it delivers on its strategy.”

  • Kinstellar and K&L Gates Advise on Acquisition of EQOS Energie’s Polish and Czech Operations

    Kinstellar and K&L Gates Advise on Acquisition of EQOS Energie’s Polish and Czech Operations

    Kinstellar has advised Genesis Private Equity Fund III and the Poland-based Avallon MBO Fund II on the acquisition of EQOS Energie Polska Sp. z o.o. and EQOS Energie Cesko spol. s r.o.

    Both companies were part of the international EQOS Energie Group, a technical infrastructure service provider in Europe that is backed by the German-Swedish private equity firm Triton.

    Upon the transaction’s closing, the Czech and Polish companies will operate under a new brand: Stangl Technik. For GPEF III, the transaction marks its sixth investment and the first deal in Poland. The transaction closing is subject to approval by the Polish antimonopoly authority.

    The Kinstellar team was led by Partner Jan Juroska. Other team members were Senior Associate Michal Kniz and Junior Associate Kristyna Del Maschio. The Kinstellar team was assisted by K&L Gates Partner Michal Pawlowski and Associate and Piotr Miller based in Warsaw.

    Kinstellar did not reply to an inquiry about the deal.

    Editor’s note: After this article got published, WKB announced us that together with Havel & Partners, they have advised EQOS Energie Holding on the process of divesting 100% of its shares in subsidiaries EQOS Energie Polska Sp. z o.o. and EQOS Energie Ceskospol. s r.o. to Polish-based Avallon MBO Fund II and Czech-based Genesis Private Equity Fund III. 

    WKB advised EQOS Holding on all legal aspects of the transaction, including due diligence and negotiations of the documents with potential investors, as well as coordinating the activities of the Czech legal advisors. The transaction was subject to clearance from the President of the Office of Competition and Consumer Protection in Poland and the Office for the Protection of Competition in the Czech Republic.

    Their team included Partner Jakub Jedrzejak and Senior Associate Adrian Michalak.

     

  • RKKW and KKLW Advise on Polish Fitness Chain Sale

    RKKW and KKLW Advise on Polish Fitness Chain Sale

    RKKW Kwasnicki, Wrobel & Partners has advised Benefit Systems SA and its subsidiary Fit Invest sp. Z o.O on their agreement to purchase the Calypso Fitness SA chain from Glastonbury Ventures Limited in a multi-stage procedure. The seller was advised by KKLW Kurzynski Lyszyk Wierzbicki.

    According to the deal, Calypso will be divided into three assets and be transferred into three separate entities. The sale price will be PLN 69 million.

    The RKKW team was led by Managing Partner Krzysztof Wrobel and included Senior Associates Marcin Jasinski, Jaroslaw Szewczyk, Natalia Tracichleb, and Michal Wilinski, and Associates Jakub Nasilowski and Przemyslaw Kreta.

    The KKLW team consisted of Partner Krzysztof Lyszyk and Senior Associate Mariusz Domagala.

     

  • Noerr, Nobles, and Ellex Advise Union Tank Eckstein in Acquisition of Majority Stake in Timex Card

    Noerr, Nobles, and Ellex Advise Union Tank Eckstein in Acquisition of Majority Stake in Timex Card

    Noerr was lead counsel to Union Tank Eckstein in relation to its acquisition of 51% of the shares of Polish company Timex Card, a franchisee and distributor of UTA service cards for car fleets issued by Union Tank Eckstein. Ellex advised UTA on Estonian, Latvian, and Lithuanian matters, Nobles advised UTA on Ukrainian law, and Stelios Americanos advised it on Cypriot law issues. The sellers depended on their in-house counsel, Agnieszka Slowiak.

    Timex Card was separated from Timex S.A. and belonged to Cyprus holding company Sklodowski Holdings Limited. It is active in Poland, Ukraine, and the Baltic States. The main shareholder of UTA is Edenred, a company listed on the Paris Stock Exchange.

    As part of the expansion project in Eastern Europe, Edenred increased its share in UTA, while Daimler sold its shares. According to Nobles, UTA “is a leading European company specializing in fuel and service cards for trucks and passenger cars.”

    The Noerr team included Associate Arkadiusz Ruminski, Senior Associates Marta Smolarz and Marta Waledziak-Skowronska, and Associates Kamil Adamski, Klaudyna Lichnowska, Pawel Radek, Joanna Szacinska, Tomasz Garncarek, and Marek Solarski.

    The Ellex Raidla team in Estonia included Partner Risto Vahimets and Senior Associate Karl-Erich Trisberg. The Ellex Klavins team in Latvia was led by Partner Zinta Jansons. The Ellex Valiunas team in Lithuania was led by Senior Associate Lina Zolyne and Associate Nerijus Patlabys.

    The Nobles team included Partners Alexander Weigelt and Tatiana Iurkovska and Senior Associate Elena Stanishevska.

     

  • CMS, Allen & Overy, and Spasov & Bratanov Advise on the Nova Group Sale in Bulgaria

    CMS, Allen & Overy, and Spasov & Bratanov Advise on the Nova Group Sale in Bulgaria

    CMS has advised PPF Group on the acquisition of Bulgaria’s Nova Broadcasting Group, with 95% of the shares acquired from the Modern Times Group — advised by Allen & Overy and Spasov & Bratanov — and the remaining 5% from Eastern European Media Holdings S.A.

    The transaction values 100% of the business at an enterprise value of EUR 185 million. The final completion remains subject to regulatory approvals and is expected to take place during the first half of 2018

    Nova is a Bulgarian commercial media group consisting of seven TV channels and 19 online businesses.

    PPF Group is a Czech investment fund that cooperates with European, Russian, American, and Asian companies and invests into multiple market segments, such as banking and financial services, telecommunications, biotechnology, insurance, real estate, and agriculture.

    Modern Times Group is an international digital entertainment group with brands in TV, radio, and “next-generation entertainment experiences in e-sports, digital video networks, and online gaming.”  

    The CMS team consisted of Managing Partner Helen Rodwell, Partner Atanas Bangachev, and Senior Associates Frances Gerrard and Veliko Savov.

    Allen & Overyy’s team consisted of Consultant Hugh Owen and Senior Associate Magda Pokorna.

    The Spasov & Bratanov team serving as Bulgarian law counsel consisted of Managing Partner Georgi Spasov and Associate Nayden Raychinov.

     

  • CMS Poland’s Man With Two Hats: Interview with Partner Andrzej Posniak About His Unique Dual Role

    CMS Poland’s Man With Two Hats: Interview with Partner Andrzej Posniak About His Unique Dual Role

    Andrzej Posniak started his career in law at CMS in 2003 as a corporate trainee and, step by step, become a qualified tax advisor, then a Partner and Head of the Tax Team in CMS Warsaw’s Corporate Department. In addition, Andrzej also fulfills General Counsel and Risk Manager roles for the firm in Poland. CEE Legal Matters sat down with Andrzej to learn more about his unique role.

    CEELM: You’re both a Partner and the General Counsel for CMS in Poland. What does that in-house role entail?

    A.P.: As CMS has recently grown in size and in the scale of its business, and the legal environment is getting more and more complex, we decided to adopt the best market policies and practices to make sure we comply with all the changing regulations. To give some recent examples, we have new tax regulations in Poland and GDPR reporting comes next – not to mention anti-money laundering regulations, BEPS, and others.

    All these new legal acts bring many changes for our clients, but we need to adapt as well. My responsibilities cover areas tied to general compliance – both external and internal. The external part encompasses mainly taxes – I provide general supervision in this field at CMS. I make sure that we are consistent with all procedures and requirements. Internally, I focus on implementation of our firm-wide international policies, regarding for instance which activities we can undertake as a firm and which we should not, and what presents a risk to the firm. I also work closely with fellow partners, so to make sure that our standards are understood by our people and implemented across the organization. Additionally, the conflict of interest procedures also fall under my supervision. All these elements are important steps towards reaching excellence in client service and limiting the risk for our operations, although they usually go unnoticed.   

    CEELM: Is there a regional or global GC that you report to or do you report to the firm’s country Managing Partner as regards this in-house role?

    A.P.: There is no regional GC, but there are two global GCs in London. We cooperate closely and we share information and support each other, but it is not a reporting line. I do report to our Managing Partner here in Poland. We cooperate very closely within the MP’s “core team,” and I provide consultation and support on various issues in the firm, including internal affairs.

    CEELM: Are there others in your “in-house” team or do you simply ask colleagues to step in and support on the basis of need?

    A.P.: Being a Corporate and Tax Partner here, I have my team. On the in-house side, I do not have a dedicated team. If expert knowledge is required, I use the expertise of our lawyers and the resources that we have available internally as a full-service law firm. When it comes to GDPR, the data protection team can help; for HR issues I consult our employment team; for anti-bribery regulations we have a very experienced white-collar crime team. I may potentially need various expert support for various projects, so having a dedicated “in-house team,” which would be utilized only occasionally, is not justified.

    CEELM: What are the recurring in-house legal matters that you have to deal with?

    A.P.: Generally speaking, issues concerning tax compliance and internal agreements with our employees, contractors, and partners. I overview all non-standard agreements with our clients, but insurance or conflict of interest-related questions are also very common. I have to make sure that we are not conflicted, and that we stay consistent at every level.

    CEELM: How did you end up in this role? Was there some form of internal competition for the position or was it more a matter of drawing the short straw?

    A.P.: When Malgorzata Surdek became the new MP, she diagnosed a need for a local GC due to the complexity and the scale of our operations here in Poland. This is the biggest CMS office in the CEE region. I was offered this role by the MP directly – my knowledge of  internal procedures definitely made the difference, as well as the fact that I am a Corporate and Tax Partner, which is very much connected with general compliance and to an extent with general risk management. I think if you add up all these factors, plus the fact that I have been with the firm for a long time now, this probably explains why I was asked to become the General Counsel for the firm in Poland.

    CEELM: How do you manage to split your time between the in-house matters and also serving clients?

    A.P.: Clients are always first. Our core business revolves around legal services. I focus on clients first as the main part of my duties, and on top of that, I accomplish my internal duties as well. This means that I need to be more efficient and better organized to find time for my GC obligations. I am not saying this is always easy – sometimes it is very demanding and exhausting – but I like this role. I find it very challenging, but also fulfilling.

    Whenever needed, I involve our expert teams, thus I do not have to spend much time on every case personally, so that is why this double role is feasible.

    CEELM: Many in-house counsels talk about their need to adapt their communication to match the business drive of other functions. Do you think your “in-house” role has made this easier by the fact that your internal clients are other lawyers, or do you think it’s made more challenging … because they are also lawyers?

    A.P.: Being a lawyer and working for a law firm definitely means that I do not have to translate the legal aspects of a project into a more comprehensive business language. From this perspective it is easier, but a GC’s job – beyond the language, beyond making stakeholders aware of the rules and ensuring they obey them – is also to take care of the follow up. It is not only a matter of explaining the best practice, but also making sure that our advice is followed. And this is what all GCs definitely have in common, no matter where you work. My double role definitely helps me better understand the client’s perspective and the challenges they face on a daily basis.

    CEELM: You have spent your whole career with CMS. Assuming you were to move at some point down the line, would this experience make you more or less likely to move in-house? Why/Why not?

    A.P.: I do not have plans to move anywhere, but if I did, I would probably continue this model of work. If you are a legal counsel at a law firm, you do legal work. But if you are a lawyer with an in-house role, you have other duties, apart from providing legal services. I enjoy the diversity this brings and the managerial perspective. Also, after the experience of performing the GC role at CMS, it would be definitely easier for me to find my way around as a GC on the business side.

     

  • Allen & Overy, Leroy si Asociatii, and CMS Advise on Purcari Wineries IPO

    Allen & Overy, Leroy si Asociatii, and CMS Advise on Purcari Wineries IPO

    RTPR Allen & Overy has advised Purcari Wineries Public Company Limited on its IPO and admission to trading on the Bucharest Stock Exchange under the WINE symbol, with retail investors oversubscribing more than four times over. Leroy si Asociatii advised the IFC on the listing, representing 49% of the Purcari Wineries share capital. The offer was managed by Raiffeisen Bank and Swiss Capital, advised by CMS.

    The final offer price was RON 19 per share, valuing the offering at over RON 186 million (USD 50 million). This was the first IPO listing for Purcari Wineries, a Moldovan company that owns four wineries in Romania and Moldova. Its main markets are Romania, Moldova, and Poland.

    The company’s main shareholders are Lorimer Ventures Limited (owned by the U.S. investment fund Horizon Capital), with 63.5%; Amboselt Universal Inc (owned by Moldovan businessman Victor Bostan), with 30.3%; and the IFC, with 6.41%.

    The RTPR Allen & Overy capital markets team was led by Counsel Loredana Chitu (Boeru) and Partner Mihai Ristici, and included capital markets specialists Junior Associates Vlad Druta and Marina Giurgica and a team of corporate lawyers consisting of Counsels Victor Rusu and Roxana Ionescu, Associate Diana Dimitriu, and Junior Associate Cezara Popescu. 

    The Leroy si Asociatii team was led by Partner Andreea Toma and included Partner Cristina Togan and Senior Associate Madalina Ivan.

    The CMS team involved in the transaction was led by Partner Cristina Reichmann and included Senior Associates Bogdan Vetrici-Soimu and Claudia Popescu, Junior Associates Anca-Diana Ionescu and Andreea Armanu, and US Counsel David Rivera.

    Editor’s Note: After this article was published Moldovan firm Turcan Cazac reported that it had advised Purcari on its IPO. The firm announced that “we are especially happy that the group pertains to the wine industry – Moldova’s traditional pride,” and declared its “hope this will serve as a model for other growing Moldovan businesses.” The firm’s team was led by Partners Alexander Tuceac and Octavian Cazac and included Associates Vadim Taigorba, Ana Galus, Iulia Furtuna, Mariana Stratan, Vladimir Palamarciuc, Olga Savelieva, and Alexander Tuceac.

     

  • Wolf Theiss Advises Munich RE Group on ERGO Group Sale of Subsidiaries to Allianz Group

    Wolf Theiss Advises Munich RE Group on ERGO Group Sale of Subsidiaries to Allianz Group

    Wolf Theiss has advised Munich RE Group on the sale by its ERGO Group AG subsidiary of its legal protection subsidiary DAS Switzerland and the legal protection insurance portfolios of DAS Luxembourg and DAS Slovakia to the Allianz Group. Switzerland’s Homburger AG and Luxembourg’s Arendt & Medernach SA law firms worked alongside Wolf Theiss. White & Case and Binder Groesswang advised the Allianz Group.

    Munich RE Group is a German reinsurance company. Its Ergo Group subsidiary operates primarily in the insurance business.

    With this acquisition, the Allianz Group aims to strengthen its competitive position and become one of the top three providers in the Swiss market for legal expenses insurance.

    The Wolf Theiss team consisted of Vienna-based Partner Richard Wolf and Senior Associate Carina Wolf, Prague-based Partner Jan Myska, and Bratislava-based Counsel Katarina Bielikova and Associate Vladimira Rostarova from Wolf Theiss Bratislava office.

    The Homburger AG team included Partner Hansjurg Appenzeller and Associates Anna Peter and Andreas Muller.

    The Arendt & Medernach SA team consisted of Partner Guy Harles and Senior Associate Fouzia Benyahia.

    Binder Groesswang and White & Case did not respond to inquiries about the deal.

     

  • CR Partners, Freshfields, and Kerameus & Partners Advise on National Bank of Greece Sale of Banka NBG Albania

    CR Partners, Freshfields, and Kerameus & Partners Advise on National Bank of Greece Sale of Banka NBG Albania

    CR Partners has acted as local counsel to National Bank of Greece S.A. on the February 2, 2018 sale of NBG’s entire stake in its Albanian subsidiary, Banka NBG Albania Sh.A. to American Bank of Investments SHA. Freshfields Bruckhaus Deringer served as international counsel to MBG on the sale, while Kerameus & Partners advised ABI.

    According to a press release from the National Bank of Greece, the transaction — which remains subject to customary regulatory and other approvals, including from the Bank of Albania and Albanian Competition Authority — “is being implemented in the context of NBG’s Restructuring Plan and in-line with its commitments towards European Commission’s DG Competition.”

    NBG Albania started operating in Albania in 1996 as the Tirana Branch of NBG. In 2012, it became a fully-licensed, independent bank, operating as a 100%-owned subsidiary of NBG. American Bank of Investments SA is a wholly-owned subsidiary of Tranzit Sh.p.k, an Albanian non-banking financial institution focused on providing flexible financing options to companies and individuals. ABI is licensed to perform credit and deposit activities and payment services in Albania and abroad as well as other banking activities.

    The CR Partners team was led by Partner Anisa Rrumbullaku.

    The Freshfields team was led by Corporate Partner Sebastian Lawson, with support from Senior Associate Anthony Walker, Associate Samuel Joynson, and Trainee Christopher Simpson. IP/IT and separation advice was provided by Associates Michael Evans and Tom Hingley.

    The Kerameus & Partners team consisted of Partner Dimitri Kerameus and Associate Katerina Orfanidi.