Category: Uncategorized

  • BPV Grigorescu Stefanica Assists in Riverbed Acquisition of Ocedo

    BPV Grigorescu Stefanica Assists in Riverbed Acquisition of Ocedo

    BPV Grigorescu Stefanica has advised Riverbed Technology on Romanian law matters related to the acquisition of the German company Ocedo, which has offices in Romania. Gibson Dunn advised Riverbed globally while Ocedo was assisted by Hennerkes Kirch & Lorz on German matters and by Dechert on US aspects of the deal.

    Riverbed, which is headquartered in San Francisco and has offices in 37 countries, develops products for WAN optimization – a series of techniques for improving the performance of applications across wide-area networks (WAN), such as the Internet.

    By acquiring Ocedo, which provides network technology as a managed service via cloud infrastructure, Riverbed plans on offering a unique SD-WAN service that will combine Riverbed’s IT infrastructure with Ocedo’s software products.

    Jerry Kennelly, Riverbed Chairman and Chief Executive Officer, said of the deal: “Ocedo is a compelling and strategic acquisition for Riverbed. Their innovative software-defined networking solutions perfectly complement our own strategic investments in R&D, expanding our position to aggressively compete in the emerging markets for software-defined networks and SD-WAN, bringing disruption to the multi-billion dollar branch router market.”

    The bpv Grigorescu Stefanica team was led by Partner Anca Grigorescu and included Managing Associates Cristiana Randjak and Nicolae Ursu and Senior Associate Alina Melcescu.

  • ELIG Picks up Former Head of Economic Analysis and Market Research from Turkish Competition Authority

    ELIG Picks up Former Head of Economic Analysis and Market Research from Turkish Competition Authority

    ELIG has announced the April 5, 2016 appointment of Ekrem Kalkan as Competition Economics Counsel at the firm.

    Kalkan joined the Authority as an assistant competition expert in 1997 and held various senior positions at the Authority including Director of Economic Research and — for the past four years — Head of the Department of Economic Analysis and Research. ELIG describes Kalkan as “a leading figure in competition economics in Turkey and an important academician in the field with more than 18 years of service to the Turkish Competition Authority; as the Authority’s Chief Economist since 2012.”

    Along with possession of Ph.D. in Economics from Middle East Technical University in 2010 (with a specialization in applied industrial organisation and competition policy), Kalkan has degrees from Tilburg University (Economics of Competition and Regulation, MSc 2009), the University of Montreal (Economics, MSc 2000), and Middle East Technical University (Economics, BSc 1997).

    Speaking of the addition, ELIG Gonenc Gurkaynak, said: “We are happy to see Ekrem as a part of our team going forward. No doubt, with our 5 partners, 2 counsel and over 30 associates entirely dedicated to Turkish competition law, ELIG is striving to secure ways of keeping its lawyers well learned and guided, and our clients well satisfied. This appointment is yet another solid step in that direction, and will gain ELIG access to further avenues of high-quality thought and analysis through adding Ekrem to our ranks.”

    Kalkan, speaking of his decision to join ELIG, said:  “It is well known, both in Turkey and globally, that ELIG, Attorneys-at-Law is in a league of its own as far as Turkish competition law is concerned. Gonenc is a leading lawyer and a highly respected academician, and I am sure both he and his team at ELIG will keep me busy with cutting edge matters. I look forward to this new phase of my professional life, where I will have the opportunity to contribute to integrating economic analysis and law.”

  • New Partners and Head of Practice at Goltsblat BLP

    New Partners and Head of Practice at Goltsblat BLP

    Goltsblat BLP has announced that lawyers Anton Panchenkov and Ivan Veselov will be promoted to Partners at the firm on May 1, 2016, and that Alexey Gorlatov is joining the firm as Head of Commercial Practice/Projects.

    Anton Panchenkov specializes in Corporate/M&A, Corporate Recovery, and Restructuring & Insolvency. He began his professional career in 1999 with five years as an Associate, Deputy Director for Legal Services at BDO Unicorn AFinA, before moving to Saratovstroysteklo, where he was for another four and a half years. In September 2008 he went into Private Practice as a Senior Associate with Pepeliaev, Goltsblat & Partners, where he remained through its transformation into Goltsblat BLP.  He received a Bachelor’s degree in Law from the Saratov State Academy of Law in 2002.

    According to a Goltsblat BLP press release, “by appointing Anton Panchenkov as Partner, Goltsblat BLP is responding to the growing demand for the services of its Corporate/M&A team. This practice is among the biggest on the market and Anton Panchenkov has been directly involved in a number of its recent landmark projects, such as advising the Federal Agency for State Property Management (Rosimuschestvo) on its shareholders’ agreement with the Republic of Bashkortostan, providing legal support to the Rolf Group in its business consolidation with Pelikan-Avto, [and] assisting OAO NOVATEK in a dispute with Nefte Petroleum Limited, [among] many others.

    Ivan Veselov has more than 15 years’ litigation experience and he focuses on title protection, lease, insurance and contractor disputes and handles complex corporate rights protection projects. According to Goltsblat BLP, “successful projects include the defense of IKEA in court against ill-founded claims by KSKhP Khimki and a number of other landmark litigation victories, including representation of OBI in a series of disputes with its landlord and successful representation of Shlumberger. He has also won a lease dispute with Afimall Shopping Centre for Amer Sports, acted for Baker Hughes in a dispute with Lukoil and handled many other projects.” 

    Alexey Gorlatov’s professional career has swung between Moscow and Vienna. He was Head of Legal at Transnefteproduct OJSC in Moscow from 2003-2006, an Associate at Fellner Wratzfeld & Partners in Vienna from January-August 2008, then Project Director of Mobile TeleSystems OJSC in Moscow from September 2008-July 2012, at which point he became Legal Counsel with Andritz in Vienna — the position he leaves now to join Goltsblat BLP. He received his law degree from Tyumen State University in 2001, and is currently pursuing a doctorate from the University of Vienna. He focuses on commercial and corporate projects, and according to Goltsblat BLP, “he has considerable international expertise garnered from his work for consulting firms and as legal counsel for manufacturers of industrial equipment, hydraulic power, oil and gas and telecommunications companies.  His projects include legal support for industrial equipment supplies, including for hydraulic power stations, acquisitions of industrial production and telecommunications assets and financial arrangements for such transactions.”

    Anton Sitnikov, Partner, Head of Corporate/M&A, Goltsblat BLP, says: “Congratulations to all colleagues on these important appointments. Anton Panchenkov has been on our team for over seven years and is now one of its leaders. He actively participates in the strategic development of the Practice, serving a number of key clients and playing a leading role in many of the firm’s seminal projects and deals.”

    Rustam Kurmaev, Partner, Head of Dispute Resolution Practice: “Ivan has established himself as one of the best litigators. He has a large number of high-profile litigation victories under his belt.  With the constantly changing legislation and court attitudes, Ivan develops and implements creative strategies for achieving client goals.”

    Nikolay Voznesenskiy, Partner, Head of Competition and Antitrust: “Such team reinforcement and new appointments are very timely. For example, by joining our team, Alexey Gorlatov will help to strengthen it for crossover Corporate/M&A and Commercial projects. Alexey’s appointment will enable us to be still more effective in providing comprehensive legal support to our clients on complex deals and large-scale projects.”

    Editor’s Note: The article’s original title reported three new Partners at the firm. It has been corrected to reflect Gorlatov’s role as a non-Partner head of practice.

  • Cobalt Adds Ninth Partner in Lithuania

    Cobalt Adds Ninth Partner in Lithuania

    The Lithuanian office of Cobalt has announced that Banking & Finance specialist Akvile Bosaite, who has recently returned from maternity leave, has been made Partner at the firm. Bosaite heads the firm’s Banking and Finance practice group, which Cobalt describes as “one of the [firm’s] most valued and internationally recognized practice groups.”

    Bosaite has been an expert in finance, capital markets, and M&A for over 14 years, including from 2002-2009 at Bernotas & Dominas Glimstedt, which she left in 2009 to join the Vilnius office of Cobalt predecessor Raidla, Lejins & Norcous. As part of the Banking & Finance practice group at Cobalt, she has advised clients on a number of significant international and local funding and restructuring projects, establishment of investment funds and their investments, licensing and operation of credit, payment, e-money institutions and other financial institutions, as well as equity and debt securities regulation issues, and has represented clients in a variety of transactions.

    The most significant projects she led, according to Cobalt, include advising AB Linas Agro Group in relation to an initial public offering in the Baltic countries after the economic downturn, advising BITE Lietuva on refinancing of loans and restructuring of the financial collateral portfolio in Lithuania and Latvia, advising Practica Capital on the establishment of its venture and seed capital funds and on various investments in the Lithuanian market (as reported by CEE Legal Matters on November 5, 2014), and representing the European Bank for Reconstruction and Development, Landesbank Baden-Wurttemberg and Swedfund International AB on financing the greenfield wood processing project in Belarus. She has also advised Libera Exosculatio in obtaining a licence as an electronic money institution (as reported by CEE Legal Matters on October 28, 2015), advised AB Bobutes Paskola in connection with its bond issue and admission to trading on the First North debt securities market (as reported by CEE Legal Matters on March 30, 2015), and advised AB Invalda LT in connection with its acquisition of Finasta group companies (as reported by CEE Legal Matters on December 8, 2014). 

    Bosaite received her law degree from Vilnius University in 2004, and then obtained an LL.M. from the Erasmus University Rotterdam in 2008.

    “For me, partnership is a huge recognition of my work,” Bosaite is quoted as saying in a Cobalt press release. “I am happy to join an active and professional team of partners of our law firm. Despite the changed responsibilities, I will continue to make every effort to meet the expectations of our clients to be provided with fast, high quality, and efficient legal services. Together with the Banking & Finance practice group we will continue to play an active role both in the Lithuanian and foreign banking and financial sectors, offering cutting-edge legal solutions and contributing to projects requiring extensive legal expertise.”

    “We are strengthening the ranks of partners in a rapidly growing and promising banking and financial market,” said Cobalt Lithuanian Managing Partner Irmantas Norkus, in that same press release. “Today this area of business is very important, so I am glad to have another partner at our firm – a professional in this area, an experienced, talented lawyer, who is valued by peers and clients alike. She advises on sophisticated and complex matters, which often are novel in the Lithuanian market and require in-depth practical knowledge and an innovative approach. Akvile has moved up the career ladder within the firm and has greatly contributed to the creation and development of her practice group. It is great to have such talents within our firm who grow to become partners through their tough work and excellent performance.”

    Currently Cobalt has 31 partners: nine in Lithuania, eight in Latvia, thirteen in Estonia, and one in Belarus.

  • Beyond The Horizon – Telecom Industry In The Eyes Of Private Equity

    Beyond The Horizon – Telecom Industry In The Eyes Of Private Equity

    Over the previous couple of years, the region of South-Eastern Europe, or more specifically, the Western Balkans, has enjoyed a globally acknowledged position of an investment hot-spot.

    This comes as no surprise if we take into account how the socialist past of encompassing countries has provided their contemporary incarnations with a number of state-owned companies in core industries, all of which now present viable targets for Private Equity funds and M&A activities in general. Perhaps a front-running case in this regard (although far from being the only one) has been the case of Telekom Srbija, the telecommunications giant that went through a second unsuccessful attempt at becoming privatised four months ago. The case of Telekom Srbija, due to its size and wide extent of implications for the rest of the region, also presents a fitting base for the discussion on the overall state of the telecommunications industry in this part of Europe, and the ways in which it corresponds with unquestioned investors’ interest. For similar reasons and against a similar background, the unsuccessful privatisation attempt for Telekom Slovenia echoes on the same pattern.

    Considering the region’s political past, a good starting point for an analysis can be the state of the regulatory framework. Many of the related issues in Serbia have been resolved, with the current regulations being significantly improved upon compared to those from 10 or 20 years ago, but with unequivocal room for further improvement in terms of how fast they have been introduced. Furthermore, it should be pointed out that the additional liberalisation of the rules would significantly increase the M&A allure of the market, all the while positively impacting the incumbent competition.      

    Likewise, the development level of the IT Infrastructure in Serbia and its ensuing effect on the companies’ allure to investors is another area worthy of being outlined in this sense. More precisely, if we were to look at Telekom’s historical inability to spearhead market trends (Telekom being the 10th operator to introduce Internet, 2nd to introduce mobile, etc.), in it we can perhaps see a potential turn-around point going forward. Having in mind Telekom Srbija’s robust (in a national context) infrastructure, there is aptitude to be found behind certain IT updates such as banking services, retail services, music services, etc., all of which Telekom could try to tap into in order to, on the one hand, reach its goal of maintaining and improving on its market presence, while on the other, attract Private Equity and M&A interested parties in a newfound manner. A manner that would be based on better returns on investments (compared to the current ones), considering the tendency of Private Equity parties to give priority to ROI figures rather than to the company’s strategic models. From here, the importance of being increasingly creative when it comes to the IT content offered can only be further emphasised – not just in the case of Telekom Srbija – but in general terms for an inherently creative industry like the one Telco is. A specific point of focus in this regard also being the companies’ ability to capitalise on the biggest changes in Telco trends i.e. going from voice to data as main revenue streams.

    A sure-fire example of such a creative approach that paid off can be found in the related KKR acquisition of SBB in 2014 – a deal in which Karanovic & Nikolic advised the sellers, Mid Europa Partners. It was the interest created by SBB through their offering of innovative broadcasting techniques and desired content (most notably its sports and entertainment content and the now emerging news content, etc.) that attracted the attention of a major fund such as KKR, resulting in a successful deal. Moreover, it should be stressed that the success of this large-scale acquisition resonated in the context of investors’ interest during the last Telekom Srbija tender where there were six interested parties, as opposed to the prior one in 2011 that attracted two interested parties.

    Unfortunately, even though a number of experts – including those highly versed in M&A and Private Equity related practices at the recently held EEL’s “12th South-East Europe Telecoms Conference – acknowledged that the successful privatisation of Telekom Srbija would have been another ‘landmark’ deal for the regional market, with the ability to launch an entire wave of M&A activity (especially considering the presence of other covetable Telco options in Bosnia), it did not come to fruition, leaving behind a lot of room for such activity, but not that clear of a plan when it comes to exploiting it. This can perhaps also be derived from a speech that Aleksandar Vucic, the Serbian Prime Minister, gave at the recently held Kopaonik Business Forum, where he stated doubts on whether Telekom Srbija should have, in fact, been sold to the highest bidder four months ago.

    If we were to draw certain conclusions on the topic, some of the more evident points of focus going forward in raising further interest of Private Equity parties for the Telco industry in the region seem to be the following: 1) Privatising Telekom Srbija for the purpose of further market liberalisation and consequential regulatory framework improvements; 2) Putting stronger emphasis on the development of IT infrastructure and user-relevant content services; 3) Make use of the existing room for growth in Serbia and Bosnia through M&A and consolidating endeavours; 4) Making active efforts to increase companies’ ROI’s.

    By Rastko Petakovic, Partner, Karanovic & Nikolic

  • Integrites Appoints New CEO

    Integrites Appoints New CEO

    Integrites has announced the appointment of Nika Avayan as a Chief Executive Officer.

    Avayan’s previous experience includes, according to Integrites, roles on “the management team of leading Ukrainian and international companies” — including, according to the firm, “work for Magisters law firm, as well as for the Danish-Ukrainian company Jahn Jensen Group.” 

    As CEO of Integrites, Avayan is “responsible for building the organizational and functional structure of the company.” Integrites reports that she will “focus on such key tasks as strategic planning and elaboration of corporate standards, including project management and further development of customer service as well as assistance in building a strong team. With professional competence in the development of the company’s strategy, business process management, monitoring and appraising business quality, Nika Avayan will contribute to implementation of Integrites’ strategic objectives in all the countries of the company’s presence.”

  • Dentons Successful for Medtronic in Poland’s National Chamber of Appeal

    Dentons Successful for Medtronic in Poland’s National Chamber of Appeal

    Dentons has announced that, on March 23, 2016, the firm successfully represented Medtronic in appeal proceedings before Poland’s National Chamber of Appeal in connection with a tender for purchase and successive delivery of equipment for angiographic scanning to the Central Clinical Hospital of the Ministry of Internal Affairs in Warsaw.

    Medtronic claims to be “the world’s largest medical technology company.” It was founded in 1949, and today produces technology that is “used to treat nearly 40 medical conditions.”

    In its ruling, the National Chamber of Appeal dismissed the appeal of another contractor, “which allowed [Medtronic] to conclude the public procurement contract.” 

    Medtronic was represented before the National Chamber of Appeal by Counsel Anna Szymanska.

    Image Source: medtronic.com

  • DLA Piper Advises on State Sale of MKB Bank Zrt.

    DLA Piper Advises on State Sale of MKB Bank Zrt.

    According to an announcement by the Magyar Nemzeti Bank (MNB), confirmed by the firm itself, DLA Piper’s Hungarian office has advised MNB, in its capacity as resolution authority, on the sale of MKB Bank Zrt. to a syndicate comprised of Blue Robin Investments S.C.A., METIS Private Capital Fund, and Pannonia Pension Fund, in a proportion of 45-45-10 percent, respectively.

    The syndicate’s offer of HUF 37 billion for 100 percent of MKB, was the best of the three bids received during the binding bid submission phase of the competitive sales tender. The sales process, closely monitored by the European Commission, is expected to be closed by June 30, 2016, following the fulfilment of closing conditions (including permission for the acquisition of holding by the members of the winning syndicate) and the payment of the purchase price.  

    The obligation to sell 100% of the shares of MKB Bank was prescribed by the resolution of the European Commission dated December 16, 2015. 

    With the advice of investment bank J.P. Morgan Limited (as financial advisor) and DLA Piper Horvath es Tarsai Ugyvedi Iroda (as legal advisor), MKB pursued a multi-round competitive sale process conducted in accordance with international practice. In the initial phase of the sale, open for the submission of non-binding bids, seven bids were received. 

    The market value of MKB in December 2015, before the separation of the non-performing commercial property portfolio, was below zero, which was also confirmed by two independent appraisers commissioned by the MNB. During the portfolio separation process the MKB received aid in the amount of HUF 32.1 billion, resulting from MSZVK Magyar Szanalasi Vagyonkezelo Zrt.’s purchase of the separated toxic portfolio from MKB over the market price, at the real economic value, with the approval of the European Commission. In addition to the direct value-increasing effect of this state aid, the MKB’s capital position was also positively affected by the fact that with the removal of the separated portfolio MKB’s capital requirement decreased by more than HUF 10 billion.

    The closing is conditional upon the authorization of the buyer’s acquisition of qualifying holding in MKB by the MNB, acting within its supervisory duties, and the delivery of the auditor’s report and the MKB’s annual report for 2015 to MKB by its auditor. The buyers must pay the purchase price after fulfilment of the closing conditions to the present owner, i.e. MSZVK Magyar Szanalasi Vagyonkezelo Zrt. After this the MNB will close the sale and conclude the resolution process of MKB.  

    The DLA Piper team was led by Partners Gabor Molnar and Andras Nemescsci, and included Senior Associates Jeno Kimmel and Gabor Hollos.

    Image Source: mkb.hu

  • Sorainen Advises Rexel on Sale of Baltic Operations to Wurth Group

    Sorainen Advises Rexel on Sale of Baltic Operations to Wurth Group

    Sorainen has announced that it is assisting Rexel in selling its activities in the Baltics to the Wurth Group. According to Sorainen, with this divestment, along with a simultaneous divestment of operations in Poland and Slovakia, “Rexel is continuing its disposal programme.” Completion of the transaction remains subject to approval by the competition authorities.

    Sorainen assisted in the Baltic tax structuring of the transaction as well as with transaction documents and merger control advice. The Sorainen cross-office team, led by Estonia Co-Managing Partner Toomas Prangli, consisted of Estonian Specialist Counsel Kadri Kallas and Associate Kai Vainola on the transactional side, with assistance from Estonian Partner Kaupo Lepasepp and Senior Associate Piibe Lehtsaar on competition matters, and Latvian Partner Janis Taukacs, Lithuanian Senior Associate Saule Dagilyte, Estonian Senior Associate Paul Kunnap and Latvian Senior Associate Aija Lasmane on tax structuring.

    Sorainen did not reply to an inquiry about counsel for the Wurth Group on the deal.

  • Wierzbowski Eversheds to Provide Free Advice to Members of TechHub Warsaw

    Wierzbowski Eversheds to Provide Free Advice to Members of TechHub Warsaw

    Lawyers law firm Wierzbowski Eversheds lead free legal consultations to members of TechHub Warsaw.

    Tech Hub is an international community of technology startups and partner of Google For Entrepreneurs. In addition to its offices in Warsaw it has also in the UK, India, Spain, Romania and Latvia.TechHub members are start-ups at various stages of development and representing the different branches of e-commerce, e-learning, wellness, insurance, and other FINTECH.TechHub support their development by giving access to free consultations, workshops and meetings with investors. 

    Wierzbowski Eversheds has announced that two of its lawyers — Partners Ewa Szlachetka and Tomasz Zalewski — will be providing “free legal consultations” to members of TechHub Warsaw. The first meeting will be held on April 28, the second is scheduled for June 7. 

    According to Wierzbowski Eversheds, the firm has many years of experience in cooperation with the start-ups, “providing them the benefit of free legal services, among others, within the framework of the Programme Internet Start Up.” In March 2016 the firm announced that it had “launched a series of trainings — Eversheds for Innovations — prepared with the aim of [helping] start-ups, innovative companies, and investors.”