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Deals April 2024

Kinstellar advises the hospitality division of the House of Julius Meinl group on the purchase of the historic Hotel Ambasador in central Bucharest

Kinstellar is delighted to announce it has advised the hospitality division of the House of Julius Meinl on the completion of the purchase of the Hotel Ambasador, one of the most famous hotels in Bucharest. Operating continuously since 1937, it is an iconic landmark in the city. The transaction structure was complicated, as it involved different, numerous sets of owners and involving both share and asset transaction aspects. It took several months to negotiate and close. Julius Meinl intends to invest tens of millions of EUR to refurbish the hotel and bring it to the standards of its “The Julius” brand operating elsewhere. Kinstellar advised on all aspects of the matter, including real estate due diligence

Insights April 2024

Significant changes to the Hungarian Competition Act expected in the summer

The latest proposed amendment to the Hungarian Competition Act, recently submitted to the Hungarian Parliament, would enter into force on 1 July 2024, but it has not yet been adopted. The package of amendments would cover several areas, including the introduction of a new concept of undertaking and a new exemption category from the prohibition of restrictive agreements.  Undertaking of fundamental principle The proposed amendment would introduce the concept of undertaking of fundamental principle. The Hungarian Competition Authority (HCA) would be able to determine in the context of a competition supervision procedure that an undertaking is of cross-market significance for competition and consumers. To do so, the

Insights April 2024

AMC increases fines for competition law violations in Ukraine

A so-called Procedure for Determining the Amount of Fines Imposed for the Violation of Laws on the Protection of Economic Competition (the “Procedure”) issued by the Antimonopoly Committee of Ukraine (“AMC”) in 2023, and binding since 21 February 2024, has come into force in Ukraine. The Procedure replaces the earlier AMC Recommendations on the Calculation of Fines for the Violation of Ukrainian Competition Laws. The Procedure allows the AMC to impose significantly higher fines for competition law violations in Ukraine (the percentage imposed may range from 15% to 30% of the revenue on the relevant market depending on the given violation and circumstances). Indeed, we anticipate that the Ukrainian authority will

Insights April 2024

Settlement procedure: Overview for businesses in light of Ukraine's new competition law

Building on established practices, and taking inspiration from the successful experiences of international partners, the Ukrainian competition authority (the Antimonopoly Committee of Ukraine) has introduced a settlement procedure for cartels and abuse of dominance cases. The procedure became effective on 30 January 2024 within the framework of recent competition law reforms. The procedure is designed as a "win-win" enforcement tool that can both simplify and expedite the adoption of cartel or abuse of dominance decisions, and reduce fines by 15%, provided that defendants meet the respective competition authority eligibility requirements. For more details, please see our leaflet covering this topic in English and

Deals April 2024

Kinstellar advises Wizz Air on the lease of its headquarters in Hungary

Kinstellar has successfully advised Wizz Air in connection with the preparation and negotiation of a lease agreement for its new office headquarters in Millennium Tower, Budapest. The deal is one of the largest transactions of its kind on the Hungarian real estate market recently. Our team advised on various legal aspects throughout the transaction, the subject of which is the lease of more than 8,000 sqm in a Class A office building in Budapest. Kinstellar’s team was led by Partner Annamária Csenterics (Co-Head of the Hungarian Corporate/M&A service line) and Of Counsel Mónika Frank (Co-Head of the Hungarian Real Estate service line) and supported by Associate Judit Sós.

Deals April 2024

Kinstellar advises MAVIR and HUPX on joining Central and Southeast Europe’s largest electricity trading hub

Kinstellar has successfully advised the Hungarian Power Exchange (HUPX), together with the Hungarian Transmission System Operator, MAVIR, on the landmark Project Bluesky transaction: the Hungarian Power Exchange, HUPX’s joining Adex, a leading regional power exchange serving Central and South-Eastern Europe (CSEE). This transaction marks a significant milestone in strengthening and expanding the reach of the regional power exchange group within the region. Adex Group Ltd., which includes operators of power exchanges in Slovenia and Serbia, is recognized as the first regional energy exchange. With this transaction, HUPX becomes the third fully-owned subsidiary of Adex Group Ltd. Subject to regulatory approvals from

Insights April 2024

Amendments to the Bulgarian Labour Code

Strengthening the home-office regime and enhancing remote workplace safety As workplaces evolve and remote work remains prevalent, amendments to the Bulgarian Labour Code have been recently adopted to reshape the regulations governing home-office arrangements and remote workplace safety standards. The amendments further address the impact of digitalisation and new technologies on work and aim to improve the work-life balance of employees. Mandatory specification of remote workplace An important change is the explicit requirement to define the exact address of the remote workplace. This is already the case in practice, also in line with the authorities’ guidelines. Better clarity in the law will further help to ensure compliance

Insights April 2024

The International Register of Damage Caused by the Aggression of the Russian Federation against Ukraine is launched

The application process for the International Register of Damage Caused by the Aggression of the Russian Federation against Ukraine (the "Register") has been launched. The launch of the Register marks the next phase of the proposed International Compensation Mechanism, which is intended to be expanded and enhanced. Click on one of the images below or click on the following links to read the alert in English or in Ukrainian. Download in English: Download in Ukrainian:

Deals April 2024

Kinstellar advises UEG on the acquisition of a solar project in Bulgaria with a forecasted capacity of 250 MW

April 2023 – Kinstellar has supported United Energy Group (UEG)’s internal legal team, Leslie Zhang, Yu Zheng, Yao Liu and other UEG in-house counsels, on the acquisition of Green Profit EOOD, a developer of a photovoltaic (PV) project under construction. The Simeonovgrad-Polyanovo PV project, located in southern Bulgaria, has a forecasted capacity of 250 MW. Kinstellar led and negotiated the entire transaction, including the share purchase agreement and other transaction documents. UEG is a Hong Kong-based producer of traditional and renewable energy that has recently expanded its presence in the European energy market. The multi-disciplinary team that advised UEG was led by Nina Tsifudina (Partner) and Atanas Mihaylov (Counsel)

News April 2024

Kinstellar to continue the operation of Noerr’s CEE practice in the Czech Republic, Hungary, Romania & Slovakia

Noerr and Kinstellar are very pleased to announce that Noerr’s practices in Budapest, Bratislava, Bucharest and Prague are to be transferred to Kinstellar. Noerr and Kinstellar have agreed to transfer these practices after the details of the integration are fully worked out. Several important operational and technical aspects, including investments in IT systems, leasehold premises are being worked out and the deal will complete after all necessary regulatory consents and internal approvals have been obtained.  Noerr delivers the highest level of service to its clients. For many years, the law firm has successfully pursued a strategy of qualitative growth. Noerr has operated offices in CEE since 1990 and is very proud of the accomplishments

Deals March 2024

Kinstellar facilitates Araltuz's expansion in Kazakhstan: A landmark English Law transaction 

Kinstellar is thrilled to announce our firm's leading role in facilitating a significant transaction whereby the European Bank for Reconstruction and Development (EBRD) has made an investment in Araltuz, a leading Kazakhstan-based producer of table and low-grade technical salt in Central Asia. Led by our outstanding team, including Joel Benjamin, Managing Partner for Central Asia, Kuanysh Shekerbekov, Counsel in Kazakhstan, and Bianka Kovács, Associate in our Budapest office, we provided expert counsel on this ground-breaking transaction governed by English law. Our collaborative effort, supported by Almas Zhaiylgan, Counsel in Kazakhstan, and other colleagues, demonstrated our firm's cross-border capabilities and deep

Insights March 2024

Improved leniency policy: Overview for businesses in light of Ukraine's new competition law

A leniency procedure has been in place in Ukraine for many years. However, available data suggests it has been severely underutilised. A recent first stage of competition law reforms in Ukraine introduced, among other things, an improved leniency policy. The changes, implemented in February 2024, are aimed at aligning the respective local regulations more closely with EU laws. The most noteworthy changes include: in addition to full immunity for a first applicant, the programme offers a reduction in fines for other cartel participants applying for leniency; the possibility to conduct anonymous preliminary consultations with the regulator; a detailed procedure for obtaining a marker.