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Insights May 2022

5G auctions

As the process of 5G coverage expansion continues, we bring you a short status update on 5G auctions and 5G rollout in the Central and Eastern Europe and Central Asia regions. Kazakhstan Frequency already allocated: 3.5 GHz. Announced / expected 5G auctions: Three lots each for 100 MHz around 3.5 GHz will be sold at auctions that are planned for the end of May 2022. One lot per city—Almaty, Nur-Sultan and Shymkent—will be offered. Stage of 5G auctions and auction method: The relevant law and regulations for holding auctions have been adopted. Auctions will be held in two stages. At the first stage the bidders' compliance with qualification requirements

News April 2022

Kinstellar expands its Technology, Media and Telecoms (TMT) service line in the Czech Republic

Kinstellar is pleased to announce that Petr Bratský has joined the firm’s Prague office as Head of the local TMT sector and service line. His addition to the firm strengthens our expertise in the TMT area. Petr is an expert in IP/IT/Media and Telecommunications. Before joining Kinstellar, Petr worked more than five years at the leading Czech law firm Havel & Partners. In his practice, he focuses primarily on technology, intellectual property, media and film law and legislative advice. Petr also provides strategic and ad hoc compliance advice on the handling of personal data in various commercial sectors. His expertise includes advising major local and international clients from across different industries

News April 2022

Kuanysh Shekerbekov participates in a panel discussion in connection with the official presentation of the “VC Guide for Founders”

Kuanysh Shekerbekov, Managing Associate of Kinstellar’s Almaty office, participated as a speaker in a panel discussion in connection with the official presentation of the “VC Guide for Founders”. The event took place on 8 April 2022 and was organised by The AIFC Tech Hub, a subdivision of the "Astana" International Financial Center (AIFC), which has the task of promoting the development of the start-up ecosystem, the venture industry, e-commerce, corporate innovation and new technological directions in Kazakhstan (FinTech, GovTech, SatelliteTech, Industry 4.0. etc.). The purpose of the guide is to provide a clear understanding of the opportunities and advantages of the AIFC for structuring venture transactions and

Deals February 2022

Kinstellar advises Kin + Carta plc, the global digital transformation consultancy, on its acquisition of the Bulgarian software development company Melon Group

Kinstellar has advised Kin and Carta plc, the global digital transformation consultancy, on the Bulgarian law aspects of its acquisition of Melon Group – a digital transformation consulting firm with a presence in Bulgaria, North Macedonia and Kosovo. The European expansion strengthens our client’s nearshore software development capacity and bolsters its pure-play digital transformation capabilities which is part of Kin and Carta’s purpose-driven global growth strategy as a publicly listed B Corp. The fast growing Melon Group is ranked #1 in Bulgaria, and #23 globally by Clutch out of the top 1,000 B2B companies worldwide. Its 300-strong team of web, mobile, and data specialists working across Bulgaria, North

Deals February 2022

Kinstellar advises Vista Equity Partners on its acquisition of Citrix Systems

Kinstellar has successfully advised Vista Equity Partners, a leading global investment firm focused exclusively on enterprise software, data and technology-enabled businesses, on its acquisition of Citrix Systems, Inc. (NASDAQ: CTXS) for approximately USD 16.5 billion. Citrix builds secure, unified digital workspace technologies that help organizations unlock human potential and deliver a consistent workspace experience wherever work needs to get done. Kinstellar advised with respect to the Czech subsidiary of Citrix Systems, Inc., Citrix Systems Czech Republic s.r.o., on the due diligence and regulatory issues. Kinstellar also provided a detailed foreign direct investment (FDI) analysis for the envisaged acquisition.

Deals January 2022

Kinstellar advises Turkish “Unicorn” Dream Games on its USD 255 million Series C investment round 

Kinstellar has successfully advised the Turkish “casual games” developer Dream Games in raising USD 255 million of new financing in a Series C investment round that values the business at USD 2.75 billion. The funding round was led by Index Ventures with Makers Fund, IVP, funds and accounts managed by BlackRock, Kora and Balderton Capital also participating. The successful C-round funding comes after we have previously advised the client on its series A and B rounds in February and July 2021. Dream Games is an Istanbul-based mobile gaming company that develops high-quality mobile games, with its debut game, Royal Match, being one of the most played mobile games globally of 2021. The company will use the funding

Deals December 2021

Kinstellar advises (VC) Eleven Ventures on its USD 2 million investment in Romanian startup Frisbo

Kinstellar and Dewi Advisory have successfully advised the leading VC Eleven Ventures (joined by GapMinder, Roca X and Neogen Capital) on a USD 2 million investment in Frisbo, a Romanian-based e-commerce startup. Eleven Ventures is one of the largest venture capital funds in Southeast Europe, investing in startups since 2012. With 150 collective investments in the last nine years, the company has played a key role in developing the regional startup ecosystem. Eleven Ventures was joined by GapMinder, Roca X and Neogen Capital, all previous investors in Frisbo. Founded in 2014, Frisbo matches retailers (more than 200 online stores) with a network of operators & smart logistics. It has a rich network of warehouses

Insights November 2021

Hungary ranks fourth on the list of European countries with the highest number of GDPR fines

According to a recent report by the cybersecurity company ESET, since the entry into force in May 2018 of the General Data Protection Regulation (GDPR), Hungary’s data protection authority has imposed the fourth-highest number of administrative fines in the EU for GDPR violations. As per ESET’s report, the total number of fines in the EU has exceeded 650, with a total amount of more than EUR 280 million. The largest fine thus far was imposed on Amazon Europe Core S.à R.L. in Luxembourg (EUR 746 million—not included in the total amount as it is being challenged in court). Hungary ranks fourth behind Spain, Italy and Romania with 43 fines totalling nearly EUR 812,000. The average amount of a fine in Hungary

Insights November 2021

Overview of 5G auctions in Kinstellar jurisdictions

The introduction of 5G networks has opened a wide range of new possibilities in a variety of sectors (including manufacturing, health, energy, automotive, media and entertainment). 5G implementation remains a hot topic. Please click here for an updated overview of 5G auctions in Kinstellar jurisdictions. Most notably, the following changes have occurred throughout 2021: Romania: The regulator ANCOM has initiated the procedure to award 5G frequencies with initial bids to be submitted by Monday 15 November 2021; Bulgaria: In April 2021, 5G frequencies in 3.5-3.8 GHz band were auctioned off; 5G auctions in Serbia, Ukraine and Turkey are expected to be held in the course of 2022; Commercial

Deals November 2021

Kinstellar advises Vista on acquisition of Crello and Depositphotos

Kinstellar’s Kyiv office has successfully represented Vista, a Cimpress company (Nasdaq: CMPR), the world leader in mass customization, on its acquisition of the online graphic design editor Crello and a stock photo marketplace Depositphotos for a total price of USD 85 million. The acquisition includes Crello, a rapidly-growing, global leader in do-it-yourself (DIY) digital design. Crello, now rebranded under Vista as VistaCreate, offers a platform that makes it easy for small businesses to enhance their social media and digital design, no matter their design experience. As part of the acquisition, Vista has also acquired Depositphotos, a stock content marketplace with more than 200 million royalty-free images

Deals October 2021

Kinstellar advises 4i Capital Partners on the sale of Portmone.com

Kinstellar’s Kyiv office has provided full legal support to 4i Capital Partners, a leading Ukrainian-based private equity firm, on the sale of its controlling stake in the Ukrainian online payment platform Portmone.com to Kaspi.kz, Kazakhstan’s largest financial technology firm. 4i Capital Partners invested in Portmone.com in 2013, which the current Kinstellar team also advised on. Kaspi.kz is a payments, marketplace, and fintech ecosystem developer listed on the London Stock Exchange. Portmone.com is the largest independent provider of online payments and money transfers in Ukraine, offering a portfolio of proven IT payment solutions for banking, mobile, e-commerce and service industries. Kinstellar’s team

Deals September 2021

Kinstellar advises Nuix Limited on the acquisition of Topos Labs

Kinstellar’s Kyiv office has successfully advised Australian-based global software developer Nuix Limited (Nuix; ASX:NXL) on the Ukrainian-law implications of its acquisition of 100% of the shares in Topos Labs for up to USD 25 million. Headquartered in Boston, USA, Topos develops AI-driven Natural Language Processing (NLP) software designed to reduce the workload of data reviewers and analysts by surfacing relevant or risky content faster.  Kinstellar’s team in Kyiv was led by Anastasiya Bolkhovitinova (Counsel, Head of the local TMT sector) and Natalia Kirichenko (Counsel, Head of the local Intellectual Property & Technology services), with key support from Olena Stanishevska and Anna Vizniak (Associates).