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Kinstellar advises certain companies within the Schwarz Group on the closing of the acquisition of a majority stake in Supermarket La Cocos in Romania
Kinstellar is pleased to announce that it has advised certain companies within the Schwarz Group, the leading international retail group, on their acquisition of a majority stake in Supermarket La Cocos, a dynamic and fast-growing Romanian hypercash operator, from a consortium comprising Morphosis Capital, CEECAT Capital (SEET), the European Bank for Reconstruction and Development (EBRD) and private investor Iulian Nica. The transaction, announced in 2025, was completed following conditional clearance from the Romanian Competition Council in February 2026, after an in-depth merger control review. The acquisition marks a significant strategic step by the companies within the Schwarz Group in expanding their presence
Kinstellar welcomes Sebastian Reiter as Partner, further strengthening its capabilities in Austria
February 2025 – Kinstellar is pleased to announce that Sebastian Reiter, a highly regarded competition and dispute resolution lawyer, has joined the firm’s Vienna office as a Partner. His arrival further strengthens Kinstellar’s Austrian team, expands its competition capabilities, and enhances the firm’s ability to deliver full-service legal advice in Austria. Sebastian advises clients on Austrian and EU competition law, Austrian foreign direct investment (FDI) control, and regulatory matters across various sectors. He also represents clients in complex disputes, including civil litigation and arbitrations. Sebastian joins Kinstellar from a leading Austrian law firm and brings broad experience gained across top-tier practices
Romanian Competition Law Update: Q4 2025
The final quarter of 2025 marked a period of significant competition law developments in Romania, with enforcement actions focusing on vertical restraints and “no-poach” agreements, alongside important merger control decisions in markets such as retail and energy, as well as the launch of a draft Government Emergency Ordinance amending Competition Law No. 21/1996 (“Competition Law”), aimed, among others, at aligning the Romanian legal framework with OECD recommendations. I. Latest updates Draft Government Emergency Ordinance amending the Competition Law In November 2025, the Romanian Competition Council (“RCC”) launched a public consultation on a draft Government Emergency Ordinance aimed at
Kinstellar advises Foxway on the acquisition of All Birotic Devices Trade & Service in Romania
Kinstellar has advised Foxway, a leading provider of sustainable technology solutions, on the acquisition of All Birotic Devices Trade & Service (ABD), a Romanian company specializing in the refurbishment of IT devices to premium standards. The acquisition is an important part of Foxway’s regional expansion strategy, aimed at enhancing its capacity to meet the growing demand for high-quality, circular technology solutions across Europe. With the acquisition of ABD, Foxway strengthens its operational base in Romania, supporting its long-term goal of providing sustainable and top-performing tech solutions to businesses. ABD has been operating in Romania for over two decades, specializing in refurbishing IT
Competition Newsletter – Czech Republic (Autumn 2025)
Our valued clients and industry contacts remained firmly in mind as the Czech Competition team put together this autumn 2025 edition of our Competition Newsletter. The aim here is to offer a clear and engaging look at what has been happening in Czech competition law in recent months. The Newsletter covers key legislative developments as well as the most noteworthy decisions from the Czech Office for the Protection of Competition (the “Authority”) and the courts, offering readers a concise guide to the current Czech competition-related legal landscape. 1. Major legislative reforms on the horizon The Authority has announced comprehensive amendments to the Czech Competition Act, with the requisite legislative
Guidance on FDI screening obligations in Austria
The Austrian ministry responsible for Foreign Direct Investment (FDI) matters, the Federal Ministry for Economy, Energy, and Tourism (“the Ministry”), recently released guidance on the assessment of the filing obligation for foreign direct investments in Austria. In particular, it provided clarification on the scope of critical infrastructure and offered information regarding the acquisition of key assets, controlling influence, as well as the micro-enterprise exemption. In general, Austrian FDI rules apply to foreign direct investments into Austria by non-EU, non-EEA, and non-Swiss persons or undertakings. The Austrian FDI regime applies when such persons or entities acquire an Austrian undertaking, obtain 10%
A sector under the spotlight: what recent cases in Romania and at the EU level signal for pharma compliance
Competition and regulatory authorities across Europe are showing renewed vigilance toward the pharmaceutical sector—a field shaped by the intersection of competition law, regulatory frameworks, consumer protection, and IP. Recent cases illustrate that investigations in this area are increasingly complex and precedent driven, offering valuable guidance on how authorities assess commercial behaviour. Sun Wave Pharma case – the Romanian Competition Council unveils unfair competition practices In May 2025, the Romanian Competition Council (“RCC”) announced the conclusion of its investigation into Sun Wave Pharma S.R.L., a major player in the food supplements market in Romania. The inquiry focused on allegations
Kinstellar advises the investment-holding company AJFH on the acquisition of Imlek, a leading dairy producer in Southeast Europe
Kinstellar has successfully advised AJFH (the family office of experienced entrepreneur and investor Andrej Jovanović) on the acquisition of Imlek, a leading dairy producer in Southeast Europe, from MidEuropa Partners. The transaction is expected to close in Q1 2026, subject to standard regulatory approvals and completion conditions. Imlek is headquartered in Belgrade, Serbia, and operates production facilities (dairies) in North Macedonia and Bosnia & Herzegovina. Our team provided full-scope legal advice, including transaction structuring, negotiation of the transaction documents, financing, and regulatory/competition support. The project was led by Partner Hugh Owen, supported by Associate James
Regional Competition Law Update – Q3 2025
Kinstellar’s Competition & FDI team is pleased to present the Q3 2025 update to our Regional Competition Review. This latest edition provides a snapshot of recent enforcement activity, legislative changes, and emerging trends across Austria, Bulgaria, Croatia, Czech Republic, Romania, Turkey and Ukraine. Key highlights include the introduction of new “call-in” powers in Bulgaria, as well as proposed and newly implemented FDI regimes in Croatia and Ukraine, alongside a range of developments that are reshaping competition and FDI control across the region, such as: Austria – Enforcement and energy market focus Czech Republic – Merger remedies, sector inquiries, and cartel fines Romania
Corporate and M&A: Key Bulgarian legal developments
Over the past months, Bulgaria has adopted and implemented several important legislative changes affecting foreign investment screening, merger control, corporate reorganisations, and company transparency. In addition, the country is preparing for euro adoption on 1 January 2026, which will bring adjustments to corporate governance and registration procedures. Courts have also issued significant rulings clarifying directors’ duties in insolvency, the validity of detrimental transactions, and shareholder rights. Our overview provides detailed information about these updates and outlines their implications for businesses and transactions. Update on Bulgarian legislation 1. Foreign Direct Investment
Bulgaria’s Merger Control Update: Below the thresholds but not below the radar
On 23 October 2025, Bulgaria adopted changes to its Competition Protection Act, introducing below-threshold merger filings. The legislator and the competition protection authority cited the following reasons for the changes: fast-paced technology developments and innovation, a growing number of “killer acquisitions”, as well as more legal certainty for investors. The changes become effective on the day of their promulgation – expected in first week of November. 1. Background Following the ECJ judgment in the Illumina/Grail case in 2024, it became clear that EU Member States may not refer below-threshold transactions to the European Commission if none of the EU Member States has jurisdiction
Competition Law Update in Romania: Q3 2025
The Romanian Competition Council (“RCC”) remained highly active throughout the third quarter of 2025, advancing its enforcement and policy agenda across multiple fronts. Highlights include the adoption of Romania’s first foreign direct investment (“FDI”) guidelines, the launch of a public consultation on urban utility approvals, and intensified merger control and antitrust activity across the telecom, retail and agribusiness sectors. These efforts are reinforcing the RCC’s commitment to safeguarding competition in strategically important markets. I. Latest Updates FDI Guidelines On the FDI screening front, Romania adopted its first set of investment screening guidelines (“FDI Guidelines”)