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The European Accessibility Act: Compliance or consequences? Is your business prepared?
The European Accessibility Act (Directive (EU) 2019/882) (“EAA”) represents a significant shift in the regulatory landscape for private sector businesses across the European Union. Introduced to harmonise accessibility requirements for key products and services, the EAA is designed to improve access for persons with disabilities and foster a more inclusive internal market. With its full application date set for 28 June 2025, business entities that have not yet assessed their compliance posture face growing legal, operational, and reputational risks. The EAA expands beyond earlier public sector-focused legislation and applies to a wide range of industries—from tech to banking, telecoms, and e-commerce—making timely
Kinstellar, together with Greenberg Traurig Poland, advises on the Romanian, Czech and Hungarian legal aspects of a PLN 3.66 billion financing for CCC
Kinstellar, together with Greenberg Traurig Poland as lead counsel, is pleased to announce that it has advised again its long-standing client, CCC, the leading Polish-based footwear manufacturer and retailer with a network of over 1,000 stores across 29 countries, on the Romanian, Czech and Hungarian legal aspects of the recent financing increase. The financing, with a total value of PLN 3.66 billion (approximately EUR 850 million), was provided by a consortium of lenders including mBank, the European Bank for Reconstruction and Development, Bank Pekao, BNP Paribas Bank Polska, PKO Bank Polski, Santander Bank Polska, and Bank Handlowy w Warszawie, alongside the factoring entities Santander Factoring, mFaktoring, PKO Faktoring
Hartwig Kienast, a leading Austrian M&A lawyer, joins Kinstellar as Partner in Vienna
Kinstellar is delighted to announce that Hartwig Kienast, a highly regarded M&A lawyer, has joined our newly launched Vienna office as a Partner. His arrival further strengthens our M&A and private equity capabilities in Austria and across the wider CEE region, reaffirming our commitment to delivering top-tier legal advice in this key market. Hartwig Kienast specialises in mergers & acquisitions, private equity, and venture capital transactions, as well as corporate reorganisations. He has been actively involved in large cross-border M&A transactions and restructurings, advising both international corporations and investors. His experience spans a wide range of sectors, including: infrastructure & energy
Food prices in Bulgaria: Businesses to remain vigilant even after the competition authority finds no anti-competitive agreements between supermarkets
In a decision that will shape the competitive landscape of the Bulgarian food market, the Bulgarian Commission for Protection of Competition (“CPC”) concluded that there is no evidence of anti-competitive agreements between the major supermarket chains regarding food prices. Background and investigation The CPC initiated an investigation in response to the significant increase in retail prices of basic food commodities observed since early 2022 and the first months of 2023. The competition authority aimed to identify any practices restricting competition, such as: covert agreements, collusion, or concerted actions among retailers. While much of the data in the CPC’s decision remains confidential
Cybersecurity: Romania transposes the NIS2 Directive. What’s next?
Directive (EU) 2022/2555 (NIS2) aims to further strengthen the cyber resilience of the EU by requiring entities in various sectors to dial up their cybersecurity efforts. NIS2 replaces the former NIS1 Directive (EU) 2016/1148, expands the range of entities falling under its provisions, and introduces stricter requirements for these entities. On 31 December 2024, the Romanian government passed Government Emergency Ordinance no. 155/2024 (GEO 155/2024) transposing NIS2 into national legislation. Whom does it concern? NIS2 and GEO 155/2024 target entities across various industry sectors and categorises them into essential and important entities. Entities active in the following areas should check whether
Kinstellar Sofia advises UniCredit Bulbank on Minimart’s first corporate bond issue
Kinstellar has advised UniCredit Bulbank as lead manager of the private placement of corporate bonds worth EUR 25 million by Minimart, a fast-growing chain of convenience stores in Bulgaria. The 250 bonds with a nominal value of EUR 100,000 each have a maturity of 5 years and an interest of 7.77%, paid twice a year. The bonds were subscribed by UniCredit Bulbank, Eurobank Bulgaria, Varengold Bank, and KBC Agro - Bulgaria. The private placement enables Minimart to further expand its retail network to 300 stores in 2025 and invest in its IT infrastructure. Kinstellar’ s team was led by Svilen Issaev (Head of Banking, Finance and Capital Markets in Sofia) and included Senior Associates Nikolay Gergov and Denitsa
Updates to gambling regulations in Ukraine
The Ukrainian parliament recently adopted Law of Ukraine No. 4116-IX[1] to combat gambling addiction (ludomania) and to improve the state regulation of activities related to the organisation and conduct of gambling and lotteries. Most of the amendments will come into force on 1 April 2025. The main changes, inter alia, include: 1. The abolition of the Commission for the Regulation of Gambling and Lotteries and the establishment of a new authorized body. 2. A significant expansion and detailing of applicable rules concerning the advertising of gambling, including: a prohibition on using patriotic themes and topics related to the war with Russia, and on using volunteers and military personnel
Kinstellar advises EBRD on supply chain financing for Profi
Kinstellar is pleased to announce that, together with Sullivan & Worcester, we have advised the European Bank for Reconstruction and Development (EBRD), partnering with Banca Transilvania on implementing a supply chain financing programme for Profi Rom Food, one of Romania’s leading retail chains. This transaction marks the EBRD’s first supply chain finance initiative in Romania aimed at strengthening a domestic value chain. The EBRD will assume up to EUR 10 million in local currency risk, effectively doubling Profi’s supply chain finance programme to EUR 20 million through a shared-risk model. Profi, which operates 1,750 stores across Romania under three brands—Super (mid-sized to large stores), Go
Kinstellar advises Orbico on strategic acquisition in Ukraine
Kinstellar has acted as Ukrainian legal counsel to Orbico Group on the acquisition of a controlling stake in SAV 92, a leading Ukrainian distributor of branded international and Ukrainian food and non-food products. This multi-stage transaction marks a significant step in Orbico's strategic expansion into the Ukrainian market. Orbico Group is a leading distributor of a large number of globally known brands ranging from beauty care to motor oil products. Orbico cooperates with more than 180 suppliers, manages more than 500 global and local brands, and supplies to more than 59,000 customers. Kinstellar’s advice included due diligence, securing unconditional merger control clearances for a gradual transfer of control
Consumer Law Update – CJEU rules that a price reduction announced in an advertisement must be calculated on the basis of the lowest price in the last 30 days
On 26 September, the Court of Justice of the European Union ("CJEU") issued its much anticipated decision in the case Aldi Süd (C-330/23) concerning the announcement of price reductions in an advertisement. At issue was whether a price reduction announced in an advertisement must be calculated on the basis of the lowest price in the last 30 days, or whether the price reduction can be calculated from another price, with the information on the lowest price in the last 30 days being provided together with the reference price for calculating the reduction (as an additional figure). The CJEU concluded that that a price reduction announced in an advertisement must be determined on the basis of the lowest price applied
Expanding opportunities for retail investors in Kazakhstan: AIFC's influence on the new legislative framework
According to the official website of the Government of Kazakhstan, the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market is working on a new legislative proposal with the goal of broadening the participation of retail investors in collective investment schemes (the "CIS") across Kazakhstan. Currently, the CIS retail business is mainly possible within the Astana International Financial Centre (AIFC). While this could be seen as competition with the AIFC, in the long term, the adoption of such a law will help create a solid platform for the development of funds not only within the AIFC but also throughout Kazakhstan. In these proposed innovations, we see the influence of the flexible
Kinstellar, together with Rymarz Zdort Maruta, advises SMYK Group on the amendment and extension of its financing
Kinstellar has successfully advised SMYK Group and its Romanian subsidiary, SMYK All For Kids, on all Romanian law aspects concerning the amendment and extension of its group financing. The financing transaction involved an extremely tight timeline and required seamless alignment, as it was conducted simultaneously with Bridgepoint’s sale of shares in Smyk Group to Accession Capital Partners (ACP). Kinstellar was previously selected by SMYK Group as its local advisor on various iterations of this financing, and also advised Bridgepoint on the local law aspects of Smyk’s acquisition in 2016. Smyk, established in 1952, is an iconic brand and Poland’s largest chain of stores selling toys, clothing for children