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Deals May 2025

Kinstellar advises on the financial close of Central Asia’s largest healthcare PPP project in Kazakhstan

Kinstellar is delighted to announce the successful financial close of a landmark public-private partnership (PPP) healthcare initiative in Kokshetau, Kazakhstan. This transformative project, which marks a first for the region in healthcare PPPs, has secured a EUR 365 million financing package, spearheaded by the European Bank for Reconstruction and Development (EBRD) and the Asian Infrastructure Investment Bank (AIIB), alongside key contributors Proparco, ICD, DEG, and the Development Bank of Kazakhstan (DBK). After months of legal structuring, negotiations, and due diligence, the project has officially reached financial close. This milestone unlocks the next phase - the commencement of construction on the 630-bed medical

Insights April 2025

Category Management Agreements: Belgian Competition Authority issues landmark decision in cartel case involving anti-competitive arrangements for the placement of OTC medicines in pharmacies

On 24 April 2025, the Belgian Competition Authority (“BCA”) announced that it had imposed fines totalling EUR 11.2 million on pharmaceutical companies Johnson & Johnson, Boehringer Ingelheim, and Haleon. The sanctions were issued following a settlement in a case concerning anti-competitive practices linked to category management agreements for over-the-counter (“OTC”) medicines. According to the European Commission Guidelines on Vertical Restraints, category management agreements are agreements whereby a distributor delegates to a supplier (the so-called “category captain”) the responsibility for marketing an entire category of products. While such agreements are generally considered unproblematic, the Guidelines

Deals April 2025

Kinstellar advises Blue Sea Capital on the sale of MediGroup Serbia to Mehiläinen Group

Kinstellar is pleased to announce that it has advised Blue Sea Capital on the sale of MediGroup, Serbia’s largest private healthcare provider, to Mehiläinen Group, Finland’s largest private healthcare provider. The transaction forms part of a broader regional deal involving the Regina Maria Group, MidEuropa’s healthcare services platform in Central and Eastern Europe. Blue Sea Capital is an independent private equity firm with offices in Belgrade and Zagreb, focusing on small and medium-sized enterprises in the region. MediGroup is the largest private healthcare provider in Serbia, offering a wide range of services, including inpatient and outpatient care, laboratory diagnostics, IVF, maternity, and ophthalmology.

Deals April 2025

Kinstellar advises Macopharma Group – GMPi on its acquisition of Lmb Technologie

We are delighted to announce that the Kinstellar Belgrade team, in collaboration with international advisor Forvis Mazars Germany, has successfully advised Macopharma Group – GMPi, a global leader in the healthcare industry, on its acquisition of Lmb Technologie. Macopharma has been a leader in the blood industry for over 45 years, and this acquisition is a key element of its five-year strategic plan to expand its product range and further strengthen its position in the European, American, and Middle Eastern markets. As part of the expansion in Serbia, Lmb plans to extend its factory in Niš, by 2,500 square meters, creating 30 new jobs in addition to the existing 120 employees. A heartfelt thank you to

News April 2025

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

Deals March 2025

Kinstellar advises private investment group EMMA Capital on the strategic acquisition of Diamedix in Romania, Moldova, Bulgaria, and Ukraine

Kinstellar is pleased to announce that it has advised EMMA Capital Group, a private investment group, on its acquisition of Diamedix, one of Romania’s largest independent medical equipment distributors. The deal, closed through EMMA Capital’s subsidiary Emma Zeta, marks a significant expansion of the group’s footprint in the medical technology and diagnostics sector across South-eastern Europe. The transaction includes the acquisition of Diamedix Impex, along with its five subsidiaries operating in Romania, Moldova, Bulgaria, and Ukraine. Kinstellar provided comprehensive legal support on all aspects of the transaction, including due diligence review, guidance on structuring/closing, foreign direct investment (FDI)

Insights February 2025

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

Deals November 2024

Kinstellar advises on Central Asia’s largest healthcare PPP project

Kinstellar is proud to announce its involvement in the development of Central Asia's largest public-private partnership (PPP) medical facility in Kokshetau, Kazakhstan. With financing led by the European Bank for Reconstruction and Development (EBRD) and the Asian Infrastructure Investment Bank (AIIB), this project marks the region's first healthcare PPP, supported by a EUR 365 million financing package from six major financial institutions. The 630-bed, multi-disciplinary hospital will operate under a greenfield PPP model, serving over 730,000 residents in Kokshetau and the broader Akmola region. Designed to achieve both LEED "Silver" and EDGE certifications, the facility embodies a strong commitment to sustainability

Deals November 2024

Kinstellar advises Ardian on the Romanian side of the transaction for the acquisition of a majority interest in Vista Vision

Kinstellar is proud to have advised Ardian, one of the world’s leading private equity investment companies, on the Romanian side of the transaction for the acquisition of a majority interest in Vista Vision, a leading provider of healthcare services specialising in ophthalmic and refractive surgery. The transaction includes the indirect acquisition of 100% of the shares in two Romanian subsidiaries, Vista Vision and SIM Vision. Headquartered in Milan, Vista Vision was founded in 2003 and currently operates 12 clinics across Italy and five in Romania. The company is a leader in opthalmology healthcare, specialized in laser eye surgery for the correction of myopia and cataract surgery. Kinstellar’s legal team

Insights October 2024

Ukraine advances toward introducing medical cannabis circulation

During September and early October, the Ukrainian government adopted secondary legislation to further the implementation of the so-called Cannabis Law. Click on one of the images below or use the following links to read our overview in English or in Ukrainian. Download in English: Download in Ukrainian:

News October 2024

Hugh Owen, a top M&A lawyer in Central and South Eastern Europe, joins Kinstellar as Partner

Kinstellar is very pleased to announce that Hugh Owen joins the Firm as a Partner, effective 1 October 2024. Hugh is a very well-known leading M&A lawyer in the Central and South Eastern European region with an impressive track record. He spent over 23 years at Allen & Overy, including 13 years as a partner. He then ran his own law firm and M&A training business for four years as a sole practitioner, closing over 20 deals with a combined value of over EUR 2.5 billion. For two years from July 2022 to June 2024 he served as Head of Legal Business Solutions for PwC CEE, responsible for the strategy for Legal in over 25 jurisdictions, including Eurasia, core CEE countries, the Baltics, Ukraine and South-Eastern

Insights March 2024

Ukraine leaps forward in its cannabis policy

A cannabis law passed by the Ukrainian parliament back in December of last year, will come into force on 16 August 2024. Developed in compliance with EU regulations, the law represents a significant overhaul of cannabis regulations in Ukraine. Secondary cannabis-related legislation is expected to be drafted by the Ukrainian government by the end of May 2024. Click on one of the images below or click on the following links to read the overview in English or in Ukrainian.   Down load in English: Download in Ukrainian: