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Deals January 2023

Žurić i Partneri Kinstellar acts as exclusive legal advisor to Angelina Yachtcharter on the acquisition of Jadranka Yachting

Following its acquisition of Ultra Saling in August 2022, Kinstellar's team in Croatia has assisted Angelina Yachtcharter Holding GmbH on another acquisition of 85% of the shares of Jadranka Yachting, a charter company located in Mali Lošinj, Croatia. Founded in 1995, Angelina Yachtcharter is the leading nautical charter management company in Croatia, currently operating a fleet of more than 280 vessels berthed at ten marinas along the Adriatic coast. With the purchase of Jadranka Yachting, Angelina Yachtcharter adds additional high-quality assets and operations to its existing portfolio and continues to build its presence on the Croatian market as the leading nautical charter operator. The Kinstellar team

News January 2023

Kinstellar announces new promotions in Kazakhstan

Kinstellar is delighted to announce the promotion to Managing Associate of Yerlan Akhmetov (Banking & Finance, Corporate), Dina Berkalieva (Dispute Resolution) and Assel Mussina (Corporate, Real Estate) in our Almaty office.  In addition, Anna Kornilova, a Senior Associate in the Almaty office, will become Head of Competition for Central Asia. These promotions are in recognition of their importance to our firm and its future and to their commitment to delivering exceptional value to our clients.   Yerlan Akhmetov has over 10 years of experience in capital markets, banking and finance and M&A. He has taken the lead on numerous complicated financing transactions, and has been involved in high-profile M&A

News January 2023

Kinstellar appoints new Service Line Heads

Kinstellar is delighted to announce the appointments of new service line heads. Jan Juroška, a Partner in the Prague office, is the firm-wide Co-Head of M&A, Corporate & Private Equity. Jan has over 15 years of experience advising both local and international clients on a wide range of commercial matters and corporate transactions. Jan specialises in all aspects of corporate law, in particular M&A (including M&A real estate), private equity, joint ventures and employment. Jan is ranked by Chambers Europe and Legal 500 2022 editions, based on excellent client feedback, one stating that ''he knows the business needs of the clients and is very solution and target-oriented''. Edmund Emre Özer, a Partner

Insights January 2023

New updates to the Companies Act in Croatia

On 1 January 2023, the euro became the official currency of the Republic of Croatia. As a result, a number of laws in Croatia have been amended. The changes mostly apply to amounts that were previously regulated in Croatian kuna.  The amendments to the Companies Act prescribe the conversion of share capital from kuna to euro as a main obligation of companies.  Click here to read a summary of key changes, written by Partner Edin Karakas, Managing Associate Vedran Kopilović and Associate Zrinka Ivanković.

Deals December 2022

Kinstellar advises Kinnevik on its USD 185 million investment into Mews Systems

Kinstellar M&A and TMT specialists in the Czech Republic have successfully advised Swedish company Kinnevik Online AB on its investment into Mews Systems as part of a USD 185 million Series C financing round, which gives the company a post-financing valuation of USD 865 million. The Series C round was co-led by Kinnevik and the growth equity business within Goldman Sachs Asset Management and also included new backers Revaia, Derive Ventures and Orbit Capital, as well as previous investors Battery Ventures, Notion Capital, Thayer Ventures and henQ. Based in Prague and Amsterdam, Mews operates a leading property management and payments system designed to simplify and automate operations for modern hotels and

Deals December 2022

Kinstellar advises OTP Bank on the successful acquisition of Ipoteka Bank in Uzbekistan

Kinstellar is proud to have advised OTP Bank, Hungary’s largest commercial bank and one of the largest independent financial service providers in Central and Eastern Europe, on the successful acquisition of Uzbekistan’s fifth-largest bank, Ipoteka Bank, with an 8.5% market share, more than 1.6 million retail customers and a significant roster of corporate clientele. Having worked together previously on several successful transactions in Hungary and in the CEE region, OTP mandated Kinstellar to handle its first acquisition in Central Asia. The deal involved four Kinstellar offices: Hungary, Uzbekistan, Serbia and Ukraine. According to the sale and purchase agreement signed on 12 December 2022, OTP Bank will

Insights December 2022

Specifics of ultimate beneficiary owners filings in Ukraine

The requirement to file information on the ultimate beneficial owners (UBOs) of legal entities was introduced by the Law of Ukraine "On Prevention and Counteraction of Legalization (Laundering) of Criminal Proceeds, Financing of Terrorism and Financing of the Proliferation of Mass Destruction Weapons" dated 06.12.2019 No. 361-IX. With the start of the full-scale invasion by the Russian Federation and the introduction of martial law in Ukraine, the requirement to disclose information about UBOs was suspended. On 6 September 2022, Ukraine’s Parliament adopted the Law of Ukraine "On Amendments to Certain Laws of Ukraine on Improving the Regulation of Ultimate Beneficial Ownership and the Ownership Structure of

Insights December 2022

End of UBO publicity?

As of 2020, European Union (“EU”) Member States are obliged to make details of ultimate beneficial owners (“UBOs”) of corporate and other legal entities available to the general public. However, in light of the recent decision of the Court of Justice of European Union (“the ECJ”), it is now questionable whether this obligation will remain. The requirement to make details of UBOs publicly available was introduced by Article 30 (5) of Directive (EU) 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (“the AML Directive”). The Member States are entitled to restrict public availability of details on UBOs under the AML Directive in the

Deals December 2022

Kinstellar advises Zoo Group Stefanov pet stores on its sale to A&M Capital Europe

Kinstellar Sofia has advised the owners of Zoo Group Stefanov LLC, operating the most popular pet store chain in Bulgaria, on their successful sale of the company to A&M Capital Europe, a European private equity fund. With 29 locations across Bulgaria and a well-established online store, the fast growing brand specialises in the supply of food and accessories for pets. The sale will enable Zoo Group Stefanov LLC to combine with the other pet store business owned by the purchaser in Bulgaria which will ensure its sustained growth in the future.  The Kinstellar team in Sofia was led by Atanas Mihaylov (Counsel), and included Nina Tsifudina (Partner), Nikolay Gergov (Associate), and Yasen Toshev (Junior Associate).

Setting up December 2022

Setting up operations in Bulgaria

Today’s uncertainties at the European Union’s eastern border have left companies questioning the safety of their people and the continuity of their operations in that part of the world. Businesses in the IT and BPO sectors that had found talent and growth opportunities in Ukraine and its neighbours are now rethinking their strategy and options to move operations across the border, either temporarily or permanently. Our team in Sofia has prepared a quick overview of the most important aspects that you need to consider if you decide to move your operations to Bulgaria. Download in English: Download in Ukrainian:

Setting up November 2022

Setting up operations in Romania

December 2022 – Today’s uncertainties at the European Union’s eastern border have left companies questioning the safety of their people and the continuity of their operations in that part of the world. Businesses in the IT and BPO sectors that had found talent and growth opportunities in Ukraine and its neighbours are now rethinking their strategy and options to move operations across the border, either temporarily or permanently. Our team in Bucharest has prepared a quick overview of the most important aspects that you need to consider if you decide to move your operations to Romania. Download in English: Download in Ukrainian:

Setting up November 2022

Setting up operations in the Czech Republic

Today’s uncertainties at the European Union’s eastern border have left companies questioning the safety of their people and the continuity of their operations in that part of the world. Businesses in the IT and BPO sectors that had found talent and growth opportunities in countries such as Ukraine and Moldova are now rethinking their strategy and options to move operations across the border, either temporarily or permanently. Our team in Prague has prepared a quick overview of the most important aspects that you need to consider if you decide to move your operations to the Czech Republic. Download in English: Download in Ukrainian: