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Deals July 2024

Kinstellar and KST Law advise Grupo Antolin on the sale of a stake in the Turkish joint venture Ototrim

Kinstellar and KST Law* are proud to have advised Grupo Antolin, a leading global car interior manufacturer, on the sale of 45% stake in the Turkish joint venture Ototrim to its JV partner Diniz Holding. Following this transaction, Antolin will retain a 5% stake in the joint venture and continue its collaboration with Diniz Holding. The transaction is pending approval from the Turkish Competition Authority. The team was led by Partner Mert Elçin, with support from Associates Sila Özge Sayli and Osman Tugberk Çakirca. *Kinstellar operates in Turkey in cooperation with KST LAW, an Istanbul-based full service corporate law firm. 

Deals July 2024

Kinstellar advises Agrotex majority shareholders on the sale of a significant stake to Promat Comimpex

Kinstellar is proud to have advised the majority shareholders of Agrotex (one of the most important suppliers of cereals and agricultural inputs on the local market) on the sale of a significant stake to Promat Comimpex, a renowned agriculture player now controlled by the Ameropa Group. The deal will complete after the necessary consents and approvals have been obtained. Our assistance on this mandate was coordinated by Zsuzsa Csiki (Partner, Head of Corporate M&A in Romania) together with Mădălina Perte (Managing Associate) and involved a very talented and resilient team: Claudia Popescu (Special Counsel) and Ioana Popescu (Associate). Kinstellar Romania has emerged as a premier legal advisor in

News July 2024

Kinstellar announces New Office Managing Partners in Bratislava and Prague, Adam Hodoň appointed as COO

Kinstellar is delighted to announce the appointment of new managing partners for our Bratislava and Prague offices, and of a new Chief Operating Officer (COO) effective 1 July 2024. Viliam Myšička is the new Managing Partner of the Bratislava Office, succeeding Adam Hodoň. Adam has been appointed as the Firm’s COO. Viliam has been with Kinstellar since its inception and was previously with Linklaters. He leads the M&A service line in Slovakia and serves as the head of the firm-wide Restructuring & Insolvency service line, as well as the co-head of the firm-wide Technology, Media & Telecommunications (TMT) sector.  Viliam brings nearly 20 years of professional experience, advising clients across a wide range

Insights July 2024

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

Insights June 2024

Minority shareholder protection in the AIFC, Kazakhstan

In private companies limited by shares, the most popular form of company established in the Astana International Financial Center ("AIFC") shareholders range from those with majority ownership stakes (i.e. greater than 50%) to those with smaller holdings. The latter, known as minority shareholders, often face challenges due to their limited ability to influence business decisions. Our expertise lies in safeguarding the rights of minority shareholders, offering advice on protection strategies and negotiation tactics to ensure fair outcomes in disputes involving misconduct by directors or controlling shareholders. After five years of closely monitoring the AIFC legislation and practicing corporate law within the AIFC, we believe

Insights June 2024

First in-depth M&A investigation under the EU Foreign Subsidies Regulation: What it means for future M&A deals

The EU Foreign Subsidies Regulation (“FSR”) started to apply on 12 July 2023 as another instrument in the EU regulatory toolkit aimed at preventing distortions of competition on the EU internal market. In the spotlight of the framework are foreign subsidies granted to companies carrying out economic activities within the EU in the context of (i) M&A transactions, (ii) public procurement and (iii) other market activities. Foreign subsidies are all financial contributions provided, directly or indirectly, by non-EU countries, including any transfer of financial resources from non-EU countries such as grants, capital injections, loans, tax incentives, credits and funds. In the context of M&A, the FSR imposes

Deals June 2024

Kinstellar advises Vinci Airports on the strategic EUR 3.1 billion+ acquisition of a minority interest in Budapest Liszt Ferenc International Airport

Kinstellar is proud to have advised Vinci Airports, one of the world’s leading private airport operators, on the strategic acquisition of a minority interest in the group managing the Budapest Liszt Ferenc International Airport. The majority investment in the transaction was carried out by Hungarian state-controlled Corvinus Zrt., a joint venture partner of Vinci Airports. As a result of this acquisition, with a total purchase price of EUR 3.1 billion plus net debt of EUR 1.2 billion, Vinci Airports becomes the operator of the Budapest airport hub.  This transaction is one of the highest profile acquisitions in Hungary, with a record-breaking deal value. It was a highly complex and challenging transaction, entailing intense

Deals June 2024

Kinstellar advises MOL in connection with their landmark Polyol Project in Hungary – MOL’s largest organic investment to date

Kinstellar is proud to have advised the MOL Group, a leading international integrated oil and gas company, in connection with legal aspects of the MOL Group’s flagship EUR 1.3 billion new polyol complex in Tiszaújváros, Hungary. The new polyol complex, which has just been inaugurated, has the capacity of producing around 200,000 tonnes of polyol per year, and providing long-term employment for nearly 300 people. This landmark project had started in 2017 and Kinstellar has been assisting MOL in connection with the project from 2020. As a result of this project MOL has become the first company in the CEE region to have a fully-integrated value chain from crude oil to polyol production. The Kinstellar team

Deals May 2024

Kinstellar advises Globalworth on the sale of logistics portfolio in Romania to CTP

Kinstellar is delighted to announced that it has advised Globalworth, a leading office investor in Central and Eastern Europe (CEE), on the sale of a part of its logistics portfolio to CTP, the largest owner and developer of logistic and industrial spaces by gross leasable area in CEE. The transaction was signed in March 2024 with closing having occurred in May 2024. This transaction is the largest real estate deal in Romania in 2024 so far. The portfolio comprises almost fully-let logistics and light-industrial facilities in Chitila and Afumati (near Bucharest), Oarja (near Pitesti), Giarmata (near Timisioara), Oradea and Arad. Kinstellar advised on all transactional matters, including drafting, negotiation and execution

Insights May 2024

Redomiciliation under AIFC Laws revisited: Definition, benefits, process and booming trend

The Astana International Finance Centre ("AIFC") continues to be a destination point for foreign companies seeking growth and stability in their operations. In addition to the traditional incorporation of companies, the AIFC enables the registration of foreign companies under the “Transfer of incorporation” scheme, i.e., through redomiciliation. It has been five years since the first successful case of “Transfer of incorporation” by Kazakhstan Energy Reinsurance Company Ltd. ("KERC") from Bermuda to the AIFC. Kinstellar acted on this first-of-its-kind redomiciliation project, which set a precedent for the transfer of other foreign operations and capital from overseas to the AIFC. Thus, considering the growing interest

Insights May 2024

Investing in a variable capital company in Bulgaria

In less than two months, businesses will have the opportunity to start using a new corporate vehicle available in Bulgaria – the variable capital company (“VCC”). The VCC structure has been designed to give more flexibility to founders and start-ups while reducing initial incorporation costs. But does this flexibility also benefit investors? Below are some considerations that investors should keep in mind before investing in a VCC: Increased importance of a thorough corporate due diligence – To date, entrepreneurs in Bulgaria have tended to use limited liability companies to start their businesses. Investors can quickly and easily verify the title over shares and the capital and shareholding structure

Deals May 2024

Kinstellar advises S IMMO AG on its acquisition of a EUR 463 million property portfolio in the Czech Republic

Kinstellar has successfully advised S IMMO AG, a real estate investment company, on the successful acquisition of a property portfolio in the Czech Republic from CPI Property Group. The portfolio consists of two office buildings, two shopping centres, a mixed-use property and a single-tenant retail building. The property value of the transaction is EUR 463 million with an annual rental income value of around EUR 28.3 million. We're delighted to have supported S IMMO AG in their strategic acquisition, enhancing their footprint in the Czech real estate market. We believe our expertise played a role in the successful outcome of this transaction, showcasing our team’s ability to efficiently handle major real estate deals.Klára