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TMT Legal Update
Our TMT Legal Update provides insights from our law experts and aims to keep you regularly up to date with sector news, trends and legislation in the Central and Eastern Europe and Central Asia regions. This issue covers key updates from our jurisdictions from the past few months. REGIONAL Implementation status of certain EU regulations Technology 01. New development regarding NIS 2 Directive implementation in various Kinstellar jurisdictions The EU's NIS2 Directive is a cybersecurity act aimed at improving overall cybersecurity in the EU. Member States must implement it by 17 October 2024. Below we provide
Competition Law in the CEE Region: "Cross-Sector Perspectives" Conference
We are pleased to announce Kinstellar’s Competition Law Conference: Cross-Sector Perspectives, taking place on 15 November 2024 at the Hilton Hotel in Belgrade, Serbia. This exclusive event will bring together leading experts to explore the latest developments and challenges in competition law, providing valuable insights across various sectors. T he agenda includes: Fast Forward: Competition and the Current Trends in FMCG, moderated by Olga Šipka, Special Counsel, Co-head Competition & State Aid, Kinstellar, Belgrade Speakers: Stefan Dobrić (Bambi), Vukašin Petković (Nectar Group), Vitaly Pruzhansky (RBB Economics), Branislav Žeravić (Delhaize), Geoffroy van
Tímea Bana, a leading TMT lawyer in Hungary, joins Kinstellar as Partner
Kinstellar is pleased to announce that Tímea Bana, a high-profile Technology, Media, and Telecommunications (TMT), Data Protection (DP) and Intellectual Property (IP) lawyer, has joined the firm’s Budapest office as a Partner and Head of the local TMT service line and sector, effective 14 October 2024. This strategic move reflects Kinstellar’s commitment to enhancing and expanding its TMT team in Hungary to serve our clients seamlessly across all service lines and sectors. With over 20 years of experience at media companies and top-tier law firms, Tímea is a renowned expert in media, telecommunications and entertainment law. She brings a broad range of knowledge and experience across telecommunications regulatory
Kinstellar advises A1 on the acquisition of a significant greenfield site in Serbia
Kinstellar is pleased to announce that it has successfully advised A1 Srbija, a leading telecommunications company in Serbia, on the acquisition of a significant greenfield site in Serbia. A1 Group is a leading telecommunications provider in Central and Eastern Europe, offering advanced communication solutions and digital services to millions of users. Operating in multiple countries including Austria, Slovenia, Croatia, and Bulgaria, A1 Group provides mobile, broadband, TV, and cloud services. Kinstellar provided full legal support throughout the process, including the legal due diligence of the location, negotiations with the seller, signing and notarization of the purchase agreement. This transaction marks another
Kinstellar advises Baiterek National Managing Holding JSC on the sale of Bereke Bank, in Kazakhstan
Kinstellar has advised Baiterek National Managing Holding JSC on the KZT 65 billion (approx. US$135 million) sale of Bereke Bank JSC to Lesha Bank LLC, the first independent Shari'a-compliant Bank authorized by the Qatar Financial Center Regulatory Authority (QFCRA), and a listed entity on the Qatar Stock Exchange (QSE: QFBQ). This significant transaction aligns with the President Kassym-Jomart Tokayev’s drive for foreign investment in Kazakhstan's financial sector. Our involvement highlights our ability to navigate complex legal frameworks, particularly when dealing with government entities. This deal continues to demonstrate Kinstellar’s strong M&A capabilities on transactions involving Kazakhstan and English
Kinstellar advises Banque Fédérative du Crédit Mutuel S.A. on the acquisition of Magyar Cetelem Bank, Hungary
Kinstellar has successfully advised Banque Fédérative du Crédit Mutuel S.A. (owner of Cofidis Bank) on the acquisition of BNP Paribas’s Hungarian subsidiary, Magyar Cetelem Bank. This transaction exemplifies the seamless and efficient teamwork across service lines at Kinstellar's Budapest office. Kinstellar provided comprehensive assistance to Cofidis Bank throughout the entire transaction process, which included extensive corporate support, banking regulatory approvals, merger clearance, competition law considerations, and the closing of the transaction. It was an exceptionally complex deal, characterized by prolonged and detailed negotiations. The Kinstellar team in Budapest was led by Gábor Gelencsér
Kinstellar advises the European defence giant KNDS on opening a subsidiary in Ukraine
Kinstellar is pleased to assist KNDS, the Franco-German military land systems manufacturer, and a key industrial supporter of Ukraine’s battle against Russian aggression, on establishing a subsidiary in Ukraine to support the cooperation between the Ukrainian government, the Ukrainian armaments industry and KNDS in equipment maintenance, production of spare parts and ammunition, leading to the manufacture of complete weapons systems. Partner and Head of the Defence & Security sector, Anastasiya Bolkhovitinova, led the firm’s project team. We are proud to support KNDS Group, whose efforts are crucial to Ukraine’s ability to sustain the fight against the Russian aggressor.Anastasiya Bolkhovitinova, Partner
Kinstellar advises the mandated lead arrangers and bookrunners in relation to a US$300 million syndicated term loan provided to Halyk Bank of Kazakhstan
Kinstellar has successfully advised the mandated lead arrangers and bookrunners on joint stock company Halyk Bank of Kazakhstan’s US$300 million syndicated term loan, which comprises 1-year and 3-year tranches. This marks Halyk Bank’s return to the international syndicated loan market, allowing it to secure vital funding and diversify its capital base under competitive terms. This significant transaction reopens the international syndicated loan market for Kazakhstan banks, highlighting growing international confidence in the sector. The deal was led by Citibank, London Branch, Abu Dhabi Commercial Bank, and Commerzbank. Our legal team was led by partners Joel Benjamin and Adlet Yerkinbayev, with support
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
Kinstellar strengthens its energy team in Budapest with senior expert, Emőke Kovács
Kinstellar is delighted to announce that Emőke Kovács, an accomplished legal practitioner in energy law, has joined the firm’s Budapest office as Of Counsel. With an extensive and well-established career in the energy sector, Emőke’s expertise further enhances the strength and reputation of our energy law team. With over 20 years of experience working at energy companies and law firms, Emőke is a highly respected and trusted legal expert in the field. She focuses on advising clients from the electricity and gas industries on regulatory matters, as well as a wide range of issues within the energy sector. Emőke has significant experience in electricity and gas trading, energy and heat distribution, and compliance
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
Update: Major changes in Bulgarian gambling regulation
As we have previously reported, just a few months ago Bulgaria introduced major changes to the regulations governing organisers of gambling games and activities (including service providers connected with the gambling industry) and gambling advertisements (see the original article here). These changes have recently been further clarified with a decision of the regulator and additional proposed amendments in relevant rules. Below are some key updates: Online advertising A recent decision of the National Revenue Agency (“NRA”) clarifies that the legislative changes were intended to restrict gambling advertisements to Bulgarian media outlets and their websites, rather than across the entire Internet. This means