Kinstellar to continue the operation of Noerr’s CEE practice
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Kristóf Ferenczi is appointed Firm Managing Partner of Kinstellar

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Insights June 2024

Navigating the Regulatory Landscape: An Overview of Banking as a Service

In an era defined by digital transformation and the ever-evolving landscape of financial services, the concept of banking as a service (“BaaS”) has emerged as a key force reshaping the industry. By enabling non-bank entities to offer financial services through partnerships with licensed banks or financial institutions, BaaS has opened up a new realm of possibilities, facilitating innovation, enhancing customer experience and promoting financial inclusion. However, realising these opportunities is closely linked to navigating the complex regulatory framework that governs BaaS operations. BaaS can take various forms, allowing non-licensed entities to provide financial products such as banking, payment, e-money

Insights June 2024

Update on the ESG reporting obligations in Bulgaria, Croatia, the Czech Republic, Hungary, Romania and Slovakia

CSRD implementation uneven a month before deadline June 2024 – With less than a month to go before the 6 July 2024 deadline for transposing the EU Corporate Sustainability Reporting Directive (EU) 2022/2464 (the "CSRD", the “Directive”), countries in Central and Eastern Europe (“CEE”) are still at different stages of implementation. While Romania and Slovakia have completed their legislative processes, Bulgaria and Croatia are still in the legislative pipeline. The Czech Republic and Hungary have completed, at least partially, their transposition, with additional legislation still to be implemented, albeit within uncertain timeframes. For a more comprehensive overview of each stage of the progress on CSRD transposition

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

Insights June 2024

Lifting financial assistance prohibition in Slovakia by allowing whitewash procedure

Effective 1 March 2024, financial assistance, i.e., the so-called whitewash procedure, is allowed for joint-stock companies, subject to certain conditions. Previously, such financial assistance was completely prohibited for joint-stock companies. No other types of companies in Slovakia were subject to this limitation. 1. What is the whitewash procedure? Financial assistance is defined as granting advance payments, loans or credits by a target company for the purpose of acquiring its shares and granting security by such company for this purpose. The financial assistance rules apply also for establishment of pledge over the company’s own shares as well as for acquiring, subscribing or establishing a pledge

News June 2024

Kinstellar sponsors a private dinner in Berlin between Oleksandr Kamyshin, Minister of Strategic Industries of Ukraine, and leading international defence companies

Kinstellar was pleased to have been invited by hosts US-Ukraine Business Council (USUBC) to sponsor an off-the-record dinner with Oleksandr Kamyshin, Minister of Strategic Industries of Ukraine, and C-suite executives from leading global defence companies, at the sides of the Ukraine Recovery Conference (URC) in Berlin. Kinstellar Partner, Daniel Bilak, moderated a wide-ranging and lively discussion between Minister Kamyshin and the defence industry participants that also involved Deputy Ministers Hanna Hvozdiar and Serhiy Boyev. Oleksandr Kamyshin noted, “We are grateful to our international partners for your vital support of Ukraine and the on-going development of Ukraine’s defence industrial base. My ministry

Deals June 2024

Kinstellar advises Canadian Nuclear Partners on the framework agreement with Nuclearelectrica for the refurbishment of Unit 1 at the Cernavoda nuclear power plant

Kinstellar has advised Canadian Nuclear Partners (a subsidiary of Ontario Power Generation, one of the world’s largest power generators, and a corporation wholly owned by the Government of Ontario) on the framework agreement for the refurbishment of Unit 1 at the Cernavoda nuclear power plant, operated by the state-owned nuclear energy producer, Nuclearelectrica. The framework agreement has an approximate value of EUR 240 million and represents a critical milestone in completing the refurbishment of Unit 1. Canadian Nuclear Partners will support Nuclearelectrica with the delivery of project management services, technical assistance, consultancy services and professional training specific for the refurbishment of

Deals June 2024

Kinstellar advises ING Bank on a new EUR 150 million senior facility granted to Romanian telecommunications service provider DIGI Romania

Kinstellar, together with Linklaters LLP, has successfully advised ING Bank N.V. on a EUR 150 million senior facility agreement granted to DIGI Romania, the leading Romania-based paid television and telecommunications provider (and part of Dutch-registered Digi Communications N.V.). The term loan has a maturity of three years and will be used for the refinancing of the EUR 450 million senior guaranteed bonds issued by DIGI Romania, which are due in 2025. ING Bank N.V. acted as arranger and original lender, with ING Bank N.V. London Branch acting as facility agent. Kinstellar’s office in Romania has advised on various iterations of this transaction since 2016 and has thus been thoroughly involved in preparing

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

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Kinstellar acts as trusted legal counsel to leading investors across Emerging Europe and Central Asia. Our reputation for quality, excellence and integrity speaks for itself.

With offices in eleven jurisdictions and over 300 local and international lawyers, we deliver consistent, joined-up legal advice and assistance across diverse regional markets – together with the know-how and experience to champion your interests while minimising exposure to risk.

Our clients include leading international and regional corporations, banks and other financial institutions, state bodies, multi-lateral institutions, and international law firms with clients that require top-quality legal counsel in our jurisdictions. We handle the most important and complex assignments for clients across diverse industries and business sectors.

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Newsfeed

Kinstellar was pleased to have been invited by hosts US-Ukraine Business Council (USUBC) to sponsor a private dinner with Oleksandr Kamyshin, Minister of Strategic Industries of Ukraine, and C-suite executives from leading global defence companies, at the sides of the Ukraine Recovery Conference (URC) in Berlin on 12 June.

🌟 🎤 🇺🇦 Larysa Gorbunova, Senior Associate at Kinstellar’s #Ukraine office, spoke at the Cannabis Summit in Krakow on June 6-7.🌿 As part of the Life Science and International Cannabis Law panel, she shared her expertise on recent significant developments in Ukrainian cannabis regulation. 👩⚖️ 💬 Larysa noted, "The summit brought together passionate experts from many countries, including Ukraine, Poland, Lithuania, France, Germany, the U.S., Canada and Mexico. We had an excellent opportunity to discuss each country’s challenges and opportunities relating to simplifying patient access to medical cannabis.” 🌐 She also added, “I am proud that Ukraine is set to become a player in the cannabis pharmaceuticals market. Despite Russia’s ongoing full-scale invasion (and the effects of a war against our state that began in 2014), Ukraine continues implementing crucial EU best practices. Developed in compliance with EU standards, a new legal framework for cannabis will come into effect in Ukraine in mid-August 2024. Ukraine’s business environment is gearing up to meet the challenges and opportunities of this new industry – all amidst a challenging backdrop. Meanwhile, international partners in the field continue to demonstrate a willingness to support us in meeting patient needs. Feeling this support gives us great strength!" 💼 The Cannabis Summit is a unique B2B conference series designed for industry leaders and professional service providers working in the regulated cannabis industry. #cannabis #medicine #pharma #cannabisnews #cannabisindustry #law #bar #womeninlaw #regulation #industry #kinstellar #europe #ukraine #hemp

📢 🇷🇴 Delighted to announce that the #Bucharest team has advised Canadian Nuclear Partners on the framework agreement with #Nuclearelectrica for the refurbishment of Unit 1 at the #Cernavoda #nuclear power plant in #Romania. 🚩 The framework agreement has an approximate value of EUR 240 million and represents a critical milestone in completing the refurbishment of Unit 1. 🙌 Kudos to our team assisting on the mandate, coordinated by Iustinian Captariu (Partner, Head of the firm-wide #Energy sector and service line) who was supported by Cătălin Graure (Counsel), Ioana-Mihaela Criste (Senior Associate), and Dana Sarbu (Associate) on all energy, #competition and public procurement matters, Cosmin Vasilescu (Senior Associate) on all #corporate matters, as well as Lidia Zarnescu (Managing Associate) on all #employment law matters ✨. 👉 Kinstellar has been advising Canadian Nuclear Partners on all matters since its entry on the Romanian market. 🔗 https://lnkd.in/dS-9V5MV #donedeals #infrastructureprojects #CanadianNuclearPartners #leadinglawfirmRomania #exceptionaltogether

📢 Meet us at the LegalTechTalk on 📅 13 and 14 June, 📍 in #London, one of the largest events in #Europe focusing on #digital transformation in the #legal industry.   🎤 Ferenczi Kristóf, Firm Managing Partner, joins the event as a #speaker in the #panel “How to Drive Change Successfully in a Law Firm”, 🕐 tomorrow, starting at 12:10 PM (Blue Stage).   ➡️ The event aspires to be a catalyst for #innovation in the legal space, bringing together 2,500 in-house professionals, law firm leaders, LegalTech start-ups and investors for two days of insights, inspiration and networking.   ✨ We are honoured to join LegalTechTalk! Looking forward to connecting with you soon 🤝🏻   #intheknow #legaltechconference #legalevents #lawfirm

📢 🇷🇴 Proud to announce that our team in #Romania, together with Linklaters, has successfully advised #ING #Bank N.V. on a new EUR 150 million senior facility granted to the Romanian telecommunications service provider #DIGI Romania (former RCS & RDS). 👉 Kinstellar has previously been selected to advise on various iterations of this transaction since 2016. 🙌 Kinstellar’s local team was led by Magda Raducanu (Special Counsel, Head of Banking & Finance in Romania and Co-head of the firm-wide service line), together with Razvan Constantinescu (Managing Associate), supported by Alexandra Sofineti (Associate). 🔗 https://lnkd.in/dHeniJWK #donedeals #exceptionaltogether #leadinglawyers

📢 🇭🇺 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 €3.1 billion plus net debt of €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. ⭐ 🌟 The Kinstellar team was led by Annamaria Csenterics (Partner, Co-head of the Corporate M&A service line), supported by a core team of Nagy Máté (Managing Associate, #Banking, #Finance & Capital Markets), and Gergely Simon Lipták dr. LL.M. (Associate, Corporate M&A), as well as Péter Vörös (Partner, #Antitrust, #Litigation, #Environment), Fanni Oroszi, LL.M (Associate, Antitrust), Bertalan Ványa (Associate, #Regulatory, Real Estate), Alexandra Cseri (Associate, #Corporate M&A), Judit Sós (Associate, Corporate M&A), Gullai Péter (Managing Associate, #Energy), Viktória Kárnyáczki (Junior Associate, Energy), Daniel Peter (Managing Associate, #Employment), and Szabolcs Szilágyi (Associate, Employment). 💬 “It’s been a privilege to work on such a milestone deal and assist Vinci strengthening its market presence in Europe. I am extremely proud of the team which again demonstrated its outstanding abilities to excel even under highly demanding conditions,” said Partner Annamaria Csenterics.   🤝 Kinstellar worked closely with Vinci’s international legal advisors, the #Paris-based team of Orrick, Herrington & Sutcliffe LLP, led by Partners Yves Lepage, Christophe Lefort, Paul Loisel and Foucaud Jaulin. 🔗 https://lnkd.in/dXcpiWFV #donedeals #VinciAirports #BudapestAirport #StrategicAcquisition #InfrastructureInvestment #Hungary #AirportOperations #JointVenture #InfrastructureDeal #AirportManagement #MergersandAcquisitions

Join Us at Vienna Arbitration Days 2024! 🎉 Why Connect with Us? Expertise 🧠: Benefit from our profound knowledge and experience in arbitration. Innovation 💡: We thrive on collaboration and innovative solutions. Global Insights 🌍: Stay informed with our comprehensive understanding of both global and local perspectives. Meet Radim Kotrba 👨⚖️, Managing Associate at our Prague office and Head of the Prague Dispute Resolution service line, and Richard Remeník 👨⚖️, Associate. Both will be present at the event and ready to engage with you. Interested in a conversation? 🤝 Reach out to us and let's connect! #exceptionaltogether

🌟 We are thrilled to welcome Luke Wochensky to Kinstellar as Partner and Head of our Firmwide #Risk and #Investigations Service Line. 🎯 Luke is a civil- and common-law qualified #lawyer, and brings extensive #experience in internal and government investigations, cross-border disputes, providing practical counsel to clients in Central and Eastern Europe and Central Asia. 💡 Qualified to practice in New York and a US citizen, Luke has over 15 years of experience representing US and multinational corporations in the region. He specializes in risk mitigation, compliance, and #integrity issues, especially those involving cross-border investigations. He has also led audits related to financial #compliance, anti-money laundering, #corruption, and commercial bribery. 💬 Ferenczi Kristóf, Kinstellar’s Firm Managing Partner, shares: “We are delighted to welcome Luke to Kinstellar. His extensive experience in the CEE region and in managing compliance, risk and sensitive investigation matters, as well as cross-border disputes will be invaluable as we continue to grow our Risk and Investigations Service Line. Luke's commitment to offering practical, business-oriented advice perfectly aligns with our firm's approach and our dedication to our clients. We are excited to have him on board and look forward to the positive impact he will bring to our Firm.” 🙌 Join us in welcoming Luke to our team! 🚀 🔗 https://lnkd.in/di4NFyqu #exceptionaltogether #Kinstellar #Leadership #RiskManagement #Investigations #NewHire #LegalExpertise #Compliance #CrossBorderDisputes #LeadingLawyers #CEE #CentralAsia

📢 🇭🇺 Delighted to announce that the #Budapest team has advised MOL Group, a leading #international integrated #oil and #gas company, in connection with their EUR 1.3 billion Polyol Project in Tiszaújváros, #Hungary. 🏭 The transaction was MOL’s largest organic #investment to date. The new polyol complex has the capacity of producing around 200,000 tonnes of polyol per year, and providing employment for nearly 300 people. 🌟 The transaction was led from Kinstellar’s side by Ferenczi Kristóf, Firm Managing Partner, supported by László Bujáki, Senior Associate in Kinstellar’s #Energy & Natural Resources service line, as well as Balazs Sepsey, Budapest Office Managing Partner. Details about the transaction here 👉 🔗 https://lnkd.in/dksb2Qzf #donedeals #MOLGroup #PolyolProject #Tiszaújváros #Hungary #OilandGas #Investment #OrganicInvestment #PolyolProduction #EconomicDevelopment #EnergySector #OilandGasSector #BusinessGrowth #InternationalBusiness #CorporateAdvisory #LegalAdvice #Teamwork #SuccessStory #MilestoneAchievement #CorporateFinance #IndustryNews