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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

News June 2024

Luke Wochensky, Central & Eastern Europe/Central Asia Risk and Investigations expert, joins Kinstellar as Partner and Head of Firmwide Risk and Investigations Service Line

Kinstellar is pleased to announce that Luke Wochensky has joined the Firm as Partner and Head of the firm-wide Risk and Investigations Service Line. Luke is a civil- and common-law qualified lawyer with an extensive track record in internal and government investigations, cross-border disputes, and providing commercially sensitive and practical counsel to clients operating 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 operating in the region. He regularly counsels clients in risk mitigation, compliance, and integrity issues, particularly those involving cross-border internal and

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

News May 2024

Kinstellar welcomes new Managing Associate Iva Bilinská to its employment team

Kinstellar is pleased to welcome Iva Bilinská to serve in the position of Managing Associate, covering the employment law agenda within our Prague team. Iva Bilinská brings extensive expertise and a wealth of experience to Kinstellar, particularly in the area of employment law, having practiced in this field for over a decade. A passion for her work serves as a strong motivation to grow professionally and to find innovative solutions for clients. Moreover, such a crucial specialization enables the effective tackling of even the most complex employment law problems, which makes Iva an invaluable addition to our team. Iva offers an extensive work history, including holding positions at renowned firms such as Kooperativa

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

News May 2024

Kinstellar and Strategy Council present the Ukrainian Drone Defence Forum in London

Kinstellar and Strategy Council, supported by D3 Venture Capital, organised the Ukrainian Drone Defence Forum, "Drones: Delivering Victory" at the prestigious Royal United Services Institute in London on May 21. Purpose. In connection with the recent defence partnership signed between the United Kingdom and Ukraine, the Forum’s endeavoured to enhance the collaboration between Ukrainian and British drone manufacturers and technology firms to scale up drone and electronic warfare production – a top partnership priority. The UK government has allocated £325m to support this effort. In this context, we were pleased to work together with the Government of the United Kingdom to deliver an event that would complement

Insights May 2024

Changes to the Ukrainian mobilization laws

Ukraine’s mobilization laws have undergone significant changes. The laws, among other things, introduce new obligations for persons liable for military service, as well as possible sanctions for violations of the law provisions. Please read the complete overview below in English or in Ukrainian. Download in English: Download in Ukrainian: