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Kinstellar Budapest advises BYD on the landmark acquisition of IP West office building in Budapest from CA Immo
Kinstellar’s Budapest office has successfully advised BYD, the leading Chinese electric vehicle and battery manufacturer, on the acquisition of the IP West office building in Budapest from CA Immo. The transaction marks a significant step in BYD’s European expansion, with the building set to serve as its European headquarters and is expected to employ over 2,000 people. Located in a prime Budapest office district, IP West comprises approximately 32,100 sqm of leasable office space and 800 parking spaces, making it one of the most attractive commercial real estate assets in the Hungarian capital. The acquisition underscores BYD’s long-term commitment to the CEE region and supports the company’s goal to
Amendment to the Slovak Act on Information Technologies in Public Administration
The Ministry of Investments, Regional Development and Informatization of the Slovak Republic has submitted a proposal to amend the Act on Information Technologies in Public Administration. Its aim is to strengthen the management of the state's digital assets, increase cybersecurity resilience, and introduce clear rules for the use of artificial intelligence in public administration. From the state’s perspective, this is an ambitious reform, but for IT solution suppliers, it introduces numerous negative consequences that fundamentally change the existing contractual practices and business environment. Below is a summary of the key changes and their practical impacts on businesses. 1. Special copyright regime for public
Business Alert: Key amendments to the Bulgarian Whistleblowing Act
On 9 May 2025, the Bulgarian State Gazette published important amendments to the Bulgarian Whistleblowing Act, further aligning the national legal framework with Directive (EU) 2019/1937 of the European Parliament and of the Council of 23 October 2019 on the protection of persons who report breaches of EU law. These amendments aim to strengthen the protection of individuals reporting breaches of both Bulgarian and EU law, while promoting greater transparency and accountability. The key amendments affecting companies include: 1. Restrictions on shared internal reporting channels within the private sector The amendments eliminate the existing possibility for private sector companies within the same economic group
Kinstellar supports Banca Intesa with the launch of mini bonds in Serbia
We are delighted to report that Kinstellar’s Belgrade office provided legal support in preparing the complete set of documentation for Banca Intesa AD Beograd, as part of the bank’s introduction of mini bonds, a new financing tool designed to support Serbian small and medium-sized enterprises (SMEs) via capital markets. This innovative initiative enables SMEs to access alternative financing, diversify their capital sources and secure funding for expansion, innovation and growth, without depending solely on traditional bank loans. Following its success in Italy and Croatia, Banca Intesa is now extending the mini bond initiative to Serbia, offering new financing opportunities for local businesses. The Kinstellar
NBU revises currency restrictions: Support for businesses and targeted enhancement of currency supervision
On 9 May 2025 the National Bank of Ukraine (NBU) published new amendments to existing currency restrictions introduced in February 2022, following the launch of Russia’s full-scale invasion. The revised regulatory provisions are aimed at creating a more favourable environment for attracting foreign capital, while maintaining effective controls over foreign currency flows. Click on one of the images below or use the following links to read our overview in English or in Ukrainian. Download in English: Download in Ukrainian:
Kinstellar advises Baiterek on debut USD 500 million Eurobond issuance
Kinstellar has successfully advised “Baiterek” National Managing Holding in connection with its debut issuance of senior unsecured Eurobonds in an amount of up to USD 500,000,000, under Regulation S / Rule 144A. The bonds are listed on the London Stock Exchange’s International Securities Market (ISM), the Vienna MTF of Wiener Börse, and the Kazakhstan Stock Exchange. Baiterek is Kazakhstan’s primary state-owned development institution, tasked with implementing government economic policy and supporting sustainable development through the financing of key sectors of the Kazakhstan economy. This landmark transaction represents a significant step in Baiterek’s access to international capital markets, further
Kinstellar advises on the financial close of Central Asia’s largest healthcare PPP project in Kazakhstan
Kinstellar is delighted to announce the successful financial close of a landmark public-private partnership (PPP) healthcare initiative in Kokshetau, Kazakhstan. This transformative project, which marks a first for the region in healthcare PPPs, has secured a EUR 365 million financing package, spearheaded by the European Bank for Reconstruction and Development (EBRD) and the Asian Infrastructure Investment Bank (AIIB), alongside key contributors Proparco, ICD, DEG, and the Development Bank of Kazakhstan (DBK). After months of legal structuring, negotiations, and due diligence, the project has officially reached financial close. This milestone unlocks the next phase - the commencement of construction on the 630-bed medical
Kinstellar Bratislava secures win for Magna Slovteca
Kinstellar’s dispute resolution team in Bratislava successfully represented Magna Slovteca in two separate legal disputes brought by suppliers seeking additional compensation based on unsubstantiated invoices. In both cases, the suppliers claimed alleged entitlement to supplementary compensation arising from their business relationship with Magna Slovteca. However, the claims lacked both legal merit and factual basis. Kinstellar convincingly demonstrated to the Slovak courts in both instances that the disputed invoices were unfounded and did not reflect any legitimate contractual entitlement.The courts fully dismissed both claims, and the rulings are now final and binding. Additionally, the claimants were ordered to reimburse
Kinstellar advises on the Romanian law aspects of the recent financing for Polon-Alfa
Kinstellar is pleased to announce that it has advised on the Romanian legal aspects of the recent financing for Polon-Alfa, a portfolio company of Argan Capital, on the establishment of a new continuation fund managed by Argan Capital and the full refinancing of Polon-Alfa’s existing debt. Kinstellar worked alongside Baker McKenzie Poland, which acted as lead counsel on the transaction. Polon-Alfa is a leading manufacturer of fire detection and alarm systems, with a strong presence across Central and Eastern Europe. With a diverse product range and a focus on safety technology, the company serves both industrial and commercial sectors in multiple markets. The financing was secured through P Capital Partners
Commentary re the US-Ukraine Reconstruction Investment Fund Agreement
The intergovernmental Agreement on the establishment of the US-Ukraine Reconstruction Investment Fund (Fund), signed on April 30, 2025, in Washington, D.C. (Agreement) reflects a reset of the US-Ukraine geopolitical relationship and looks to provide a strategic blend of economic investment and security cooperation. First and foremost, the Agreement signals US commitment to a sovereign Ukraine to the international community. It provides the US with a direct stake in Ukraine's economic reconstruction by creating the legal foundation for an economic bond between Ukraine and the US. It seeks to reflect the Trump administration’s market-driven approach to rendering foreign assistance by triggering co-investment mechanisms that
Kinstellar advised MVM on the sale of its telecoms subsidiary MVM NET to Pro-M in Hungary
Kinstellar is pleased to announce that it has advised MVM, Hungary’s leading state-owned energy group, on the successful sale of its 100% stake in MVM NET to Pro-M. The transaction was signed and closed on 30 April 2025. MVM NET is a key player in Hungary’s telecommunications market, operating a nationwide infrastructure network that provides critical communications services to the energy sector and public institutions. This was a highly strategic and time-sensitive transaction, that demanded not only deep legal insight but also efficient coordination and execution across multiple workstreams. This achievement is a testament not only to the dedication and professionalism of our team, but also to the unwavering
European Commission publishes first in-depth decision on the Foreign Subsidy Regulation in e&/PPF
On 4 April 2025, the European Commission issued its long-awaited decision regarding the e&/PPF case, following an in-depth Phase II investigation that ultimately led to the adoption of commitments. The transaction concerns the 50%-plus-one-share acquisition by Emirates Telecommunications Group Company P.J.S.C. (“e&”) of PPF Telecom Group B.V.’s (“PPF Telecom”) telecommunication network and infrastructure businesses in Slovakia, Hungary, Bulgaria, and Serbia. The decision addresses key elements such as the concept of foreign subsidies and the distortion of competition, offering valuable guidance on how the Commission approaches merger reviews under the Foreign Subsidies Regulation (“FSR”). The decision