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Settlement procedure: Overview for businesses in light of Ukraine's new competition law
Building on established practices, and taking inspiration from the successful experiences of international partners, the Ukrainian competition authority (the Antimonopoly Committee of Ukraine) has introduced a settlement procedure for cartels and abuse of dominance cases. The procedure became effective on 30 January 2024 within the framework of recent competition law reforms. The procedure is designed as a "win-win" enforcement tool that can both simplify and expedite the adoption of cartel or abuse of dominance decisions, and reduce fines by 15%, provided that defendants meet the respective competition authority eligibility requirements. For more details, please see our leaflet covering this topic in English and
Kinstellar advises Wizz Air on the lease of its headquarters in Hungary
Kinstellar has successfully advised Wizz Air in connection with the preparation and negotiation of a lease agreement for its new office headquarters in Millennium Tower, Budapest. The deal is one of the largest transactions of its kind on the Hungarian real estate market recently. Our team advised on various legal aspects throughout the transaction, the subject of which is the lease of more than 8,000 sqm in a Class A office building in Budapest. Kinstellar’s team was led by Partner Annamária Csenterics (Co-Head of the Hungarian Corporate/M&A service line) and Of Counsel Mónika Frank (Co-Head of the Hungarian Real Estate service line) and supported by Associate Judit Sós.
Kinstellar advises MAVIR and HUPX on joining Central and Southeast Europe’s largest electricity trading hub
Kinstellar has successfully advised the Hungarian Power Exchange (HUPX), together with the Hungarian Transmission System Operator, MAVIR, on the landmark Project Bluesky transaction: the Hungarian Power Exchange, HUPX’s joining Adex, a leading regional power exchange serving Central and South-Eastern Europe (CSEE). This transaction marks a significant milestone in strengthening and expanding the reach of the regional power exchange group within the region. Adex Group Ltd., which includes operators of power exchanges in Slovenia and Serbia, is recognized as the first regional energy exchange. With this transaction, HUPX becomes the third fully-owned subsidiary of Adex Group Ltd. Subject to regulatory approvals from
Amendments to the Bulgarian Labour Code
Strengthening the home-office regime and enhancing remote workplace safety As workplaces evolve and remote work remains prevalent, amendments to the Bulgarian Labour Code have been recently adopted to reshape the regulations governing home-office arrangements and remote workplace safety standards. The amendments further address the impact of digitalisation and new technologies on work and aim to improve the work-life balance of employees. Mandatory specification of remote workplace An important change is the explicit requirement to define the exact address of the remote workplace. This is already the case in practice, also in line with the authorities’ guidelines. Better clarity in the law will further help to ensure compliance
The International Register of Damage Caused by the Aggression of the Russian Federation against Ukraine is launched
The application process for the International Register of Damage Caused by the Aggression of the Russian Federation against Ukraine (the "Register") has been launched. The launch of the Register marks the next phase of the proposed International Compensation Mechanism, which is intended to be expanded and enhanced. Click on one of the images below or click on the following links to read the alert in English or in Ukrainian. Download in English: Download in Ukrainian:
Kinstellar advises UEG on the acquisition of a solar project in Bulgaria with a forecasted capacity of 250 MW
April 2023 – Kinstellar has supported United Energy Group (UEG)’s internal legal team, Leslie Zhang, Yu Zheng, Yao Liu and other UEG in-house counsels, on the acquisition of Green Profit EOOD, a developer of a photovoltaic (PV) project under construction. The Simeonovgrad-Polyanovo PV project, located in southern Bulgaria, has a forecasted capacity of 250 MW. Kinstellar led and negotiated the entire transaction, including the share purchase agreement and other transaction documents. UEG is a Hong Kong-based producer of traditional and renewable energy that has recently expanded its presence in the European energy market. The multi-disciplinary team that advised UEG was led by Nina Tsifudina (Partner) and Atanas Mihaylov (Counsel)
Kinstellar to continue the operation of Noerr’s CEE practice in the Czech Republic, Hungary, Romania & Slovakia
Noerr and Kinstellar are very pleased to announce that Noerr’s practices in Budapest, Bratislava, Bucharest and Prague are to be transferred to Kinstellar. Noerr and Kinstellar have agreed to transfer these practices after the details of the integration are fully worked out. Several important operational and technical aspects, including investments in IT systems, leasehold premises are being worked out and the deal will complete after all necessary regulatory consents and internal approvals have been obtained. Noerr delivers the highest level of service to its clients. For many years, the law firm has successfully pursued a strategy of qualitative growth. Noerr has operated offices in CEE since 1990 and is very proud of the accomplishments
Kinstellar facilitates Araltuz's expansion in Kazakhstan: A landmark English Law transaction
Kinstellar is thrilled to announce our firm's leading role in facilitating a significant transaction whereby the European Bank for Reconstruction and Development (EBRD) has made an investment in Araltuz, a leading Kazakhstan-based producer of table and low-grade technical salt in Central Asia. Led by our outstanding team, including Joel Benjamin, Managing Partner for Central Asia, Kuanysh Shekerbekov, Counsel in Kazakhstan, and Bianka Kovács, Associate in our Budapest office, we provided expert counsel on this ground-breaking transaction governed by English law. Our collaborative effort, supported by Almas Zhaiylgan, Counsel in Kazakhstan, and other colleagues, demonstrated our firm's cross-border capabilities and deep
Improved leniency policy: Overview for businesses in light of Ukraine's new competition law
A leniency procedure has been in place in Ukraine for many years. However, available data suggests it has been severely underutilised. A recent first stage of competition law reforms in Ukraine introduced, among other things, an improved leniency policy. The changes, implemented in February 2024, are aimed at aligning the respective local regulations more closely with EU laws. The most noteworthy changes include: in addition to full immunity for a first applicant, the programme offers a reduction in fines for other cartel participants applying for leniency; the possibility to conduct anonymous preliminary consultations with the regulator; a detailed procedure for obtaining a marker.
Kinstellar advises Nestlé on the sale of BOCI chocolate brand in Hungary
Kinstellar has successfully advised the world-leading food company Nestlé on the sale of the iconic Hungarian chocolate brand 'BOCI,' with a heritage spanning nearly a century, to Cerbona, a prominent Hungarian food manufacturing company. Closing is scheduled to take place in May 2024. Kinstellar advised on transactional, commercial law, competition law as well as intellectual property matters. Notably, the transaction involved intricate intellectual property assets, adding complexity and challenge to the process. Kinstellar team was led by Gábor Gelencsér, Partner, supported by Gergely Simon Lipták, Associate. The team also included Dániel Nagy, Managing Associate (IP law), Péter Vörös, Partner
Key milestone in corporate governance reform: Ukraine enacts long-awaited law on the further liberalisation of the SOE sector
The Law of Ukraine “Introducing Amendments to Certain Laws of Ukraine on the Enhancement of Corporate Governance” (the “Law” or the “SOE Law”) entered into force on 8 March 2024. This Law is a significant step towards the alignment of the Ukrainian legal framework for state-owned enterprises (“SOEs”) with international best practices, particularly the OECD Guidelines for Corporate Governance of SOEs. The Kinstellar team was honoured to contribute to the drafting of the Law directly, within the framework of our cooperation with the EBRD. Reflecting this first-hand experience, Kinstellar highlights the role of the adopted Law for the SOE sector, the overall business environment and the broader post-war
Kinstellar advises S IMMO AG on the sale of Zagrebtower
Kinstellar has successfully advised S IMMO AG on the sale of Zagrebtower office building to the OTP Group. The transaction is expected to close in the third quarter of 2024, subject to the necessary regulatory approvals. Kinstellar advised S IMMO AG throughout the process including on structuring of the transaction, due diligence, and transaction negotiations. Located in the heart of the Croatian capital, the class A office building encompasses a total net area of almost 26,000 m² and has a BREEAM International In-Use Excellent certificate. Zagrebtower consists of a 22-storey, 79 metre office tower with a connected nine-storey low-rise building. The tenants include the Croatian Ministry of Economy and