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Kinstellar advises on landmark acquisition of ČSA and Smartwings by Pegasus Airlines
Kinstellar, in collaboration with Addleshaw Goddard, is proud to have advised on the landmark acquisition of Czech Airlines (ČSA) and Smartwings by low-cost carrier Pegasus Airlines for EUR 154 million (CZK 3.8 billion). This significant transaction, which includes the entire share capital of Smartwings Group and its liabilities, is expected to close by 2026, pending regulatory approval. Both Smartwings and Pegasus will continue to operate under their respective brands as they focus on growth, safety, and enhancing customer experience. Led by Jan Juroška (Partner) and Michal Kníž (Managing Associate), the team included Iva Bilinská (Managing Associate), Zuzana Konečná, Arťom Gnědin, Pavel Hrdý
Guidance on FDI screening obligations in Austria
The Austrian ministry responsible for Foreign Direct Investment (FDI) matters, the Federal Ministry for Economy, Energy, and Tourism (“the Ministry”), recently released guidance on the assessment of the filing obligation for foreign direct investments in Austria. In particular, it provided clarification on the scope of critical infrastructure and offered information regarding the acquisition of key assets, controlling influence, as well as the micro-enterprise exemption. In general, Austrian FDI rules apply to foreign direct investments into Austria by non-EU, non-EEA, and non-Swiss persons or undertakings. The Austrian FDI regime applies when such persons or entities acquire an Austrian undertaking, obtain 10%
NIS2 and the New Serbian Law on Information Security
The Republic of Serbia has adopted a new Law on Information Security (Zakon o informacionoj bezbednosti) (“Serbian NIS2”), marking a significant reform of the national cybersecurity framework and alignment with the EU NIS2 Directive. The Serbian NIS2 broadens the range of regulated entities, strengthens institutional coordination, and introduces clearer obligations for organisations operating ICT systems of special importance. Secondary legislation is expected in 2025–2026, and the previous law remains partially applicable until the end of 2025 to secure continuity during the transition period. This article provides an overview of the key novelties introduced by the Serbian NIS2, together with an outline of the
Kinstellar advises Conexio on the sale of a strategic telecommunications infrastructure asset to EXA Infrastructure
Kinstellar has recently advised Conexio on the successful sale of a strategic telecommunications infrastructure asset to EXA Infrastructure, in Serbia. The transaction involved a metro network stretching 860 km, along main Serbian highway corridors, offering the shortest border-to-border routes with low latency and high reliability. The network connects the key Serbian cities of Belgrade, Niš, and Novi Sad, linking to the international borders of Croatia, Hungary, Bulgaria, and North Macedonia, where it interconnects with all major carriers, forming a vital digital backbone for regional connectivity. Kinstellar provided full legal support on this multi-million euro infrastructure asset deal, covering transaction
Croatia introduces Draft Foreign Direct Investment Screening Act
The Croatian Government has introduced the Draft Act on the Screening of Foreign Investments, which is currently undergoing public consultations. The Draft Act seeks to establish a foreign direct investment (FDI) screening mechanism in line with Regulation (EU) 2019/452 and OECD investment standards. Its aim is to create a national framework for reviewing FDIs that may pose risks to national security or public order. The Draft Act is open to public comments (via https://esavjetovanja.gov.hr/) until 3 October 2025. Scope of application The screening mechanism will apply to: Foreign investors – natural or legal persons from third countries, and EU entities that are under direct or
Kinstellar advises the shareholders of Autolift Group on strategic partnership with CAPCELLENCE
Kinstellar has advised the shareholders of Autolift on the conclusion of a majority strategic partnership with Hamburg-based private equity investor CAPCELLENCE Mittelstandspartner. As part of the transaction, CAPCELLENCE acquired a majority stake in the company, while the sellers remain significantly invested and will continue to contribute to the company’s growth mission. Autolift, a leader in the field of vehicle lifting technology for 35 years, with subsidiaries in Hungary, Serbia, Germany and India, has evolved from its roots in the automotive sector into a global provider of lifting systems for rail vehicles, as well as lifting and turning devices. With headquarters in Austria, the Autolift group supplies its
Three new state aid schemes are driving Romania’s move toward zero-emission transport
The Ministry of Transport and Infrastructure (MTI) in Romania has recently launched three state aid schemes, financed through the Modernisation Fund, to accelerate the transition to zero-emission transport: Zero-emission vehicle acquisition (EUR 299 million); e-MOVE RO (EUR 250 million); e-Mobility RO (EUR 299 million). All schemes are managed by MTI and awarded through a competitive selection process. Click on the image below or use the following link to read our detailed overview of the schemes in English.
Updates on NIS2 in Romania
Following up on our initial article regarding the transposition of the NIS2 Directive (EU) 2022/2555 (“NIS2”) in Romania via Government Emergency Ordinance no. 155/30.12.2024 (“GEO 155”), we would like to inform you of the following relevant evolutions in this area as of today, 20 August 2025: The Romanian National Directorate for Cybersecurity ("DNSC”) has issued the long awaited application norms for registering with DNSC as important or essential entity. DNSC Order no. 1/2025 was published in the Official Gazette of Romania on 20 August 2025. As of publication, in-scope entities have 30 days at their disposal to register with DNSC. Registration should primarily be done using the online
Public–private partnership reform in Ukraine
On 30 July 2025, the President of Ukraine signed Law No. 7508, aimed at optimising the mechanism for attracting private investment into post-war infrastructure recovery efforts through public-private partnerships (PPPs). The law, save for a few exceptions, will come into force three months after its official publication. The reforms enact a new version of the Law “On Public-Private Partnership” and also introduce significant changes to the Law “On Concessions”, along with related laws governing urban planning, highways, land relations, railway transport, and other sectors. Below we summarize the key innovations: 1. Expansion of PPP usage and concessionsOpening up additional entry points for private
Navigating NIS 2: How businesses can achieve cybersecurity compliance across the EU
The NIS 2 Directive is the European Union’s cybersecurity framework that requires considerable efforts by companies in sectors like energy, transportation, life sciences and digital infrastructure to establish the required compliance. The directive mandates that the companies within the scope of NIS 2 implement a large number of technical and organizational measures to manage cybersecurity risks and puts cybersecurity as a top management responsibility. EU Member States must transpose the NIS 2 Directive into their national acts of law. Although a number Member States are delayed in this legislative process, other jurisdictions are already well past requiring registration and implementation of cybersecurity risk management.
EU adopts 18th sanctions package against Russia
On July 18, the European Council adopted its 18th sanctions package to be imposed on Russia for its continued war in Ukraine. The sanctions are mainly aimed at entities and activities concerning the military, energy, and banking sectors. The package also includes efforts to provide protection for Member States against investment arbitration and additional measures against the circumvention of the sanctions in place. We summarize the key issues touched on by the new amendments below. Military sanctions Measures aimed at the Russian military industrial complex and its suppliers include tighter export restrictions on certain dual-use goods and technologies for 26 new entities, 11 of which are located
Kinstellar supports Ukraine in its reconstruction efforts and launches dedicated Ukraine reconstruction projects website
Kinstellar has launched a firmwide initiative to support Ukraine in its recovery and reconstruction efforts. Our Kyiv Office continues providing full commercial counsel and legal support in Ukraine to international and domestic clients, with particular emphasis on the Infrastructure & Construction, Defence, Energy & Projects, and Mining & Minerals sectors. The Ukrainian government has given top-priority to these areas, and our team closely monitors related opportunities for our clients. We also draw on the combined experience of our 300+ lawyers in 12 jurisdictions in Central and Eastern Europe (CEE), Southeast Europe (SEE), and Central Asia to assist clients in some of the most ambitious reconstruction