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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 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

Deals May 2024

Kinstellar, together with Rymarz Zdort Maruta, advises SMYK Group on the amendment and extension of its financing

Kinstellar has successfully advised SMYK Group and its Romanian subsidiary, SMYK All For Kids, on all Romanian law aspects concerning the amendment and extension of its group financing. The financing transaction involved an extremely tight timeline and required seamless alignment, as it was conducted simultaneously with Bridgepoint’s sale of shares in Smyk Group to Accession Capital Partners (ACP). Kinstellar was previously selected by SMYK Group as its local advisor on various iterations of this financing, and also advised Bridgepoint on the local law aspects of Smyk’s acquisition in 2016. Smyk, established in 1952, is an iconic brand and Poland’s largest chain of stores selling toys, clothing for children

Deals May 2024

Kinstellar advises BIG Mega Renewable Energy on a EUR 92 million financing with EBRD and OTP Bank for the construction and operation of the Urleasca wind farm in Romania

Kinstellar has successfully advised leading developer BIG Mega Renewable Energy on a EUR 92 million financing agreement with the European Bank for Reconstruction and Development and OTP Bank to build and operate the 102 MW Urleasca wind farm in Brăila county, Romania. The milestone project marks BIG Mega Renewable Energy’s first renewable investment in Romania, with the signing of the financing agreement highlighted as a crucial milestone for the company’s expansion strategy in Romania and the Balkans. The Urleasca wind farm is expected to make a significant contribution to Romania’s renewable energy goals, with generation capacity of 292 GWh per year. The financial closing is expected mid-2024. Kinstellar’s

Insights April 2024

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

CSRD implementation: regional progress uneven as deadline draws near As the 6 July 2024 deadline for implementation of the EU Corporate Sustainability Reporting Directive (EU) 2022/2464 (the "CSRD") approaches, a new landscape of reporting standards is beginning to take shape across Central and Eastern Europe ("CEE"). Three of the six countries in CEE (the Czech Republic, Hungary and Romania) adopted legislative acts in the beginning of 2024 that, at least partially, implement the CSRD into national legislation. The progress in Slovakia, Bulgaria and Croatia however has been slower. Our third status update on the CSRD implementation in Bulgaria, Croatia, the Czech Republic, Hungary, Romania and Slovakia is available here. For

Deals April 2024

Kinstellar advises the hospitality division of the House of Julius Meinl group on the purchase of the historic Hotel Ambasador in central Bucharest

Kinstellar is delighted to announce it has advised the hospitality division of the House of Julius Meinl on the completion of the purchase of the Hotel Ambasador, one of the most famous hotels in Bucharest. Operating continuously since 1937, it is an iconic landmark in the city. The transaction structure was complicated, as it involved different, numerous sets of owners and involving both share and asset transaction aspects. It took several months to negotiate and close. Julius Meinl intends to invest tens of millions of EUR to refurbish the hotel and bring it to the standards of its “The Julius” brand operating elsewhere. Kinstellar advised on all aspects of the matter, including real estate due diligence

News April 2024

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

News March 2024

Kinstellar announces new series of promotions across multiple service lines in Bucharest, Romania

Kinstellar is delighted to announce a new series of promotions in our Bucharest office: 6 of our lawyers, active across multiple service lines, have been promoted to the positions of Senior and Managing Associate. These promotions reflect the office’s commitment to put the right team in place to provide comprehensive legal solutions in a wide range of practices, including corporate M&A, employment, dispute resolution, energy, or real estate.   Lidia Zărnescu, Cătălin Roman and Mihai Stan have been promoted to Managing Associate, bolstering their contribution to the office’s employment, dispute resolution and corporate and M&A recent accomplishments. Lidia Zărnescu is a senior lawyer who boasts

Insights March 2024

CfD Scheme soon to be launched in Romania

On 14 March 2024, the Romanian Ministry of Energy launched for public consultations the draft Government decision on the approval of the general legal framework for the implementation and functioning of the Contracts for Difference support scheme for low carbon technologies ("CfD Scheme"). There is a short deadline for public consultations: 25 March 2024. In early March, Romania received the green light from the European Commission to launch a EUR 3 billion state aid programme to promote the deployment of wind and solar photovoltaic (PV) capacity to meet its energy transition goals. The support scheme foresees two auction rounds, in 2024, the first auction of 2 GW, consisting of 1 GW solar and 1 GW wind; and in 2025

News March 2024

Kinstellar announces new promotions to Counsel

February 2024 – Kinstellar is delighted to announce the promotions to Counsel of: Yerlan Akhmetov, Kuanysh Shekerbekov (Almaty, Kazakhstan), Cătălin Dinu, Cătălin Graure (Bucharest, Romania), Barnabás Sági (Budapest, Hungary), Yulia Eismont, Maksym Tesliar (Kyiv, Ukraine), Michal Forýtek (Prague, Czech Republic),  Andrijana Kaštelan, Vedran Kopilović, Marija Vuchetich (Zagreb, Croatia). ALMATY Yerlan Akhmetov focuses on banking and finance, M&A and capital markets matters. Having been with the Firm for nine years, Yerlan has earned a reputation for cultivating strong client relationships, demonstrating leadership qualities and making significant contributions to our firm's success. He has played a key role

Insights February 2024

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

With the 6 July 2024 deadline for the implementation of the EU Corporate Sustainability Reporting Directive (EU) 2022/2464 (the "CSRD”) looming, Member States across the EU have been moving at different speeds to adopt their respective local implementing legislation. Our second status update on the CSRD implementation in Bulgaria, Croatia, the Czech Republic, Hungary, Romania and Slovakia is available here. At the time of writing, three of the six countries in Central and Eastern Europe that we have been following – the Czech Republic, Hungary and Romania – have already adopted legislative acts that, at least partially, implement the CSRD into national legislation. Slovakia has brought a draft act to parliament