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Serbia’s new law on beneficial ownership: Key changes you need to know
Serbia's new Law on the Central Register of Beneficial Owners (“Official Gazette of the RS”, No. 19/2025, 51/2025 and 60/2025, “Law“) has been adopted and effective since 14 March 2025. Most provisions apply from 1 October 2025, except a few provisions concerning: the obligation of legal entities to retain documents supporting the beneficial owner registration, including identification files, which applies immediately from the Law's entry into force, as well as the associated misdemeanour offence for non‑compliance; and the interconnection of the Central Register of Beneficial Owners (“Central Register”) with the European Central Platform, which applies from the
Kinstellar advises Macopharma Group – GMPi on its acquisition of Lmb Technologie
We are delighted to announce that the Kinstellar Belgrade team, in collaboration with international advisor Forvis Mazars Germany, has successfully advised Macopharma Group – GMPi, a global leader in the healthcare industry, on its acquisition of Lmb Technologie. Macopharma has been a leader in the blood industry for over 45 years, and this acquisition is a key element of its five-year strategic plan to expand its product range and further strengthen its position in the European, American, and Middle Eastern markets. As part of the expansion in Serbia, Lmb plans to extend its factory in Niš, by 2,500 square meters, creating 30 new jobs in addition to the existing 120 employees. A heartfelt thank you to
Kinstellar advises Madison Debt Holdings on the sale of Conexio Metro to A1 Serbia
We are pleased to have advised Madison Debt Holdings on the successful sale of Conexio Metro DOO Beograd, the owner of a metro optic network in Belgrade, to A1 Serbia. The metro optic network, running through the sewage system to connect end-users, is a unique and highly sought-after telecom infrastructure in Serbia. Kinstellar’s Belgrade team provided expert guidance through one of the most complex transaction structures in the market, crafting the corporate spin-off process and leveraging deep industry knowledge to ensure the successful carve-out of the metro network into a newly established company. This paved the way for a seamless share sale to A1 Serbia of spun off telecom assets. The Kinstellar team
Kinstellar advises GTC on the sale of GTC X office building in Belgrade
Kinstellar has successfully advised Globe Trade Centre (GTC), a leading real estate investor and developer in Central and Southeast Europe, on the sale of its subsidiary, Glamp doo Beograd, that owns the GTC X Building, to Forstone Realty doo Beograd. The GTC X Building is located in a prime area of New Belgrade (Serbia), and encompasses nearly 18,000 square meters of office space. In addition, the building features 300 parking spaces across a three-level underground garage. Kinstellar's M&A team in Belgrade included Partner Milan Samardžić, Managing Associate Mina Srećković, and Associates Đorđe Ilijašević and Jelisaveta Folić.
Kinstellar advises Lafarge Serbia on the acquisition of 100% of shares in SPV TRIBEX MINING
Kinstellar is proud to have advised Lafarge Serbia, a member of the Holcim Lafarge Group, on the acquisition of 100% of shares in SPV TRIBEX MINING, the owner of the Jazovnik stone quarry. As the world’s leading cement manufacturer, Lafarge continues to strengthen its presence in the Central and Eastern Europe (CEE) region through this strategic expansion. Our team provided comprehensive support throughout the transaction, from legal due diligence to transactional support and closing activities. The M&A team in the Belgrade office was led by Miloš Velimirović, Managing Partner and Mina Srećković, Managing Associate, along with Associates Đorđe Ilijašević and Jelisaveta Folić, with the assistance
Kinstellar advises e& PPF Telecom Group on their acquisition of SBB Beograd
Kinstellar’s Belgrade team, together with Sullivan & Cromwell, has successfully advised e& PPF Telecom Group, an operator majority-held by the global Emirati-based telco e&, with Czech Group PPF as the other shareholder, on the acquisition of SBB Beograd. The deal, structured on a debt-free and cash-free basis, paves the way for e& PPF Telecom Group to merge SBB with Yettel, its mobile operator. This merger will unlock new opportunities, enhancing services for clients in Serbia. SBB will continue its media broadcasting operations seamlessly. In parallel, United Group has divested 100% of its NetTV Plus, DTH assets in Serbia and North Macedonia, as well as Sport Klub rights licenses in the Western
Kinstellar advises Shamrock Capital on its strategic investment in DE-YAN in Serbia
Kinstellar’s team in Serbia, working in collaboration with and through the referral of the international law firm Willkie Farr & Gallagher, has advised Shamrock Capital, a Los Angeles-based investment firm, on its strategic investment in DE-YAN, a leading global experiential consultancy known for its top-tier design, integrated creative strategy and digital innovation. Kinstellar has provided legal support throughout the process, including the preparation of legal due diligence, assistance with the transaction documentation, and advising on pre- and post-closing activities. The team was led by Managing Associate Mina Srećković, along with Managing Associate Kristina Stojanović, Senior Associates Mario
Kinstellar advises banking consortium on Telekom Srbija’s tower deal
Kinstellar’s team in Serbia, together with global law firm Paul Hastings, has successfully advised Deutsche Bank, Alpha Bank, UniCredit, and UniCredit Bank Serbia on a EUR 205 million financing for global investment firm Actis in relation to their acquisition of a carved-out tower portfolio from Telekom Srbija, a leading telecommunications operator in the Central and Eastern European (“CEE”) region. The carved-out portfolio is comprised of approximately 1,800 macro towers across Serbia, Bosnia & Hercegovina, and Montenegro. Kinstellar’s team, led by Petar Kojdić (Partner) and Mina Srećković (Managing Associate), played a pivotal role advising on the financing aspects of this transaction. Our