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Romania’s defence sector outlook – Overview of strategic, legal and financial developments
Romania is entering a new phase in the development of its defence and security sector. In this brochure, we provide an overview of the current strategic, legal, and financial developments driving Romania’s defence transformation, including insights into the National Defence Strategy for 2025–2030, the Security Action for Europe (SAFE) program, and key legislative updates such as Government Emergency Ordinance No. 62/2025. It also highlights key aspects of Romania’s defence procurement processes, industrial cooperation and opportunities for modernisation through innovation and investment, providing a clear picture of the country’s evolving defence landscape. Click on the image below or use this link to
A sector under the spotlight: what recent cases in Romania and at the EU level signal for pharma compliance
Competition and regulatory authorities across Europe are showing renewed vigilance toward the pharmaceutical sector—a field shaped by the intersection of competition law, regulatory frameworks, consumer protection, and IP. Recent cases illustrate that investigations in this area are increasingly complex and precedent driven, offering valuable guidance on how authorities assess commercial behaviour. Sun Wave Pharma case – the Romanian Competition Council unveils unfair competition practices In May 2025, the Romanian Competition Council (“RCC”) announced the conclusion of its investigation into Sun Wave Pharma S.R.L., a major player in the food supplements market in Romania. The inquiry focused on allegations
Bulgaria completes Digital Services Act implementation
Nearly two years after the Digital Services Act (“DSA”) became applicable across the EU and amidst discussions on the “Digital Omnibus” simplification package announced by the European Commission, Bulgaria has finally aligned its national framework with DSA provisions. On 6 November 2025, the Bulgarian parliament adopted amendments to the Electronic Communications Act (“ECA”), confirming the designation of the Communications Regulation Commission (“CRC”) as the Digital Services Coordinator, vesting it with supervisory powers and the authority to certify out-of-court dispute settlement bodies and award trusted flagger and vetted researcher status, while also introducing comprehensive enforcement architecture.
Kinstellar advises the investment-holding company AJFH on the acquisition of Imlek, a leading dairy producer in Southeast Europe
Kinstellar has successfully advised AJFH (the family office of experienced entrepreneur and investor Andrej Jovanović) on the acquisition of Imlek, a leading dairy producer in Southeast Europe, from MidEuropa Partners. The transaction is expected to close in Q1 2026, subject to standard regulatory approvals and completion conditions. Imlek is headquartered in Belgrade, Serbia, and operates production facilities (dairies) in North Macedonia and Bosnia & Herzegovina. Our team provided full-scope legal advice, including transaction structuring, negotiation of the transaction documents, financing, and regulatory/competition support. The project was led by Partner Hugh Owen, supported by Associate James
Austrian Supreme Court clarifies key principles for option agreements
In its recent decision (OGH 16.9.2025, 6 Ob 135/24g), the Austrian Supreme Court (“OGH”) confirmed key principles on the validity of option agreements in shareholder agreements and the need for a shareholder resolution in case of transfer restriction clauses. Hence, the decision is highly relevant for Austrian limited liability companies and their (future) shareholders, in particular private equity investors and family offices. 1. Underlying facts: The case under review involved an Austrian limited liability company (GmbH) (the “Company”) that was established by articles of association dated 30 April 2021 (the “AoA”). The shareholders are (i) a private foundation (Privatstiftung) (the “Shareholder
Regional Competition Law Update – Q3 2025
Kinstellar’s Competition & FDI team is pleased to present the Q3 2025 update to our Regional Competition Review. This latest edition provides a snapshot of recent enforcement activity, legislative changes, and emerging trends across Austria, Bulgaria, Croatia, Czech Republic, Romania, Turkey and Ukraine. Key highlights include the introduction of new “call-in” powers in Bulgaria, as well as proposed and newly implemented FDI regimes in Croatia and Ukraine, alongside a range of developments that are reshaping competition and FDI control across the region, such as: Austria – Enforcement and energy market focus Czech Republic – Merger remedies, sector inquiries, and cartel fines Romania
Kinstellar is ranked among the world’s leading investigations practices in GIR 100 2025
Kinstellar is honoured to be featured in this year’s GIR 100, the annual guide that recognises the top 100 law firms worldwide for cross-border and local corporate investigations. The GIR 100, published by Global Investigations Review, highlights firms with strong capabilities in government-led and internal investigations. Each firm is selected based on in-depth editorial research demonstrating its ability to handle complex cross-border, government-led and internal investigations. This year’s guide highlights Kinstellar’s experience advising multinational companies, financial institutions, and global law firms on a wide range of investigations, including internal reviews, whistleblower matters, export-control
Austrian UBO register: New reporting obligations for nominee agreements
Austria recently introduced further amendments to the Beneficial Owner Register Act (WiEReG – BORA), which are intended to reduce structural opacity in beneficial ownership structures. In practice, the most relevant measures concern extended reporting obligations for nominee agreements (trust relationships). New key definitions The changes relating to nominee agreements came into force on 1 October 2025. The new Section 2a of the BORA introduces three key terms: nominee, nominator, and nominee director, whereas: a “nominee” is a natural person, legal entity, or group of the foregoing who is instructed by the nominator to act as an owner or in a trustee function for the nominator; a
Kinstellar advises P3 on acquisition of logistics parks in Slovakia
Kinstellar has successfully advised P3, a prominent pan-European logistics property investor and developer, on the acquisition of a portfolio of logistics parks located across multiple locations in Slovakia. The transaction marks a significant expansion of P3’s footprint in the Slovak logistics market. The seller was Stoneweg Europe Stapled Trust, a Singapore-listed real estate investment trust (REIT), which recently announced its strategic exit from Slovakia through a divestment as part of its broader portfolio rebalancing strategy in Europe. The deal was structured as a share deal, ensuring an efficient transfer of ownership. Kinstellar provided comprehensive legal advisory services, including full-scope due
Kinstellar advises CEMEX on the acquisition of two mining areas in the Czech Republic
Kinstellar has successfully advised CEMEX, a global building materials company, on the acquisition of two mining areas in the Czech Republic. Our team provided full-scope legal advice, including transactional structuring, and regulatory support related to the transfer of mining rights. The transaction further demonstrates our experience in advising on complex acquisitions in the natural resources sector in Central and Eastern Europe. Kinstellar’s team was led by Petr Hrnčíř (Partner) and Luděk Chvosta (Partner), with key support from Michal Janíček (Counsel), Matěj Bolek (Managing Associate) and Matěj Korduliak (Associate).
GDPR x AI: When privacy meets machine intelligence
As Europe moves ahead with the AI Act, the European Commission has made clear that there will be “no stop the clock, no grace period, and no pause”, despite calls from major tech players such as Google, Meta, Mistral, and ASML to delay implementation. The timeline remains firm: core provisions apply from February 2025, general-purpose model rules from August 2025, and high-risk AI obligations from August 2026. The message is clear: the Commission intends to keep its ambitious AI timeline on track, while it looks to streamline other digital obligations for companies. Against this backdrop, the GDPR may also be entering a new chapter. Nearly seven years after its adoption, a leaked draft of the Digital Omnibus package
Kinstellar advises Max Aicher Group on the sale of its property in the former CUG industrial estate in Cluj-Napoca to Hexagon Group
Kinstellar has advised Max Aicher Group, a leading German industrial group, on the sale of its property in the former industrial estate “Combinatul de Utilaj Greu” (“CUG”) in Cluj-Napoca, Romania—one of the largest sites of its kind in Romania—to Hexagon Group, a local real estate developer. The transaction involves the sale of approximately 23 hectares of industrial land. The property had been owned by a special purpose vehicle of Max Aicher Group. The acquisition marks one of the most significant land transactions in Cluj-Napoca in recent years and supports Hexagon’s urban regeneration strategy focused on redeveloping former industrial areas. The developer plans to transform the site into a modern