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CMS Cameron McKenna has advised the China CEE Investment Co-operation Fund, advised by CEE Equity Partners, on its acquisition of 99.9% of Magyar Telecom B.V.'s holdings in the Invitel Group. Dechert involved Magyar Telecom ("Matel") on the deal, which was approved unanimously by Matel's Board of Directors, but remains subject to shareholder and Hungarian competition authority approval. White & Case, Clifford Chance, Dentons, and Lakatos Koves & Partners advised on the new security package. 

The Hungarian Parliament has recently adopted an amendment to the Hungarian Competition Act and to the Hungarian Consumer Protection Act. The amendment implements the rules of Directive 2014/104/EU issued by the European Parliament and the Council, which includes the rules of the actions for damages arising from infringements of the competition law provisions.

Partos & Noblet, the associated Budapest office of Hogan Lovells, working with Grama Schwaighofer Vondrak Rechtsanwalte in Austria and Rowan Legal in Slovakia, has advised South Africa's JSE-listed Accelerate Property Fund on the acquisition and financing of a portfolio of nine retail warehouse properties tenanted by OBI subsidiaries from the Supernova Privatstiftung group. Supernova was advised by Dorda Brugger Jordis with Slovak law advice provided by Cechova & Partners.

Hogan Lovells is reporting that it achieved a victory for Edenred in its ICSID arbitration against Hungary, with the Tribunal ruling in favor of Edenred and ordering Hungary to pay around EUR 23 million, plus interest. Baker & McKenzie represented Hungary in the arbitration.

Technological innovation in financial markets continues its inexorable advance. Alternative payment methods (such as e-money and peer-to-peer payment), alternative finance (such as peer-to-peer lending and crowdfunding), blockchain-based clearing and settlement, new insurance models, and virtual currency exchanges are only a few of the recent developments endeavoring to make the financial system more efficient.

Allen & Overy has advised South Africa-based Internet and entertainment group Naspers on its sale of the comparison shopping engines Arukereso.hu, Compari.ro, and Pazaruvaj.com to the Rockaway Group. Dentons reportedly advised the buyers on the deal, which consolidated the e-commerce markets within the CEE region.  

In “The Buzz” we interview experts on the legal industry living and working in Central and Eastern Europe to find out what’s happening in the region and what legislative/professional/cultural trends and developments they’re following closely. Because the interviews are carried out and published on the CEE Legal Matters website on a rolling basis, we’ve marked the dates on which the interviews were originally published.

Dentons has advised Group Spadel, a European family-owned company specializing in the production of natural mineral water, spring water, and natural fruit drinks, on the acquisition of a 93.29% stake in Bulgarian bottled water producer Devin AD from private equity firm Advent International. Dentons worked with Hristov & Partners in Bulgaria, while Advent was advised by CMS on the transaction, which was based on an enterprise value of EUR 120 million. Completion of the transaction is subject to the approval of Bulgarian Commission for Protection of Competition.

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