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.
Wolf Theiss, working as local counsel for CEE to Cleary Gottlieb Steen & Hamilton, has advised Amundi on its acquisition of Pioneer Investments from Unicredit for an all-cash consideration of EUR 3.545 billion. UniCredit was advised by Gianni, Origoni, Grippo, Cappelli & Partners.
A&O has advised Asahi Group Holdings, Ltd. on its share purchase agreement with Anheuser-Busch InBev to acquire businesses formerly owned by SABMiller Limited (formerly SABMiller plc) in the Czech Republic, Slovak Republic, Poland, Hungary, and Romania and other related assets that were owned by SABMiller prior to its combination with AB InBev. The transaction has an enterprise value of EUR 7.3 billion, subject to customary adjustments. Freshfields Bruckhaus Deringer advised AB InBev on the deal, as well as on its combination with SABMiller and across the related disposal commitments made to competition authorities.
A bill recently presented by the Hungarian Minister of Justice targets to speed up the registration procedures and the amendment notification procedures of civil organisations. The proposed changes have been definitely created on the basis of the “good practice” of the company registration procedure.
Schoenherr has advised Kansai Paint Co Ltd., from Osaka, on the acquisition of the Helios Coatings Group from Ring International Holding AG ("RIH"), GSO Capital Opportunities Fund II (Luxembourg) S.a r.l., and Templeton Strategic Emerging Markets Fund IV, LDC. The sellers were advised by Brandl & Talos.
Under the Hungarian Advertisement Tax Act, companies are taxed at a rate depending on their advertisement turnover. Accordingly, companies with a higher advertisement turnover are subject to higher, progressive tax rates. As to the companies that made no profits in 2013, the Advertisement Tax Act contained the possibility to deduct the tax base with their losses carried forward.
According to Marton Domokos, Senior Counsel of CMS in Budapest, one of the hottest topics in Hungary at the moment is the new set of data protection recommendations issued by the country's Data Protection Authority (DPA), which he says have a wide range of ramifications in terms of employment policies.
Dentons has advised GLL Real Estate Partners, a Munich-based international real estate investor and asset manager, on the acquisition of Vaci 1, a landmark retail and office building in downtown Budapest for a separate account mandate from Bayerische Versorgungskammer, from Horizon Development, a Hungarian real estate development, property management, leasing and marketing company. Lakatos, Koves & Partners advised Horizon on the deal.
Amendments to the Hungarian Labor Code entered into force in June 2016. The amendments were approved as part of the Act on the State Budget 2017 and are rather technical, mostly involving provisions that ensure compliance with recently amended European legislation. In this article, we briefly summarize the most important amendments to the Labor Code.