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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.

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.

On 22 November 2016 the Hungarian Parliament approved the autumn tax package. In addition to the two main objectives of the changes (i.e. reducing the tax charges and increasing competitiveness), decreasing tax bureaucracy has also become important.

Schoenherr has advised Italian private equity firm Quadrivio SGR S.p.A. on the Hungarian and Slovakian legal aspects of the acquisition of a 70% stake in Farmol S.p.A., and its Hungarian subsidiary Farmol Hungary Kft, from Old Mill Holding S.p.A., an Italian investment holding company. The consideration was not disclosed, and the founders and management team of Farmol will retain the remaining 30% equity stake. The closing of the transaction was announced on October 21, 2016.

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