CMS has advised Futureal, Hungary’s largest real-estate developer, on its acquisition of the Sasad Resort residential development in the Buda hills area of Budapest from GTC. Dentons advised the sellers on the deal.
Jeantet has advised listed hotels group Orbis, a unit of the French group Accor, in a buyback transaction involving five hotels in downtown Budapest operating under Accor brands from Erste Group Immorent Holding GmbH. CMS advised Erste Group Immorent on the deal. The aggregate price for the acquisition of the five hotels was EUR 64.3 million.
Kinstellar teams in Bucharest, Budapest, and Prague have worked alongside international counsel Sidley & Austin in advising Nidec, a leading Japanese manufacturer of electric motors, on the acquisition of Leroy-Somer and Control Techniques from Emerson Electric Co. Motors, a US provider of products and services for a wide range of industrial, commercial, and consumer markets. The transaction, valued at USD 1.2 billion, involved several jurisdictions across Europe, USA, and Asia and is part of Nidec’s strategy to expand its industrial and commercial business in Europe.
Schoenherr has announced the promotion of Bratislava-based Local Partner Sona Hekelova to Managing Partner of the Bratislava office and Banking & Finance Lawyer Gergely Szaloki to Local Partner in Budapest.
On the evening of February 1, 2017, CEE Legal Matters hosted the first ever CEELM Budapest Law Firm Bowling Challenge: A competition of four-person teams from leading law firms in Hungary, with all proceeds to go to the winner’s charity of choice. A total of 13 law firms competed for the impressive trophy – and the glory that goes along with it.
“The Hungarian market is quite busy — not primarily in transactions, but there is an increasing number of disputes and restructuring,” says Andras Szecskay, the Managing Partner of the Szecskay law firm in Budapest. “In addition, the Competition Office is pretty diligent, and there are a number of cartel cases and other procedures going on at the moment.”
Dentons has announced the arrival of Susan Wang to the firm's Budapest office as head of Dentons’ new CEE China Desk, where she will focus on cross-border M&A, private equity transactions, joint ventures, and other corporate initiatives, prioritizing Chinese inbound M&A activity into the CEE/SEE region.
Clifford Chance's Prague office has advised CBRE Global Investors, a Fortune 500 real estate company with offices in more than 64 countries worldwide, on the sale of its high-quality retail portfolio in Central and Eastern Europe to CPI Property Group (CPI). Dentons advised CPI on the transaction, which is valued at over EUR 600 million and will see properties including 11 shopping centers change hands across the Czech Republic, Poland, Hungary, and Romania.
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.