This time, our law firm marketing friends across CEE considered the following question: “What one part of your job would you most appreciate having more help with – not in terms of training or capability, but simply in terms of time?”
I am often asked by my foreign colleagues and clients about how the Czech Republic is doing, and my answer is that we are doing fine. Putting aside the political situation, which is similar to many other countries, economically we are doing very well; there was strong GDP growth of 4.6% in 2017 and almost 3% last year. Part of this growth is clearly attributable to our strong, maturing startup and investor community, which is pushing the country forward. Czechs have a talent for improvisation and finding solutions that work well, using innovation, research and development, and technology. We have invented many tools that have changed the world in fields such as nanotechnology, chemistry, and engineering. At the same time, we now have a pool of investors who are able to invest in new startup companies and back up the research and development that is done.
DLA Piper has advised a consortium of South Korean investors working with asset manager Mastern Investment Management on the EUR 375 acquisition, made as part of a joint venture with Munich-based asset manager Wealthcore Invester Management, of the Hilton Parkview Vienna. The sellers — two Austrian family firms — were represented by Invester United Benefits and advised by Schoenherr.
DLA Piper has advised Deutsche Gesellschaft fur Internationale Zusammenarbeit GmbH and the Energy Efficiency Fund on the EEF's agreement with the International Finance Corporation to provide funding to homeowners associations for the implementation of energy efficient measures in multi-family buildings. Baker McKenzie reportedly advised the IFC on the deal.
In the shadow of Brexit negotiations, the European Parliament agreed on 14 February 2019 to set up an EU level tool to screen FDIs on grounds of security or public order to protect sectors. The new "Regulation (EU) 2019/452 establishing a framework for screening of foreign direct investments into the European Union" (EU-FDI Regulation) shall apply from 11 October 2020 and be binding in its entirety as well as directly applicable in all member states.
DLA Piper has advised First Data Corporation on the indirect acquisition of First Data Polska's shares by Fiserv, Inc. WKB, working alongside global counsel Sullivan & Cromwell, advised Fiserv on the deal, which was part of a global merger of First Data with subsidiary Fiserv that was valued at USD 22 billion.
Clifford Chance Prague has advised CTP, an industrial developer in the CEE region, on a EUR 1.9 billion underwriting package agreement with Erste Group Bank AG, Ceska Sporitelna a.s., Societe Generale S.A. and Komercni Banka a.s., and UniCredit S.p.A. and UniCredit Bank Czech Republic and Slovakia a.s.
CMS has advised Kiwi.com regarding General Atlantic’s strategic investment in it. Kiwi.com co-founders Oliver Dlouhy and Jozef Kepesi will remain significant shareholders and continue to lead the company. Terms of the deal were not disclosed. DLA Piper also provided legal advice to Kiwi.com while Weil, Gotshal & Manges acted as counsel for General Atlantic.