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Kinstellar Advises MVM on Increasing Its Stake in Two Serbian Energy Infrastructure Companies

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Kinstellar has advised Hungary’s state-owned energy company MVM on the acquisition of a majority stake in Serbia’s Energotehnika Juzna Backa and Elektromontaza Kraljevo from Maneks, increasing its shareholding from 33.4% to 60%.

The transaction remains contingent on regulatory approval.

According to Kinstellar, both target companies are among Serbia’s leading energy infrastructure players, with long-standing track records and strong market reputations.

Earlier in 2025, Kinstellar advised the MVM Group on its sale of its telecoms subsidiary MVM NET to Pro-M (as reported by CEE Legal Matters on May 13, 2025), on a CCGT power plant project at the Tisza power plant (as reported by CEE Legal Matters on May 7, 2025), as well as on CCGT power plant development (as reported by CEE Legal Matters on March 6, 2025).

The Kinstellar team included Belgrade-based Partners Milos Velimirovic and Milan Samardzic and Senior Associate Sara Ostojic and Budapest-based Managing Associate Aron Barta and Senior Associate Katalin Nograd.

Kinstellar could not provide additional information on the matter.

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