In line with a recent modification approved by the Hungarian Parliament as of 1 January 2018, employers are no longer able to prepare tax assessments for their employees. The aim of the modification was to ease the administrative burden on entrepreneurs. According to the records of the Hungarian Ministry of National Development, entrepreneurs spent an average of 34 working days per year with administrative duties, which was over the average in EU.
Latham & Watkins and Schoenherr have advised Telenor on its agreement to sell its assets in Central and Eastern Europe to the PPF Group for EUR 2.8 billion on an enterprise value basis. White and Case (as lead counsel) and Karanovic & Nikolic advised PPF Group on the deal. Allen & Overy, BDK Advokati, and Boyanov & Co. advised Societe Generale, as agent, and a syndicate of banks on a EUR 3.05 billion credit facility provided to PPF Group for the acquisition, which is expected to close in Q3 2018 and is subject to the relevant merger control and regulatory approvals.
CHSH Budapest has advised GalGap Europe, a Vienna-based investment manager, on its acquisition of a mixed-purpose property named Central Udvar. The property lies in the heart of Budapest, and it is administered on behalf of a separate account for a German pension scheme by Institutional Investment Partners. The advisor on the seller side was Partos & Noblet in cooperation with Hogan Lovells.
The revised payment services directive (“PSD2”) has already been implemented in Hungary, most of the provisions will be effective on 13 January 2018. PSD2 will open up the payment market to new players (“fintech companies”) in the payment services, particularly to payment initiation service providers (“PISPs”) and to account information service providers (“AISPs”), and introduces strict security requirements for the initiation and processing of electronic payments (strong customer authentication – “SCA”).
Lakatos, Koves & Partners has advised Atrium Properties on its sale of the EuroCenter Obuda Shopping Center in Budapest and the Family Center Shopping Center and the Praktiker Department Store in Szombathely, Hungary, to Hungarian real estate developer Wing Zrt. The buyer was advised by Szecsenyi & Partners.