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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.

KRS Kovacs Reti Szegheo has successfully represented the liquidator of Buda-Cash against Saxo Bank in the Metropolitan Regional Court in Hungary, after the Danish bank blocked Buda-Cash's customers' money. During the procedure, Saxo Bank was advised by Oppenheim, Budapest. 

In The Corner Office, we invite Managing Partners at law firms from across the region to share information about their careers, management styles, and strategies. Our question this time: “What mistake do young associates commonly make that is most frustrating for you?”

As a result of the new Hungarian Code of Civil Procedure, from 1 January 2018 the parties of a dispute may conclude a settlement in civil cases before a public notary without initiating a court proceeding in the framework of a new non-litigious procedure.

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.

The Directive 2016/943 on the protection of undisclosed know-how and business information (trade secrets) against their unlawful acquisition, use and disclosure (“Directive”) was adopted by the European Parliament and the Council on 8 June 2016 and entered into force on 5 July 2016.

Hungary Knowledge Partner

Established in 1957, Wolf Theiss is one of the leading European law firms in Central, Eastern and South-Eastern Europe with a focus on international business law. With 300 lawyers in 13 offices located in Albania, Austria, Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Hungary, Poland, Romania, Serbia, Slovakia, Slovenia and Ukraine, Wolf Theiss represents local and international industrial, trade and service companies, as well as banks and insurance companies. Combining law and business, Wolf Theiss develops comprehensive and constructive solutions on the basis of legal, fiscal and business know-how.

All News about, and Legal Analysis by, Wolf Theiss can be found here.

Firm's website: http://www.wolftheiss.com/

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