Schoenherr has advised Raiffeisen Bank International AG and Raiffeisenbank a.s. on the acquisition of Akcenta CZ a.s., a CEE/SEE provider of FX and payment services to European SMEs and high net worth individuals, from Akcenta Group SE and Milan Lacina. Tarpan Legal advised the sellers on the transaction, which remains contingent on regulatory approval.

Havel & Partners has advised D&FG Sumava I s.r.o. on the development and subsequent CZK 220 million sale of three buildings of the Sumavske Strane Project to over 70 individual buyers.

Allen & Overy has advised W.A.G. Payment Solutions on an unspecified investment in the Netherlands-based Last Mile Solutions. Nordbruis Clement reportedly advised the Last Mile Solutions on the deal.

Allen & Overy’s Prague office has advised the Ball Corporation on its acquisition of land for the planned EUR 170 million construction of a manufacturing plant in the Borske Terasy industrial park located in Pilsen.

Glatzova & Co. has helped Natland Bonds set up a bond program with the maximum nominal value of issued and outstanding bonds of CZK 1 billion.

Kinstellar has helped the Czech Banking Credit Bureau with an audit of its personal data processing activities, which the bureau was carrying out as the data processor of the Client Information Bank Register.

The President of the Czech Republic signed the Act on Foreign Investment (“FDI Act”), which will take effect as of May 1, 2021. The Act follows the EU legislative framework on the examination of selected foreign investments for security reasons given by the Regulation No. (EU) 2019/452. The FDI Act introduces the obligation for foreign investors from countries outside the EU, investing in strategic sectors of the Czech economy, to obtain prior clearance from the Ministry of Industry and Trade (the "Ministry").

Dentons has advised automotive supplier Brandl Industries on the sale of its operating subsidiaries in the Czech Republic and Romania and its German management service company to International Alexander Holding. Financial details were not disclosed.

Austrian lawyer Josef Holzschuster will be relocating from Budapest to Amsterdam, having been appointed Head of Legal, Markets DA at Philips, in which capacity he will lead the worldwide Legal Team for the Philips Domestic Appliances business, reporting to the General Counsel for DA, also located in Amsterdam.

CMS has advised AnaCap Financial Partners on its sale of the Equa Bank to Raiffeisen Bank International, acting through its Czech subsidiary. Havel & Partners and Linklaters advised the buyer on the deal.

Havel & Partners has advised entrepreneur Jaroslav Rudolf on the sale of Salvator Strechy s.r.o., a specialized roofing material company, to an unidentified construction material company. 

The Supreme Court of the Czech Republic recently issued a judgment under file no. 21 Cdo 4779/2018, in which it dealt with a situation where the employer withdrew from the non-compete clause agreed with its employee due to the fact that "it would not be proportionate or practical to enforce the agreed prohibition of competition against the employee due to the value of information and knowledge of work and technological procedures obtained by the employee in the course of employment with the employer". The said ground for withdrawal from the non-compete clause had been expressly agreed between the employer and the employee.

Petr Kasik has been named the new Managing Partner of Kocian Solc Balastik, taking over from former Managing Partner Dagmar Dubecka.

Dentons has advised CPI Property on the issuance of EUR 650 million 1.500% senior notes due 27 January 2031 and EUR 400 million 3.750% resettable undated subordinated notes callable in July 2028.

Let us remind you of the two changes in income tax with an international element, which already have or are soon expected to come into effect (or to the end of the applicable time limit).

Clifford Chance, working with Latham & Watkins, has advised the steering committee of the credit financiers, including Commerzbank AG, DZ Bank AG, Erste Group Bank AG, Landesbank Baden-Wurttemberg, and Norddeutsche Landesbank, on the restructuring of the Benteler Group. Ashurst and Schoenherr advised Benteler on the deal.

The most notable recent political event in the Czech Republic was the October 2020 regional election, says Jaroslav Havel, Managing Partner at Havel & Partners. However, Havel is quick to point out that, no matter who has been in office in the last ten years, politicians have not had a major impact on business in the Czech Republic. A more tangible effect of the election, he says, is that his former partner, Jan Holasek, who left the former Havel & Holasek law firm six years ago, has become a member of the Czech Senate.

2020 was quite a year and one all of us will not forget. For employment and labor law developments, 2020 was unlike any other. We saw rapid change and common themes emerge across the globe. One of the major themes was the introduction of government subsidies to support employers and maintain employment across many countries. We also saw an acceleration of remote and flexible working, and which posed both opportunities and challenges for employers and employees alike. There was also an increase in regulations that govern remote working.