DLA Piper has advised Zip Co Limited on its investment in Twisto Payments. Schoenherr reportedly advised Twisto Payments on the deal.
The Buzz in Bulgaria: Interview with Stefana Tsekova of Schoenherr
"The majority of us will be more than happy to see 2020 behind us,” laughs Stefana Tsekova, Local Partner at Schoenherr Sofia. “But luckily for us at Schoenherr, it was a good year, especially for big ticket deals. We advised on the Vivacom deal, valued at 1.3 billion euros, making it the biggest deal ever on the Bulgarian market. It started before the Covid crisis hit, but luckily it continued. We actually advised on another big transaction on the energy sector as well — the acquisition by Enery Development of the biggest photovoltaic plant operational in Bulgaria, with 50 MW installed capacity [as reported by CEE Legal Matters on September 15, 2020]. So in terms of deals we were lucky.”
Schoenherr and Hengeler Mueller Advise Andros on Acquisition of Schenk es Tarsa and Spreewaldkonserve Golssen
Schoenherr’s Budapest office, working with lead counsel Hengeler Mueller, has advised Andros Deutschland on its acquisition of fruit and vegetable processors Spreewaldkonserve Golssen in Germany and Schenk es Tarsa in Hungary.
New Equity, Contract, and Local Partners at Schoenherr
Arabella Eichinger, Andreas Natterer, and Michael Woller have been promoted to Equity Partner, Marcin Aslanowicz, Bojan Brezan, Vid Kobe, and Maximilian Lang have been promoted to Contract Partner, and Marko Frantar has been promoted to Local Partner as part of Schoenherr's recent promotion round.
Coronavirus Measures in Hungary: Extension of Payment Moratorium
In March 2020, the coronavirus crisis urged the Hungarian government to introduce extraordinary measures to mitigate the economic consequences. This led to a general moratorium for all retail and corporate financings until the end of 2020. As one of the last measures of 2020, the Hungarian government decided to prolong the moratorium due to the second wave of the pandemic.
Schoenherr Advises Starwood Capital on Public Takeover Offer for CA Immo
Schoenherr is advising Starwood Capital Group on its offer for a public takeover of VSE-listed CA Immobilien Anlagen AG.
Romania: FDI Rules Soon to be Tightened
At the end of December 2020, the Romanian Competition Council (the "RCC") published an updated iteration of the draft Emergency Government Ordinance implementing the FDI Regulation (the "FDI Draft Law"). While the FDI Draft Law is still undergoing the legislative process, it is expected to enter into force soon. As covered here, the new rules will tighten the existing FDI screening, once in force.
Schoenherr Romania Successful in Competition Litigation for Covalact
Schoenherr Romania has helped dairy producer Covalact SA annul a competition fine in litigation proceedings.
New Drone Regulations in Hungary
The new year ushered in a new era for drone users in Hungary. On 1 January 2021, new regulations entered into force, introducing a new framework for drone usage, although many details remain unregulated. A significant part of the drone regulations is set forth on the EU level by Commission Delegated Regulation (EU) 2019/945 and Commission Implementing Regulation 2019/947. The new rules in Hungary promote the proper implementation of the relevant EU Regulations, and in some instances prescribe even stricter rules for drone users.
Gatekeepers and the Digital Markets Act – CEE Focused In-depth Review
The Digital Markets Act proposal (DMA) is a collection of complex obligations imposed on certain digital service providers. We previously described the salient features of the DMA here. In this article we focus on the definition and designation of gatekeepers, the powers of the EC compared to Member States and the potential effects of the DMA initiative within CEE.
Bulgarian Watchdog Introduces Pre-notification Contacts in Merger Proceedings
As of 1 January 2021, Bulgaria's Commission for the Protection of Competition (the "CPC") will be available for pre-notification discussions. To this end, it has also published bylaws ("Rules") for such contacts (adopted by CPC decision 1005/10 December 2020).
D'Ornano Partners Advises Groupama on Acquisition of OTP Osiguranje in Croatia
D’Ornano Partners has advised the Groupama Group on its acquisition of the entire share capital of OTP Osiguranje, an insurance company owned by the OTP Bank in Croatia. Ivekovic Attorneys at Law reportedly acted as local advisors to Groupama. Schoenherr’s Hungarian office reportedly advised the seller on the deal.
Schoenherr Advises BOE on Vorosmarty Garage Management Agreement in Budapest
Schoenherr's Budapest office has helped BOE, a subsidiary of Austria's List Group, conclude a management agreement to manage the Vorosmarty Garage in Budapest.
(Re)Shaping the Digital EU: The European Commission's Legislative Proposal to Manage Digitalisation is Finally Here
The fast-paced changes brought about by digital technologies continuously challenge the slow-moving legal framework of the European Union. The European Commission (EC) has long grappled with the ever-evolving practices of tech-companies. Some players, spawned from garages and dorm rooms not long ago, are now entrenched gatekeepers and generate issues enforcers simply lack tools to deal with.
Schoenherr and Novalia Advise on Beijer Ref's Acquisition of Sinclair Global Group
Schoenherr's Prague office has advised Beijer Ref AG on the acquisition of a majority stake in Czech Sinclair Global Group s.r.o. from private individuals Ivo Nespor, Vladimir Pakosta, and Zdenek Cizek. Novalia advised the sellers on the deal.
Czech Competition Authority Imposed Fine on Retailer for Abuse of Significant Market Power
The Czech Competition Authority (CCA) announced in a press release that it had imposed a fine of CZK 32m (approximately EUR 1.2m) on the Czech retail chain HRUŠKA, spol. s.r.o., for an alleged abuse of significant market power. The decision is not final and an appeal has been filed.
Schoenherr Advises UBS on Sale of Austrian Wealth Management Business to LGT
Schoenherr has advised UBS Europe SE on the sale of its onshore wealth management business in Austria to LGT Bank AG. The transaction remains subject to competition authority clearance.
Bulgaria: First Legislative Amendments Introducing Telemedicine/Telehealth
On 16 December the Bulgarian Council of Ministers adopted a Decree amending the local Ordinance for exercising the right of access to medical care. It concerns medical activities covered by the National Health Insurance Fund. This is the first attempt at national legislation regulating electronic referrals and prescriptions.