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.
Schoenherr has advised Linz-based start-up Storyblok on its EUR 7 million Series A financing round. Mubadala Capital, the state investment company of the United Arab Emirates, participated in the current financing round, as did existing investors 3VC and Firstminute Capital, Binder Groesswang advised Mubadala Capital on the deal.
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.
2020 was a busy year for the legislator in relation to the Turkish Capital Markets. An amendment made in the Turkish Capital Markets Law (CML) at the beginning of 2020 introduced several elements, including a Security Agent, into Turkish law. And then the pandemic hit, making the trust factor in regard to assets even more crucial than it was before. In times of uncertainty, the Security Agent may be invited to play a greater role.
Since the cessation of the widely-used LIBOR benchmark has become a realistic prospect, due to the UK Financial Conduct Authority’s announcements that it will stop supporting this benchmark at the end of 2021, the question of what will take its place has become a hot topic for lenders and lawyers drafting credit agreements.
"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.”
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.
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.