NNDKP Successfully Assisted Enel in a Complex Fiscal Dispute

November 2022 Nestor Nestor Diculescu Kingston Petersen (NNDKP) successfully represented ENEL (E-Distributie Banat) in a complex tax dispute relating to the possibility of the taxpayer deducting the value of tax depreciation for tangible assets (electricity grid connectors) acquired from the company’s clients through transfer, for the calculation of corporate income tax. Initially, tax authorities rejected this possibility based on the way in which the company acquired the connectors (free of charge) and considered the existence of accounting depreciation rules different from the tax depreciation…

DTB Supports Entain in the Largest Acquisition of all Times in Croatia and Wider Region

November 2022 Divjak, Topic, Bahtijarevic & Krka are proud to announce that after obtaining all regulatory approvals, Entain Plc., a global sports-betting, gaming, and interactive entertainment group, completed the takeover of SuperSport Group, the leading Croatian gaming and sportsbook operator with a 54% market share. This transaction is the largest all-time deal in the CEE region, with the value of the consideration of approximately €920 million and its implications exceeding not just Croatia, but also the entire CEE region. The acquisition was made through a partnership with EMMA Capital,…

DTB Assists PPD in Selling 50% Shares in TMF, Majority Shareholder of Petrokemija d.d.

November 2022  Divjak Topic Bahtijarevic & Krka (DTB) has assisted Prvo plinarsko drustvo, the leading subsidiary of the largest Croatian private company ENNA, in the disposal of its participation in joint venture company Terra Mineral Fertilizer Ltd. (“TMF”). TMF is the largest shareholder of the only Croatian fertilizer company - Petrokemija. The majority stake in Petrokemija has been sold to Turkish conglomerate Yildrim Group, and the completion of the transaction is subject to customary approvals of regulators in several jurisdictions. DTB has assisted Prvo plinarsko drustvo with…

Non-Compete Clause Limitations And Third Parties’ Involvement

October 2022 Authors: Selin Balkir Ercin, Begum Acar, Kolcuoglu Demirkan Kocakli Attorneys at Law The non-compete obligation requires a party to refrain from operating in another party’s field of work, in a particular geographic area, for a specific period of time. While this obligation may arise from an agreement between parties, it may also arise from the law. Turkish law obliges persons with certain legal status to refrain from competing, in view of managing potential conflicts of interest. An employee’s duty of loyalty containing the obligation not to compete with the employer, as long…

UniCredit and Allianz Strengthen Partnership in Croatia’s Bancassurance Market

October 2022 Divjak Topic Bahtijarevic & Krka Law Firm represented Allianz SE, one of the world's leading insurers and asset managers, in two significant transactions involving Zagrebacka Banka d.d. (“Zaba”), a leading Croatian bank that is part of the UniCredit Group: The sale of Allianz SE’s 11.72% stake in Zaba to UniCredit Group, and Allianz Holding EINS’s GmbH purchase of Zaba’s 16.84% minority stake in Croatian insurance company Allianz Croatia d.d. With these two deals, Unicredit and Allianz strengthened their positions in the Croatian banking market, reinforcing their…

KG Law Firm Advised Resolute Asset Management Group in Acquiring Piraeus Real Estate Management SA

October 2022 KYRIAKIDES GEORGOPOULOS Law Firm advised Resolute Asset Management Group in acquiring Piraeus Real Estate Management SA and entering into a strategic alliance Service Level Agreement with Piraeus Bank. The KG team was led by Theodore Rakintzis, Partner, Ioanna Kyriazi, Partner, and Maria Karampotsiou, Associate.

KG Law Firm advised Ashtrom Renewables Energy

October 2022 KYRIAKIDES GEORGOPOULOS Law Firm’s Energy Infrastructure team advised Ashtrom Renewables Energy on a transaction that marks the Company’s entry into the Greek Renewables Market through the acquisition and development of a photovoltaic projects pipeline of a total capacity of 541 MW, a part of which is at a late development stage. The Energy team’s involvement was continuous from the performance of the due diligence process up to the closing of the transaction beginning of October.  The team was led by Gus J. Papamichalopoulos (Senior Partner), and included Efi Palaiologou…

SEE Legal Member Firms Advised BioIVT on the Acquisition of Fidelis Research

October 2022 Five SEE Legal member firms provided legal support to BioIVT, a leading provider of biospecimens, research models, and drug and diagnostic development services, for the successful acquisition of Fidelis Research, an 85-site clinical biospecimen collection network in Southeastern Europe with headquarters in Sofia, Bulgaria. BOYANOV & Co. coordinated the legal work of its SEE Legal partners from Divjak Topic Bahtijarevic & Krka, BDK Advokati, NNDKP, and Kolcuoglu Demirkan Kocakli. The transaction increased the scale and depth of BioIVT’s global operations by adding new…

Acquisition & Integration of G.E. Dimitriou SA in the Quest Group

September 2022 KG Law Firm advised Quest Group in the absorption and integration of G.E. Dimitriou S.A. in its group through a court-ratified rehabilitation agreement contemplating a €5mln. participation of the listed in the ATHEX Quest Holdings SA in a share capital increase of the target company.  G.E. Dimitriou engages in the business of electronic appliances importing and distributing the Toyotomi, Singer, Kerosun, and Izola brands.  The KG team was led by Theodore Rakintzis, Partner, and Penny Oikonomopoulou, Counsel.

KG Law Firm Advised Mercedes-Benz AG Group

September 2022 KYRIAKIDES GEORGOPOULOS Law Firm advised Mercedes-Benz AG Group, Stuttgart, Germany, in the signing of an agreement for the sale and transfer of all the shares of its Greek subsidiary Mercedes-Benz Hellas to the Swiss Emil Frey Group, which is the largest independent vehicle dealership network in Europe, with over 620,000 sales in 2021.  To ensure a smooth transition the change of ownership will be completed in the first quarter of 2023. The KG team was led by Theodore Rakintzis, Partner, Meletios Andrianos, Senior Associate, and Rodopi Maniati, Associate.

KG Law Firm Advised CC Beverages Holdings II B.V.

September 2022 KYRIAKIDES GEORGOPOULOS Law Firm advised CC Beverages Holdings II B.V., a wholly-owned subsidiary of Coca-Cola HBC, in the acquisition of Three Cents from S.I.C.C Holding Limited, a wholly-owned subsidiary of IDEAL Holdings SA, a publicly-listed company in Greece, in a transaction involving, among other things, two entities domiciled in Cyprus and Greece of approximately Euro 45 million value (subject to certain closing adjustments). The Company acquired is the owner of the famous super-premium mixer product line under the Three Cents brand, offering artisanal beverages crafted…

NNDKP Assists International Game Technology PLC (IGT) in the Acquisition of iSoftBet

September 2022 Nestor Nestor Diculescu Kingston Petersen (NNDKP) successfully assisted International Game Technology PLC (IGT), one of the global leaders in gaming, in a multi-jurisdictional transaction for the acquisition of iSoftBet, an online games supplier and content aggregator. The transaction included the jurisdictions of Cyprus, the Czech Republic, Malta, Romania, and the UK and the total deal value amounted to approximately EUR 160 million. NNDKP provided legal assistance with the Romanian law aspects regarding the local entity and was involved in all stages of the transaction, from…