A NEW PROCEDURE IN COMPETITION LAW: SETTLEMENT

Authors: Neyzar Unubol, Ali Tuncsav One of the significant amendments to Law No. 4054 on the Protection of Competition (the “Competition Law”) was the introduction of the settlement mechanism into Turkish competition law on 24 June 2020. The settlement procedure, which has been in force in the EU and many EU countries, such as France and the UK, can be simply defined as a reduction in administrative fines in return for the admission of a competition law violation by an investigated undertaking. Article 43 of the Competition Law states that if an undertaking admits the existence and alleged…

BOYANOV & Co. Law Firm Advised NN Group on the Sale of its Bulgarian Pension and Life Insurance Businesses

30 July 2021 BOYANOV & Co. acted as local counsel for NN Group on the sale of its Bulgarian pension and life insurance businesses to DZI – Life Insurance, part of KBC Group (the “Transactions”). BOYANOV & Co. advised on the deal structuring, negotiations, signing of the agreements, pre-closing, and closing support. The Transactions involved the first-ever transfer of insurance business of a foreign branch as a going concern in Bulgaria which posed specific regulatory, corporate, and administrative challenges.  The Transactions were successfully closed today after completing the…

NNDKP successful in a complex arbitral dispute over a claim amounting to approximatively lei 22 million

NNDKP successfully assisted and represented companies part of Efacec group, a supplier of solutions with presence in the energy, mobility, and environment value chain, before the Court of International Commercial Arbitration attached to the Chamber of Commerce and Industry of Romania against Brăila County, a local administrative authority from Romania. The arbitral dispute, whose duration spanned over four years, concerned the local authority’s claims against the contractor Efacec, arising from the performance of a contract for the design and execution of works related to the integrated waste…

ADM to acquire Sojaprotein

The Archer-Daniels-Midland Company (NYSE: ADM), an American multinational food processing and commodities trading corporation, has signed a sale and purchase agreement to acquire Sojaprotein, one of the leading soybean processing companies in Europe and leading European provider of non-GMO soy ingredients. Sojaprotein is part of Victoria Group which has been recently acquired by MK Group through debt to equity swap. It has sales into 65 countries, offering a wide array of non-GMO vegetable protein ingredients for an extensive list of European and global customers in the meat alternative, confectionery,…

National Cadastre: Commencement of submission of real property statements for Rethymno (Crete) and Cyclades

Authors: Kimon Tsakiris, Katerina Politi In relation to the progress and completion of the project of the National Cadastre, on Wednesday, June 30, 2021, commenced the collection of ownership statements for the areas of Rethymnon. The deadline for submitting declarations for the area of Rethymnon ends on 30.09.2021 for the residents of Greece and on 30.12.2021 for those permanently residing abroad and the Greek State. Also, on Monday, July 5, 2021, the collection of property declarations for the area of the Cyclades islands began. The deadline for submitting declarations for the Cyclades ends…

BOYANOV & Co. Advised J.P. Morgan on the Financing of CEZ Bulgarian Business’ Acquisition by Eurohold

BOYANOV & Co. advised J.P. Morgan AG (as Initial Mandated Lead Arranger), BNY Mellon Corporate Trustee Services Limited (as General Security Agent), and DSK Bank AD (as Bulgarian Security Agent) on EUR 360 million facilities to Eastern European Electric Company B.V. (an indirect subsidiary of Eurohold Bulgaria – a major Bulgarian listed holding company) financing the acquisition of a group of seven targets in Bulgaria, among which the electricity distribution utility companies in North-West Bulgaria from CEZ a.s. (the Czech Republic). The acquisition is the biggest transaction in the Bulgarian…

NNDKP - Best Firm of the Year at the Romanian Top Lawyers Awards 2021

NNDKP was named Best Firm of the Year at the Romanian Top Lawyers Awards Gala 2021. The firm received the award during the 11th edition of the awards which recognises lawyers active in various business law areas for their professional achievement throughout 2020. The event was organised by Finmedia and Piata Financiara. This is the third distinction of Law Firm of the Year in Romania that NNDKP has received in 2021, which follows the accolades received during the Chambers Europe Awards Gala and the Romanian Legal Awards Gala.

Luka Popovic Elected as AmCham Montenegro Board Member

BDK Advokati’s partner Luka Popovic was elected a member of the board of governors of AmCham Montenegro on its General Assembly held on 20 July 2021. BDK Advokati has been a long time AmCham member and an active participant in its sectoral committees. Luka’s election reconfirms the firm’s commitment to contribute to AmCham and to pursue its goal of creating a better business environment in Montenegro. SEE Legal Group congratulates the newly-elected board members and wishes them success.

Sale of Paint Producer JUB

It has been unofficially reported that the paint producer JUB has begun the sale procedure, only considering strategic buyers from the industry – three of whom have supposedly been shortlisted.

BOYANOV & Co. Advised OTP Bank Plc and DSK Bank AD on a Club Deal Financing of MET Renewables AG

BOYANOV & Co. advised OTP Bank Plc (Hungary) and DSK Bank AD (its Bulgarian subsidiary) on a EUR 27.6 million club deal financing of MET Renewables AG (Switzerland) for the acquisition from Enel (Italy) of a 42MW wind park in Northeast Bulgaria (one of the first and largest wind power plants in Bulgaria). MET Group is an integrated European energy company, headquartered in Switzerland, with activities in natural gas and power, focused on multi-commodity wholesale, trading and sales, as well as energy infrastructure and industrial assets. BOYANOV & Co. acted as Bulgarian legal counsel…
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BOYANOV & Co. and KALO & ASSOCIATES Advised Albania Telecom Invest and One Telecommunications SHA

BOYANOV & Co. and KALO & ASSOCIATES advised Albania Telecom Invest and One Telecommunications SHA on the refinancing of a EUR 48.5 million acquisition loan from First Investment Bank used by ATI in 2019 to acquire a controlling stake in One from OTE.

Amendments to the Turkish Execution and Bankruptcy Law

Author: Berkay Gul, KDK LawFirm The Law to Amend the Execution and Bankruptcy Law and Other Laws numbered 7327 (the “Amendment Law”), which entered into force on 19 June 2021, amends several different laws, particularly the Execution and Bankruptcy Law (the “EBL”), and brings with it fundamental changes, especially to the concordat institution. Along with the amendments made to the concordat provisions, the bankruptcy liquidation process has also been revised. 1. Amendments to the Concordat Provisions The concordat had gained currency, again, following the amendments made to the EBL…