ESOPs in Serbia
February 2023
Employee share-based incentives are still relatively rare in Serbia, compared to more traditional cash bonuses. The Serbian Companies’ Act was updated in 2018 to provide, for the first time, a basic framework for implementing share incentive plans in a limited liability company, which is by far the most popular corporate form in Serbia. Share-based incentives in public joint-stock companies have not gained prominence due to undeveloped capital markets. Salary tax and social security contribution exemption were introduced in 2019 for stock options and underlying shares offered…
Degordian Acquires Shares in Shopycode
January 2023
Degordian, a multinational digital-first agency originally from Croatia, has acquired 51 % of Shopycode, a Serbian software development company specializing in e-commerce.
Shopycode started working in 2020 and in just a few years has become one of the leaders in e-commerce development, specialised in Shopify solutions, with a portfolio of clients from all over the world and realized projects that vary from simpler webshops to complex multi-year implementations. After this acquisition, Degordian’s digital unit and Shopycode became one team who can offer 360 solutions in the sphere…
From This Year Serbian Exports to Germany Should Comply With International Human Rights and Environmental Standards
January 2023
Author: Relja Radovic, BDK Advokati
Another foreign law overflowing to the Serbian market
On 1 January 2023, the German Act on Corporate Due Diligence Obligations in Supply Chains (“Supply Chain Act“) entered into force (an English translation is available here). The Supply Chain Act is a product of a long-term and global aspiration to introduce international human rights standards, often in combination with environmental standards, into the corporate world and throughout supply chains. (We wrote earlier about other examples of such legislation.) However, considering that…
SEE Legal Member Firms Advised Sandberg Capital on Its Investment in Quantox Technology
December 2022
Three SEE Legal member firms provided legal support to Sandberg Capital, a Slovak private equity firm, in its successful investment of EUR 20 million in the Serbian IT company Quantox Technology. Sandberg focuses on investing in smaller and middle-sized companies with growth potential and Quantox is one of the largest software development companies in the Southeast Europe region.
The transaction is Sandberg Capital’s first direct investment in Serbia. The company aims to further strengthen the position of Quantox Technology in the region and accelerate its expansion abroad.
BDK…
Sandberg Capital Invests in Quantox Technology
December 2022
Sandberg Capital, Slovak private equity firm which focuses on investing in smaller and middle-sized companies with growth potential, is investing EUR 20 million in Serbian IT company Quantox Technology, one of the largest regional software development houses.
Quantox was founded in 2006 by entrepreneur Vuk Popovic, and currently counts more than 500 experts working from 13 development centers in 7 European countries – Serbia, Northern Macedonia, Bosnia and Herzegovina, Montenegro, Ukraine, Romania, and Germany.
This is Sandberg’s first direct investment in Serbia, which aims…
Integrator Acquired Manpower’s Business in Hungary
December 2022
Integrator, the franchisee of Manpower in Serbia, Croatia, Slovenia, Bosnia & Herzegovina, and Bulgaria, acquired Manpower’s business in Hungary from Manpower Inc.
This transaction makes Integrator one of the major HR consulting and recruiting firms in the region, operating in six countries.
BDK Advokati represented Integrator in the negotiations of the transaction documents.
BDK Advokati team was led by senior partner Vladimir Dasic, with contributions of partner Dragoljub Sretenovic, and junior associate Milan Popovic.
Catena Media to Sell AskGamblers
December 2022
Catena Media (CTM, STO), a company specializing in online gambling, entered into an agreement with Gaming Innovation Group Inc. to sell its AskGamblers business and associated global casino brands. The value of the transaction is EUR 45 million on a cash and debt-free basis.
Through this transaction, Catena Media sells two wholly owned subsidiaries in Malta and Serbia that operate the AskGamblers brand and the associated online casino brands JohnSlots and NewCasinos.
BDK Advokati advised Catena Media on this deal in relation to the sale of the Serbian entity.
Senior partner Vladimir…
BDK Advokati Advised MediGroup
Deceber 2022
MediGroup system and the Institute for Laboratory Diagnostics Konzilijum have formed a strategic partnership to develop further and expand the laboratories network.
Konzilijum is the first private accredited laboratory in Serbia. It has been operating successfully since 1994, providing quality service in various areas of laboratory diagnostics: biochemistry, microbiology, pathophysiology, cytology, cytogenetics, and genetics.
Through this transaction, MediGroup and Konzilijum have expanded their respective networks of laboratories which are now available in 77 locations across…
Reconstruction and Modernisation of the Nis-Dimitrovgrad Railway
October 2022
The Bulgarian construction company Trace Group Hold announced on the Sofia Stock Exchange that, on 12 October, it had signed an agreement on the reconstruction and modernisation of the Nis-Dimitrovgrad railway. The value of the contract is EUR 169.68 million, and the deadline for the completion of the work is 3.5 years. The investor is Serbian Railways Infrastructure a.d. and the financier is the European Investment Bank.
The work will be carried out by a consortium of Bulgarian companies, Trace Group and Start Engineering, and the Italian company Armatori Ferroviari.
Open Banking in a Closed Market
July 2022, BDK Advokati
In 2014, Serbia made a big step forward in aligning its payment services regulations with the EU rules. The Payment Services Act (Zakon o platnim uslugama), a local equivalent of the first Payment Services Directive (“PSD1“), was adopted, opening the doors of the industry to non-bank service providers. The acquis target then moved in early 2016, when the Revised Payment Services Directive (“PSD2“) entered into force, making a huge impact on the EU payment market. As there are already talks about a third Payment Services Directive being considered[1], now is an opportune…
One Equity Partners to acquire Fortaco Group
July 2022, BDK Advokati
Funds managed by CapMan Buyout have agreed to sell to PE firm One Equity Partners the holdings in Fortaco Group, the leading brand independent strategic partner to the heavy off-highway equipment and marine industries offering technology, vehicle cabins, steel fabrications, and vehicle assemblies.
BDK Advokati advised on the Serbian aspects of the transaction.
The closing of the transaction is expected in the second half of 2022 and is subject to regulatory approvals and customary closing conditions.
BDK team was led by senior partner Vladimir Dasic and included…
The New VBER and How It Affects the Assessment of Vertical Agreements in Candidate Countries
July 2022, BDK Advokati
The European Commission adopted in May 2022 a new Vertical Block Exemption Regulation (VBER) and new Vertical Guidelines (Guidelines), effective as of 1 June 2022 and valid until 31 May 2034. The new VBER applies to all agreements concluded on or after 1 June 2022. The agreements which were in force as of 31 May 2022 and enjoyed under old VBER an exemption from the prohibition which is no longer available under the new VBER, will continue to be covered by the exemption until 31 May 2023.
VBER provides a safe harbour for agreements between suppliers and customers which…
