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BOYANOV & Co. and BDK Advokati Advised Eurobank Group on Challenging Restructuring Transaction

January 2022 BOYANOV & Co. and BDK Advokati advised the Eurobank Group on a complicated transaction concerning the restructuring of the financing to two landmark hotels in Sofia (Sofa Hotel Balkan) and Belgrade (Metropol). The transaction involved several jurisdictions – Cyprus, Bulgaria, Greece, and Serbia. It included amendments to existing financings provided to the borrower’s group in different jurisdictions, as well as new financings to complete a share purchase deal. The restructuring was implemented through a combination of new loans and security and amendments related to the existing…

KG acted for EVO Payments, Inc. in Acquiring a Majority Interest in National Bank of Greece Merchant Acquiring Business

January 2022 Kyriakides Georgopoulos Law Firm advised EVO Payments, Inc. (NASDAQ: EVOP) (“EVO”), a leading global provider of payment technology integrations and acquiring solutions, in a transaction involving a long-term strategic marketing alliance with the National Bank of Greece (“NBG”) to provide merchant acquiring and payment processing services. Kyriakides Georgopoulos team led by Partners Konstantinos Vouterakos and Konstantinos Issaias and Competition Partner Anastasia Dritsa assisted EVO throughout the negotiations of transaction documents, the conduct of legal due diligence,…

E-bike Plant In Plovdiv

January 2022 It was announced by the Bulgarian Ministry of Economy, that Austrian motorcycle producer Pierer Group and Bulgarian bicycle manufacturer Maxcom have signed an agreement to jointly invest over BGN 60 million (approximately EUR 30 million) in the construction of an e-bike plant in Bulgaria. The new plant for electric bicycles and other two-wheeled electric vehicles will be located on 131 decares in Trakia Economic Zone, Plovdiv, and will provide 1000 new jobs for Plovdiv and the region. Аt the end of 2021, it was announced that a procedure for selecting a builder of the plant was…

Potential Sale of Share in Cinkarna Celje

January 2022 It is expected that the Slovenian Bank Assets Management Company will soon attempt to sell their almost 13 % share in CINKARNA, Metalursko-kemicna Industrija Celje, d.d., a titanium dioxide pigment manufacturer and one of the largest chemical-processing companies in Slovenia. Cinkarna was included in the list of companies for privatisation as early as 2013, and several attempts to sell the share have been made since – the last one about a year ago. In September 2021, the estimated net profit for 2021 was EUR 27.1 million. For 2022, Cinkarna plans EUR 204 million in sales revenue.…

NNDKP Аssists Safety Broker in the Sale of an 80% Сtake to Unilink

December 2021 NNDKP has assisted Safety Broker, the largest independent insurance broker operating in Romania and in the Republic of Moldova, in the sale of 80% of the company’s shares to the Unilink group, leader on the relevant Polish market. Following the closing of the transaction, the minority stake will be held by Viorel Vasile (15% of shares), who will continue to act as CEO of the company and as a member of the board, and by Robert Niță (5% of shares), who will also continue to be on the board of the company. This transaction is part of the long-term development strategy of Safety…

NNDKP Advises Purolite in Relation to its Acquisition by Ecolab

December 2021 NNDKP has assisted Purolite Corporation and Purolite SRL in relation to the acquisition of the companies by Ecolab, as part of a broader, global acquisition process. The transaction is valued at approximately US$ 3.7 billion, placing it amongst the largest transactions of its kind closed this year, both at the global and national levels. NNDKP has provided assistance in all stages of the transaction and with other relevant aspects regarding the acquisition process, through the involvement of a multidisciplinary team of professionals, comprised of experts from the firm’s Corporate/M&A,…

SELIH & PARTNERJI Law Firm advises ADM on investing in Acies Bio

ADM (the Archer-Daniels-Midland Company), a global leader in nutrition and agricultural origination and processing, made an investment in Acies Bio, a Slovenia-based biotechnology company specialising in R&D and manufacturing services for developing and scaling synthetic biology and precision fermentation technologies for food, agriculture, and industrial applications.  The investment was made through ADM Ventures, the company’s corporate venture capital arm.  SELIH & PARTNERJI team advising ADM on this transaction included partners Natasa Pipan Nahtigal and Spela Remec, legal adviser…

Investment Protection Between Serbia and Major Economies: China

December 2021  Author: Relja Radovic  Investment Flows Following our initial post on the United States, we continue our series on investment protection between Serbia and major economies with the focus on China – one of the most important and publicized sources of foreign investments in Serbia. The Development Agency of Serbia reports that China ranks the seventh country of origin of foreign investments in Serbia, with a 3.5% market share, in terms of the number of projects, and sixth, with an 8.9% market share, in terms of the value of projects. As with the US, China is not among the…

Financial Action Task Force's Updated Guidance: Virtual Assets and Virtual Asset Service Providers

Authors: Mayis Busra Mollaahmetoglu, Can Baykut The Guidance mainly aims to aid private sector entities engaging with virtual asset activities or operations and help them to understand and comply with their AML/CTF obligations. Within this scope, in the Guidance, the FATF clarifies the definitions of virtual assets and VASPs and addresses new areas concerning virtual asset space, such as non-fungible tokens, stablecoins, peer-to-peer transactions, and decentralised finance. The Guidance further sets out the requirements for VASPs and suggestions for countries to adopt to oversee compliance with…

The Rise of the BNPL Model and the Opportunities in the Serbian Market

November 2021 Author: Dragoljub Cibulic The current global environment is giving BNPL (“buy now pay later”) incredible momentum. People are working and shopping more and more from their homes. Many of them need more financial support than usual to complete their purchases. That is where BNPL comes in handy. The basic model is simple: BNPL allows the customer to pay for purchases later, often interest-free, without having to use traditional credit sources. There are clear advantages for the seller too because the BNPL option attracts new customers and increases the average order sizes of…

DTB Advised the Croatian Subsidiary of M7 Real Estate on the Sale of Mani Business Center

November 2021 DTB advised the Croatian subsidiary of M7 Real Estate, which completed the sale of the Mani Business Center with 12,900 sq m multi-let office building to Raiffeisen Pension Insurance Company on behalf of M7 Central European Real Estate Fund I. M7 will continue to asset manage the property on behalf of the new owner. The sale completes the divestment of M CEREF I, a value-add fund comprising of a portfolio of 21 logistics, office, and retail assets in key Central European markets, generating total sale proceeds of EUR 182 million and an IRR of 25% significantly ahead of the Funds’…

DoorDash Announced its Acquisition of Wolt

DoorDash, Inc. (NYSE: DASH) has reached a deal to acquire Finnish food-delivery company Wolt Enterprises OY in an all-stock transaction valued at approximately EUR 7 billion. Helsinki-based Wolt operates in over 180 cities across 23 European countries, including Serbia. It has over 45 000 merchant partners, 90 000 courier partners, and 12 million registered customers (June 2021 figures). DoorDash, Inc. is an online food ordering and food delivery platform, based in San Francisco, United States. According to the annual report as of 31 December 2020, the platform served 450,000 merchants, 20 million…