The Launch of the Central Ultimate Beneficial Owners Register: A New Filing Obligation for Greek Legal Entities

Pursuant to the provisions of Law 4557/2018, recent Ministerial Decision (MD) 67343/2019 (as amended by MD 73900/2019, Government Gazette issues 2443/B/2019 and 2718/B/2019) regulates specific matters regarding the launch and function of the Central Ultimate Beneficial Owners Register for Greek legal entities. Law 4557/2018 on the prevention and combat of money laundering and terrorist funding stipulated that all legal entities whose registered seat is in Greece or which conduct business activity taxed in Greece must collect and submit adequate, accurate and up-to-date information on their beneficial owners, i.e. the individuals who ultimately own or control them, to the national register established for this purpose, the CUBOR

Polenak Law Firm Contributed to the North Macedonia Chapter on Corporate Governance

Kristijan Polenak, managing partner and Tatjana Shishkovska, partner at Polenak Law Firm authored the North Macedonian Chapter on Corporate Governance, 18th edition, published in May 2019 by Law Business Research.

NNDKP Assisted CTP in the Acquisition of the Logistics Park A1 Bucharest Park

NNDKP assisted CTP, the largest developer and long-term manager of industrial and logistics parks in Romania and Central and Eastern Europe in the transaction that involved the acquisition of the logistics park A1 Bucharest Park, located at km 13 on the A1 highway, which was previously owned by Vabeld Group. The logistics project comprises nine logistics buildings with a leasable area of 78,000 sqm. The transaction is valued at EUR 40 million.

BDK Advokati Advises on Valvoline’s Acquisition of FAM

Ellis Enterprises, the Serbian subsidiary of lubricant producer Valvoline (NYSE: VVV), closed on Monday, 1 July 2019 the acquisition of the core manufacturing assets of Serbian lubricant producer FAM, Krusevac for EUR 9.5 million. Closing occurred upon approval of the Serbian Competition Commission and the approval of the transaction terms by six banks which are major creditors of FAM. Valvoline will initially employ 115 employees of FAM and will invest more than EUR 5.7 million in the modernisation of the plant.

Link Mobility Group AS (Norway) Signed an Agreement to Buy Five of Allterco’s Telecom Subsidiaries

On 29 June 2019 Bulgaria's Allterco has signed an agreement to sell five of its telecommunications subsidiaries to Norway's LINK Mobility Group for an indicative price of EUR 7.9 million. The final price will be determined on a cash-free/debt-free basis after correction of the companies' preliminary financial statements. The deal concerns Allterco's units in Bulgaria - Teravoice, Tera Communications and Allterpay, as well as its Romania-based subsidiary Teracomm RO and North Macedonia-based Tera Communications DOOEL. Upon completion of the transaction, Allterco will receive 60% of the price in cash. A further 20% will be paid on a deferred basis within two years, while the remaining 20% will be paid by transferring rights for purchase of shares in Victory Partners VIII Norway Holding - the sole owner of LINK Mobility Group. With this deal, Allterco is divesting its entire telecommunications portfolio and will focus on its IoT subsidiaries.

A Comparative Review of the Split-up Process under Greek Law 2190/1920 and New Greek Law 4601/2019

Kyriakides Georgopoulos Law Firm provides a comparative analysis of the Split-up Process under Greek Law 2190/1920 and New Greek Law 4601/2019 (or the simplification of the Split up process under New Law 4601/2019): New Greek Law 4601/2019 introduces an innovative legal framework systematizing the corporate restructurings of all legal forms of companies. Except for mergers and conversions, Law 4601/2019 also regulates the legal framework of divisions (demergers or “diaspasi” in Greek). According to the Law’s explanatory report, demerger is the act of transfer, with universal succession, of the property of a company which is dissolved without liquidation in at least two existing or newly established companies. The demerger process contributes to the adaptability of companies to new market conditions while ensuring the continuation of business activity. It is noteworthy that, contrary to the previous legal regime, the New Law extends the scope of the demergers to other forms of companies other than Société Anonyme. According to Law 4601/2019 there are three forms of demerger: (i) split up («koini diaspasi» in Greek) (ii) spin off («meriki diaspasi» in Greek) and (iii) hive down («aposchisi kladou» in Greek).

DTB is Advising United Group in the Acquisition of the Telecom Operator Tele2 Croatia

On Friday, 31 May 2019, Tele2 AB Sweden agreed to sell its Croatian business to United Group for an enterprise value of EUR 220 million. The Croatian business is one out of the three telecom providers in Croatia with 897,000 subscribers. The transaction requires approval from the relevant regulatory bodies, including the Croatian Competition Agency and closing is expected before the end of 2019. United Group is a leading connectivity and media provider in South East Europe. It has the broadest network coverage in the region with 3.82 million subscribers and offers both local and international content. United Group has operations in six countries and employs around 4,400 employees. The transaction is considered to be one of the largest, if not the largest, M&A deal in Croatia this year.

Three SEE Legal Members Advise Link Mobility Group AS (Norway) on the Acquisition of Teracomm

Europe’s leading and fastest growing provider of B2C messaging services is expecting competition clearance in Bulgaria in order to proceed to the acquisition of South-Eastern European mobile messaging activities, currently owned by Allterco (a Bulgarian listed company) and operated under the brand “Teracomm”. Teracomm is among the leading providers of B2C messaging services in the region, offering sound technical solutions to respond to the business needs of its clients and partners.

P&O Ports Acquires Luka Novi Sad

BDK Advokati represented P&O ports from Dubai in the acquisition of port Luka Novi Sad. The value of the transaction is EUR 23 million. The acquisition and investments to be made should help Luka Novi Sad to recover its devastated infrastructure and reach its full capacity of two and a half million tons of cargo loading and discharging per year. BDK Advokati’s team was led by senior partner Vladimir Dasic and also involved senior associate Tomislav Popovic on the corporate and M&A side, and associate Mladen Vujic on merger control filing.

BOYANOV & Co. and KALO & ASSOCIATES Completed the Deal for the Acquisition of Telekom Albania

BOYANOV & Co. and KALO & ASSOCIATES, members of SEE Legal, advised Albania Telecom Invest (ATI), a joint venture of the businessmen Mr. Spas Roussev and Mr. Elvin Guri, on the acquisition of Telekom Albania from Cosmote, Greece (part of the Deutsche Telekom Group). BOYANOV & Co. advised ATI on the entire deal – participation in a sales auction, legal due diligence, negotiation of the sale and purchase agreement, escrow agreement and set of other transaction documents, as well as negotiation of the financing for the deal from First Investment Bank. BOYANOV & Co. worked in close cooperation with KALO & ASSOCIATES, Tirana who advised the buyer on Albanian law related matters. The deal was completed on 7 May 2019.

KG Law Firm Sponsored the 11th Panhellenic Convention of Legal Services Lawyers

Kyriakides Georgopoulos Law Firm was a proud sponsor of the 11th Panhellenic Convention of Legal Services Lawyers titled: “Are We Ready for the New Société Anonyme?”, which achieved a strong attendance with over 500 participants on Friday, 12 April. The conference was organised by NOMIKI BIBLIOTHIKI and ECONOMIA GROUP in association with the Association of Corporate Counsel Europe and the Athens Bar Association, in which KG’s Partner Theodore Rakintzis gave an illuminating presentation on the main aspects of the new legal framework about Sociétés Anonymes.

NNDKP Involved in a Contemplated Project on the Romanian Capital Markets

Norofert Group, the leading Romanian producer of organic agricultural products, announces its intention to list on the AeRO market of the Bucharest Stock Exchange in the second quarter of 2019.  This is an example of a project where clients benefit from the NNDKP and Cornerstone Communications alliance, with NNDKP assisting Norofert Group in preparing the corporate structure for listing as well as assuring the legal and tax audit, and Cornerstone Communications being the company’s investor relations adviser.