CEE Legal Matters
In-depth coverage of the news and newsmakers that shape Europe's emerging markets
Kinstellar has advised Ceskoslovenska Obchodni Banka on its EUR 85 million long-term financing for a retail and logistics real estate portfolio of the CPI Property Group in the Czech Republic.
Former White & Case Counsel David Ilczyszyn has joined Rovenska & Partners in Prague as a Partner in early July 2023.
The so-called M&A tool is probably the most impactful element of the Foreign Subsidies Regulation (FSR), affecting many global and even local transactions. A first read of the FSR's provisions may give the incorrect impression that the tool covers only few large transactions, but its impact may be much more significant than this. Let us take a closer look at what to keep in mind when engaging in an M&A transaction process.
Kinstellar has advised Localazy's founder on the approximately EUR 500,000 venture capital investment into the company by Garage Angels, 12Bullets, Lighthouse Ventures, and JIC Ventures. Hladky Legal advised Garage Angels on leading the round. Hladky Legal and, reportedly, KroupaHelan also advised the other investors.
Nicotine pouches are small pouches or pads containing nicotine and no tobacco. They are placed under the lip so that the nicotine is absorbed into the body through the mucous membrane. This alternative to traditional tobacco products, especially cigarettes, has been growing in popularity in recent years.
Nedelka Kubac Advokati has successfully represented Zasilkovna in filing objections with the Czech Competition Authority against Ceska Posta's intended acquisition of the postal item delivery business of PNS.
The Czech government is introducing new requirements and obligations for payment service providers based on the latest EU legislation. The new rules are expected to take effect from January 2024 and the legislative process is underway.
Glatzova & Co has advised the KBC Bank on its acquisition of a 50% stake in ESG scoring and reporting start-up Digital & Legal.
Allen & Overy, working with Cyril Amarchand Mangaldas, has advised Zetor Tractors and its HTC Investments parent company on their agreement with Indian tractor and power tiller producer VST Tillers Tractors Limited for the establishment of a joint venture in India.
The Green Deal for Europe aims to boost the efficient use of resources, helps to keep sustainable environment policy and transforms particular economies of the EU countries by reducing greenhouse gas emissions, by rebuilding immovables in order to reach higher level of energy sustainability, by introducing products with longer sustainability time, by developing products that may be easily recycled, by combating global deforestation, and much more.
Allen & Overy has advised the UniCredit Bank Czech Republic and Slovakia on its EUR 500 million issuance of green mortgage-covered bonds. White & Case advised global coordinator UniCredit Bank AG as well as the joint lead managers.
The German Supply Chain Due Diligence Act (Lieferkettensorgfaltspflichtengesetz; "LkSG") is effective from 1 January 2023 for companies and branches based in Germany with more than 3,000 employees, with further extension to companies with more than 1,000 employees from 1 January 2024.
Glatzova & Co has successfully represented INU.COM in licensing proceedings before the Czech National Bank, with the company being granted an investment intermediary license effective June 17, 2023.
Reals has advised Stora Enso on a lease agreement for premises in the Organica office building in Ostrava, the Czech Republic, from Contera. JSK advised the landlord.
Last week, the Czech Competition Authority ("CCA") blocked an acquisition of part of První novinová společnost a.s. ("PNS") by Česká pošta, s.p. ("Czech Post"). While it is impossible to foresee the exact future of merger control enforcement in the Czech Republic, what is clear is that the CCA with this decision, whether intentionally or not, has sent a message to the market that it is ready to take the hardest line on a merger if it raises competition concerns. We summarize main details of the case and additional thoughts on its impact below.
Summary of new Czech whistleblowing legislation
PRK Partners has advised the Electrostar Group on setting up its operations in the Czech Republic – including the acquisition of an industrial site in the Pilsen Region.
The EU is taking another legislative step in the fight against climate change. The Carbon Border Adjustment Mechanism (CBAM) is set to become a complement to emissions trading and later replace it entirely, according to a new regulation.
PRK Partners, one of the leading Central European law firms, has been helping clients achieve their business objectives almost 30 years. Our team of lawyers, based in our Prague, Ostrava, and Bratislava offices, has a unique knowledge of Czech and Slovak law and of the business environment. Our lawyers studied at top law schools in the United States, United Kingdom, Switzerland and elsewhere. They also have experience working for leading international and domestic law firms in a number of jurisdictions. We speak your language, too. Our legal team is fluent in more than 15 languages, including all the key languages of the region.
PRK Partners has one of the most experienced legal teams on the market. We are consistently rated as one of the leading law firms in the region. We have received many significant honours and awards for our work. We represent the interests of international clients operating in the Czech Republic in an efficient way, combining local knowledge with an understanding of their global requirements in a business-friendly approach. We are one of the largest law firms in the Czech Republic and Slovakia. Our specialised teams of lawyers and tax advisors advise major global corporations as well as local companies. We provide comprehensive legal advice drawing on our profound knowledge of local law and markets.
Our legal advice delivers tangible results – as proven by our strong track record. We are the only Czech member firm of Lex Mundi, the world's leading network of independent law firms. As one of the leading law firms in the region, we have received many national and international awards, in some cases several years in a row. Honours include the Chambers Europe Award for Excellence, The Lawyer and Czech and Slovak Law Firm of the Year. Thanks to our close cooperation with leading international law firms and strong local players, we can serve clients in multiple jurisdictions around the globe. Our strong network means that we can meet your needs, wherever you do business.
PRK Partners has been repeatedly voted among the most socially responsible firms in the category of small and mid-sized firms and was awarded the bronze certificate at the annual TOP Responsible Firm of the Year Awards.
Our work is not only “business”: we have participated on a longstanding basis in a wide variety of pro bono projects and supported our partners from the non-profit sector (Kaplicky Centre Endowment Fund, Tereza Maxová Foundation, Czech Donors Forum, etc.).
Firm's website: www.prkpartners.com
