Former CMS Partner and Head of Finance Mark Segall has joined Dentons's Banking and Finance team in Warsaw.
The legal market in Europe is ever-changing, but now, as we approach the turn of the year, there is no doubt we are at a pivotal moment. One could say that the tide has risen and the world of legal services as we know it is gone. While it would be easy to blame everything on the pandemic, the COVID-19 crisis has merely accelerated certain processes that have been swelling up and ready to burst for quite some time. The trends we have been observing have just gained momentum. It is essential that law firms accept the challenges and prudently navigate the dangers.
White & Case has advised Delaware-based developer and publisher of video games Huuuge on its PLN 1.67 billion initial public offering on the regulated market of the Warsaw Stock Exchange. Rymarz Zdort and Baker & McKenzie advised joint global coordinators and joint bookrunners J.P. Morgan AG, Credit Suisse Securities, and Sociedad De Valores S.A., and lead manager Ipopema Securities S.A.
Clifford Chance has advised a syndicate of banks including Santander Bank Polska, BNP Paribas Bank Polska, and PKO Bank Polski on the financing of a portfolio of 4 wind farm projects and 29 PV projects with a total capacity of 106 MW, belonging to Qair, an independent electricity producer. Dentons reportedly advised Qair on the PLN 479 million transaction.
Dentons, reportedly working with Law & Trust, has advised Slovak businessman Ivan Chrenko on the sale of his stake in Exponea to the US-based BloomReach e-commerce digital platform. Ferro Legal and Blumenfeld Legal advised Exponea, and Wilson Sonsini and Taylor Wessing reportedly advised the buyer on the deal.
The President of the Czech Republic signed the Act on Foreign Investment (“FDI Act”), which will take effect as of May 1, 2021. The Act follows the EU legislative framework on the examination of selected foreign investments for security reasons given by the Regulation No. (EU) 2019/452. The FDI Act introduces the obligation for foreign investors from countries outside the EU, investing in strategic sectors of the Czech economy, to obtain prior clearance from the Ministry of Industry and Trade (the "Ministry").
The Supreme Court of the Czech Republic recently issued a judgment under file no. 21 Cdo 4779/2018, in which it dealt with a situation where the employer withdrew from the non-compete clause agreed with its employee due to the fact that "it would not be proportionate or practical to enforce the agreed prohibition of competition against the employee due to the value of information and knowledge of work and technological procedures obtained by the employee in the course of employment with the employer". The said ground for withdrawal from the non-compete clause had been expressly agreed between the employer and the employee.