Crido has advised Duna Aszfalt on its acquisition of Mota Engil Central Europe. DLA Piper advised the sellers. Cerha Hempel reportedly advised Duna Aszfalt as well.

As of 13 January 2024, a new government decree amends the provisions of the clearance procedure of the Government Decree on certain foreign direct investments (“FDI”). The amendment grants the Hungarian State a right of first refusal in respect of acquisitions of strategic companies whose main or additional registered activity is electricity production and pursue solar power plant-related activity that are to be acquired by foreign investors.

Early-stage startups often face a significant challenge due to their very limited runway – as usually they burn money faster than they are able to acquire funding – which makes external capital crucial for sustainability. From the perspective of potential investors determining the worth of these startups is a key factor in deciding whether to invest or not into the specific project which is complex and time consuming, a luxury startups often lack.

Kinga Laszlo-Bolcskei has been promoted to a Partner position with Ban, S. Szabo, Rausch & Partners in Budapest.

On January 4, 2024, Boyanov & Co announced that the EUR 1.4 billion sale of Cargo-Partner subsidiaries to Nippon Express (reported by CEE Legal Matters on May 17, 2023) had closed.

The digitalisation of the Hungarian tax system has reached another important milestone: after lengthy preparatory work (and a few setbacks), the e-VAT system was launched on 1 January 2024, on a voluntary basis, for now.

Kinstellar, working with Linklaters' Madrid office, has advised a consortium of lenders on their EUR 800 million financing for AmRest. Uria Menendez reportedly advised AmRest.

The Hungarian Parliament adopted a new act on the rules of the entry and residence of third-country nationals on 12 December 2023.

In early January 2024, many managing directors in Hungary of companies with any agriculture-related activity could be surprised to receive a letter of the Hungarian Chamber of Agriculture stating that the company has become a member of the Chamber by law from 1^st January. What does this chamber do, and what are the main consequences of the membership?  Why it is worth to consider an opt-out from the Chamber? In this article, we address these issues.

In The Inside Track, General Counsels across CEE share the nuances of their roles, challenges, and strategies for success. Given the importance of relationships between in-house legal departments and law firms, this time we asked GCs: What is the most common reason for which you cease working with a specific law firm and what would you suggest firms definitely do to ensure they do not make the same mistake?

In The Corner Office, we ask Managing Partners at law firms across Central and Eastern Europe about their backgrounds, strategies, and responsibilities. With 2023 marching to an end, we looked ahead and asked about strategies for next year: As the budgeting period is around the corner, compared to 2023, what are the main budgeting lines you expect to increase for 2024 and why?

With artificial intelligence dominating tech conversations over the last year and with a draft AI Act being looked at by the EU, CMS Partners Dora Petranyi, Gabriela Staber, Klaus Pateter, and Olga Belyakova look at where AI is today and how European legislation might impact its future.

I’ve always been very interested in trends and statistics, and recently have been looking at potential trends in applications for a legal award. Based on the call for submissions, you can apply in six categories, which include, of course, very trendy topics such as data protection, digital solutions, and ESG, the more traditional ones of M&A and intellectual property, but for the sixth consecutive year, there is a tax law category. Moreover, not only does such a category exist, but the number of applicants is outstanding.

Sam MacMahon Baldwin has been promoted to a Partner position with Szecskay Attorneys at Law in Budapest.

There is nothing new in fancying competitiveness. There is also little that one can meaningfully add to the dialogue. Yet, it is surprising how the subject of “Europe’s competitiveness” climbs up the ladder of timely discourses, and repeatedly does so; finds its way onto the list of “final novel plans”, “last grand projects”, or, for the matter of pure practicality, to agendas of the European Union’s presiding troika.

Aiming to create a modern, transparent, and unified regulatory framework by replacing the current fragmented regime, the new Hungarian Construction Act was adopted in December 2023.The new Act makes such substantial changes that most of its provisions will enter into force in phases between 2024 and 2027. In the following, we outline the basic features of the new Act.

Schoenherr has advised Standard Motor Products on its acquisition of an industrial facility in Hungary from Mektec Manufacturing Corporation Europe HU. The sellers were represented by solo practitioner Peter Zsadon.

David Hanis has been appointed as a new Partner with Oppenheim.