Select M&A / Privatisation Experience

Belgrade Airport Concession

The firm represented an international consortium of investors in a public tender for a 25-year concession for the financing and development through construction and reconstruction, maintenance and management of infrastructure of the Belgrade Nikola Tesla Airport. The concession, valued at approximately EUR 500 million, was the largest legal deal in Serbia in 2017 and is of one of the most strategically important projects in the country.

Privatisation of Telekom Srbija

The firm acted as legal advisors to the Government of the Republic of Serbia regarding the potential privatisation of a majority shareholding in the incumbent telecom company Telekom Srbija. This deal, which was the largest anticipated privatisation project in Serbia to date, attracted significant interest from strategic and financial investors. Our legal team provided full legal support to the government on this landmark transaction. Services included drafting amendments to the Law on Privatisation, drafting a decree regulating the terms and conditions of the tender sale, a full legal due diligence investigation of the target, drafting the transaction documents and providing support during negotiations.

Privatisation of Komercijalna banka

The firm acted as legal advisors to the Government of the Republic of Serbia regarding the privatization process of Komercijalna banka a.d. Beograd, the country’s second largest bank. This specific deal was complex and unique because beside the 41.7% of shares which were in the ownership of the state, the state also acquired additional (approx. 40%) by way of the put option exercised by IFIs (EBRD, IFC and others). This deal required the expertise not only for M&A transactions, but also expertise for financial and stock exchange transactions, and this is the rare, if not the exceptional case that the services of legal consultation were provided only by a domestic legal counsel (Prica & Partners and AP Legal), without the engagement of a foreign legal counsel.

Acquisition of NIS – Petroleum Industry of Serbia

The firm represented GazpromNeft on its EUR 400 million acquisition of a 51% stake in the Petroleum Industry of Serbia (NIS), based on an IG agreement between Russia and Serbia. This was the largest acquisition project in the Serbian energy sector to date. Services included a legal due diligence investigation covering more than 600 immovable properties, including drafting the SPA and a large number of underlying transaction documents, assistance at closing and numerous post-closing activities.

Acquisition of Mobtel

The firm advised M-Tel, a consortium of Austrian private investors, on the acquisition of the largest mobile telecommunications company in Serbia, Mobtel, and its subsequent auction sale to the best bidder, Telenor Group of Norway for EUR 1.5 billion.

Privatisation of Several Leading Serbian Banks

The firm represented the Government of the Republic of Serbia in several large privatisations of leading banks in Serbia, including Vojvodjanska banka, Novosadska banka and Komercijalna banka.

Gucci Acquisition of Serbian Leather Factory

The firm advised the renowned luxury brand Gucci, a member of the Kering Group, on its entrance into the Serbian market through the acquisition of a leading producer of leather products. The transaction took place through a complex court sale and included the resolution of existing real estate and environmental protection issues. Services also included obtaining all relevant licensing and active involvement in the negotiations with the Serbian Investment and Export Promotion Agency (SIEPA), including the process of procuring substantial investment incentives from SIEPA.