Živković Samardžić Advises Prva TV, B92 and Play Radio on Obtaining National Broadcast Licenses by Serbia’s Regulatory Authority for Electronic Media

Živković Samardžić has advised Serbia’s national commercial broadcasters Prva, B92 and Play Radio on obtaining national broadcast licenses by Serbia’s Regulatory Authority for Electronic Media. National broadcast licenses are issued for the period of eight years.

At its meeting held on July 29, 2022, the Council of Regulatory Authority for Electronic Media made a Decision on issuing national broadcasting licenses for the provision of media services for television broadcasting via digital terrestrial transmission for the territory of the Republic of Serbia. Prva TV and B92 are among the four TV stations that have been awarded the license.

At the same meeting, the Council issued licenses for the provision of radio media services via analogue terrestrial transmission for the territory of the Republic of Serbia as well, awarding Play Radio among four other radio stations.

Prva TV is a Serbian commercial television network with national coverage. Launched on December 31, 2006 as Fox television, the network has since December 2009 to December 2018 been owned by the Greek media company Antenna Group, when it was acquired by Kopernikus Corporation, owned by Mr Srđan Milovanović. In March 2012, Prva TV expanded into the Montenegrin television market with the establishment of its sister channel – Prva TV Montenegro.

B92 was established in 1989 as radio broadcasting to Belgrade audiences and has since grown into a company which includes a national radio and television network and websites. B92 and its journalists have won numerous prestigious international awards for journalistic courage and advocacy of human rights.

Play Radio is one of the most popular Belgrade radio stations with a national frequency, that was established in 2015 by succeeding radio B92. By its carefully selected program scheme and a refined musical taste it quickly won the attention of wide audience. 

Živković Samardžić team that acted as legal adviser to Prva, B92 and Play Radio on all aspects of this process consisted of Partners Slobodan Kremenjak and Igor Živkovski.

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Živković Samardžić Advises OTA Sync on Joint Investments from TS Ventures Fund, DSI Group of Business Angels, and Startup Wise Guys

Živković Samardžić has advised OTA Sync, a Belgrade-based startup developing the first cloud software for hotels and private accommodation, on the latest round of investments by TSVentures Fund, DSI Group of Business Angels and Startup Wise Guys.

Investing in OTA Sync is very important for the growth and placement of software in countries around the world. OTA Sync started developing software in 2018 and until 2020 this companyworked on collecting information from customers and adapting the software to be tailored to the market. In 2021, OTA Sync attracted investment from one of the best European accelerators Startup Wise Guys, and the California Expert Fund DOJO.

After the business success in Serbia and Montenegro, a new round of investments was opened, which the OTA Sync team plans to invest in growth in regional markets, through education and promotion of sustainable and modern technologies, to position itself as the most modern and complete solution for hotel and apartment management.

In the coming period, the plan is to launch a support program for all hotels that are eco-certified or turn to sustainable energy sources. As cloud technology is eco-friendly, the entire program aims to provide benefits for the use of our and partner services that operate sustainably.

Since 2020, OTA Sync has had over 1,500 satisfied customers, operates in 14 countries around the world, and some of its clients outside the Balkans are located in the Maldives, Spain, Portugal and Mexico.

Živković Samardžić acted as legal adviser to OTA Sync on all aspects of the deal, including structuring the transaction, drafting and negotiating of transactional documentation, as well as assisting with the preparation and execution of the closing process. The Živković Samardžić team that has advised OTA Sync on this deal was led by Partner Igor Živkovski.

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Živković Samardžić has Provided Support on Serbian Aspects of the Sale of Cimos d.d. and its Subsidiaries

Živković Samardžić has acted as legal advisor to Cimos d.d. on Serbian aspects of its acquisition by Mutares SE & Co. KGaA from TCH S.r.l.

Mutares SE & Co. KGaA has signed an agreement to acquire Cimos d.d. and its subsidiaries from TCH S.r.L. The company will act as a key Eastern European platform for Mutares’ Automotive & Mobility segment with seven production plants across Slovenia, Croatia, Serbia and Bosnia & Herzegovina as well as one logistics plant in Slovenia.

Cimos d.d. is a leading producer of critical automotive components, with headquarters in Slovenia, approximately 2,000 employees and seven production and one logistics plant across the Balkans. In 2022, Cimos d.d. is expecting revenues of around EUR 160-180 million, influenced by certain special effects.

Mutares SE & Co. KGaA is an international private equity investor focused in the segments of Automotive & Mobility, Technology & Engineering, and Goods & Services Sectors, aiming to leverage the development potential of target companies and lead them onto a stable and profitable growth path.

The closing of the transaction is expected in the third quarter of 2022.

The Živković Samardžić team consisted of Partners Igor Živkovski and Sava Pavlović.

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Živković Samardžić Advises Catalyst Romania and 3TS Capital Partners on Serbian Aspects of Investment in Hunch

Živković Samardžić has advised Catalyst Romania, one of the leading technology-focused venture capital firms in Romania and 3TS Capital Partners, one of the leading European technology focused private equity and venture capital firms, on Serbian aspects of its investment in Hunch, an automated creative production and media buying platform that empowers brands and agencies to grow on paid social. Hunch has raised the new EUR 4 million and the round is led by Catalyst Romania backed by 3TS Capital Partners, alongside co-investors Euroventures, North Base Media, SeedBlink and South Central Ventures. This round is the largest round led by Catalyst Fund II thus far, and the first investment by the fund in the SEE region outside Romania. Hunch will use this investment to triple its sales team and increase marketing investments, to support its expansion plans in Europe and into the US.

Hunch, a Meta Business Partner, teams up with leading global brand and performance marketing teams to consistently drive operational efficiencies, revenue uplifts, and faster go-to-market initiatives. Brands and agencies rely on Hunch’s market-leading automation platform that combines unique data-driven creative performance workflows with automated media buying processes to help today’s marketers focus on what matters most – growth.

Catalyst Romania focuses on tech companies that have already launched products into their target markets and have experienced management teams. It launched its first EUR 15 million fund in 2012, as the first fund of its type designed for Romania. The firm launched a second growth capital tech fund for Romania, with a first initial closing with institutional and private investors in November 2020, followed by a second closing in April 2021 and a final closing in February 2022. The original target of EUR 40 million was substantially exceeded and the Fund reached its hard cap of EUR 50 million. The Fund will continue to make early growth capital investments in SMEs based in Romania and other countries in the region.

3TS Capital Partners is one of the leading European technology focused growth capital firms. 3TS provides expansion capital and buyout funding for small and medium-sized businesses in growth sectors including Technology & Internet, Media & Communications and Technology-Enabled Services. Investors in the current and past 3TS funds totalling over EUR 400 million include EIF, Erste Group, Tesi, Cisco, OTP, EBRD, AWS, Sitra, KfW, and 3i among others.

The Živković Samardžić team that has advised Catalyst Romania and 3TS Capital Partners on this deal was led by Partner Igor Živkovski and included Associate Danka Draško, who advised on employment matters.

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Živković Samardžić Advises Serbian Bookers on Legal Aspects of its Evolving into a Global Brand OTA Sync

Živković Samardžić has advised Serbian Bookers, a Belgrade-based startup developing the first cloud software for hotels and private accommodation in Serbia, on legal aspects of its evolving into a global brand OTA Sync. The aim of this restructuring is to expand the opportunity for global expansion and access to investment opportunities.

Serbian Bookers is software company offering complete web & mobile solutions for hotels and private accommodation. With this evolving into a global brand OTA Sync (Online Travel Agencies Synchronization) it will continue to expand and develop globally, while its team will remain local. Currently, the system is used by users from 14 countries, and the team continues to work on new functions, modernization of the system and the success of its clients. The introduction of new functions will further facilitate the business of users and will help them to analyze their strategy in more detail and improve communication with guests.

OTA Sync is a full cloud-based hotel & property management system with integrated channel manager and booking engine system, ideal for any type of rentals. Its goal is to offer only the best quality software solution on the market. OTA Sync has already recorded great success in the tourism market, and in the coming period it is expected that the customer base of this service will be increased.

Živković Samardžić acted as legal adviser to Serbian Bookers on all aspects of the deal, including structuring the transaction, drafting of transactional documentation, as well as assisting with the implementation of the transaction. The Živković Samardžić team that has advised Serbian Bookers on this deal was led by Partner Igor Živkovski.

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Živković Samardžić successfully completed the merger Eurobank a.d. Beograd with Direktna Bank a.d. Kragujevac

Živković Samardžić, one of Serbia’s leading full-service independent law firms, has successfully completed advising on the merger of Eurobank a.d. Beograd (“Eurobank Serbia”), a Serbian subsidiary of Eurobank S.A. (“Eurobank”), subsidiary of “Eurobank Ergasias Services and Holdings S.A.” (Eurobank Holdings), with Direktna Banka a.d. Kragujevac (“Direktna”), with absorption of Direktna by Eurobank Serbia (the “Transaction”).

The combined bank (“Eurobank Direktna”), in which Eurobank holds 70%, with a strong capital and liquidity position and a market share of 6.5% in customer loans, becomes the seventh largest in Serbia.

As part of the transaction, Eurobank a.d. Beograd will distribute to Eurobank Group via dividend payment and capital return an amount of c. €232m.

The Živković Samardžić team provided legal assistance and advice both involved banks on the Transaction. This deal was led by Partners Branislav Živković, Slobodan Kremenjak, Uroš Đorđević, Igor Živkovski and Sava Pavlović..

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Živković Samardžić Advises Trigal on Its First Investment in Serbia

Živković Samardžić has advised Trigal on its investment in 5 urban lighting regeneration public-private partnership projects in Serbia. Projects are led by Resalta, the provider of energy services in the region, and include installation of new LED lights in 5 municipalities, which will bring significant savings. Lifetime of the projects is 13 years remaining.

This ESCO projects portfolio is the latest one in Trigal’s infrastructure portfolio and comes after implementation of this kind of projects in North Macedonia and Croatia. The term ESCO stands for energy service company and the model allows those companies to carry out energy services without the clients having to invest their own capital in the projects.

Trigal is a joint venture founded by KGAL Gmbh & CO. KG and Zavarovalnica Triglav d.d., combines investment, operational and asset management expertise providing tailored made solutions to a diverse client base; insurance companies, pension funds, family offices.

KGAL and Triglav insurance combine over EUR 23.2 billion of assets under management and joined forces to create Trigal, with a goal to become the leading real asset investment management platform for the Adriatic region.

Živković Samardžić acted as legal adviser to Trigal on all aspects of the deal, including the legal due diligence exercise, structuring the transaction, drafting and negotiating of transactional documentation, assisting with the preparation and execution of the closing process and all-encompassing legal advisory regarding post-closing activities.

The Živković Samardžić team that has advised Trigal on this deal was led by Partners Igor Živkovski and Sava Pavlović.

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Živković Samardžić Advises Joberty on Angel Investment for Entering Global Market

Živković Samardžić has advised Joberty, an online IT business platform that connects employers and candidates into a transparent ecosystem, on early-stage investment by angel investor, Kroog Ventures. With the investment of USD 350,000, this high-potential project has reached a value of as much as USD 3.3 million.

The initial capital will be used to expand Joberty platform in the region, the European market and beyond. Since its inception, the platform has numbered over 27,000 IT professionals and 600 companies, despite the many problems caused by the COVID-19 pandemic.

Joberty is an online platform founded in August 2019, created as a startup. The purpose of the platform is to enable employees in IT companies to share their work experiences, candidates to find jobs in the IT industry, and IT companies to find relevant candidates for their jobs. With this approach, Joberty provides the wider community with the opportunity to gain additional insight into the work ethic and culture of IT companies, thus increasing the transparency of the rapidly evolving IT community. The goal of the platform is to expand throughout the region, but also throughout other continents, especially throughout the US markets.

Kroog Ventures is an investment platform focused on European technology startup projects. It was founded in early 2021 and is investing in the early stages of development. It consists of entrepreneurs, technology seniors and experienced businessmen. Kroog Ventures supports startups not only financially, but also with strategic and operational support, as well as the access to the international network and capital markets.

Živković Samardžić acted as legal adviser to Joberty on all aspects of the deal, including structuring the transaction, drafting and negotiating of transactional documentation, as well as assisting with the preparation and execution of the closing process. The Živković Samardžić team that has advised Joberty on this deal was led by Partner Igor Živkovski.

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Živković Samardžić Advises Credo Ventures on Investment in Startup Trickest

Živković Samardžić has advised Credo Ventures on its investment in Trickest, a Belgrade-based startup building a workflow automation and orchestration tool for bug bounty hunters, penetration testers, and enterprise security teams. Trickest has raised a EUR 1.4 million seed round and the round is led by Credo Ventures, with participation from Earlybird Digital East Fund, with Daniel Dines and Marius Tirca, CEO and CTO of UiPath also participating as angel investors. Proceeds from the round will be used to accelerate hiring and support the company’s early access launch.

Credo Ventures is a venture capital company focused on early stage investments in Central and Eastern Europe. It is on a mission to identify and back the most interesting early stage companies in the region, support them in their growth plans (including expansion to the U.S. / global market), and help to achieve their objectives. Credo Ventures is looking for opportunities to invest in high-growth potential companies with international ambitions and competence to execute and deliver, while its industry focus is IT, Internet, and health.

Trickest’s co-founders combined their security and data backgrounds to start Trickest in late 2019. The company’s cloud-based workflow editor makes it easy to build and automate tests in a drag-and-drop way, and while the platform supports starting from scratch, Trickest makes the best crowdsourced knowledge available to everyone thanks to a library of 100+ open-source tools. Additionally, more advanced users can also drop in their custom scripts for maximum flexibility and control. The company also takes care of infrastructure management – workflows can be run in the cloud with one click and are designed to support features like auto-scaling and cost controls out of the box.

Živković Samardžić’s scope of work consisted of performing due diligence of Trickest, drafting and negotiating of transactional documentation, structuring the transaction, as well as all-encompassing legal advisory regarding post-closing activities for Credo Ventures. The Živković Samardžić team that has advised Credo Ventures on this deal was led by Partner Igor Živkovski and included Partners Slobodan Kremenjak, who advised on intellectual property matters and Ana Popović, who advised on employment matters.

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Živkovic Samardžić Advises on Eurobank a.d. Beograd Merger with Direktna Bank a.d. Kragujevac

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Živković Samardžić, one of Serbia’s leading full-service independent law firms, has advised on the merger of Eurobank a.d. Beograd (“Eurobank Serbia”), a Serbian subsidiary of Eurobank S.A. (“Eurobank”), subsidiary of “Eurobank Ergasias Services and Holdings S.A.” (Eurobank Holdings), with Direktna Banka a.d. Kragujevac (“Direktna”), with absorption of Direktna by Eurobank Serbia (the “Transaction”).

The Eurobank Group is a dynamic banking group active in six countries, with total assets of €67.7 billion and 11,394 employees. Established in 1990, the Group expanded through organic growth to become a leading force in Greek banking sector. In Serbia, Eurobank (after two successful acquisitions – Poštanska banka and Nacionalna štedionica) is today among the leading foreign investors and financial institutions.

Direktna is a modern, domestic and universal bank, whose business strategy is focused on business with the population and the economy. It was created by the purchase of KBM Bank, then Findomestic BNP Paribas and Piraeus Bank a.d. Beograd, which formed a strong and stable financial institution.

The combined bank (“Eurobank Direktna”) will have total assets in excess of €2bn, total equity above €300m and, accounting for the expected fully-phased synergies, pre-provision income and net income in excess of €50m and €35m respectively.

The combined bank’s market share will exceed 6.5%, in terms of total loans, making the bank the seventh largest in Serbia.

After the completion of the Transaction, Eurobank will control c. 70% of the combined bank while Direktna’s shareholders will own the remaining 30%. Both parties have committed to a growth-oriented business plan, incorporating ambitious expansion targets that will allow the combined bank to finance the Serbian economy and grow profitably in the next few years. Part of the Transaction is the payment of a dividend/capital return to Eurobank. The Transaction is capital neutral for Eurobank and earnings per share (EPS) accretive by 3% post synergies.

Completion of the Transaction is subject to customary approvals by the competent regulatory and supervisory authorities and is expected to take place during the last quarter of 2021. The Živković Samardžić team provided legal assistance and advice both involved banks on the Transaction. This deal was led by Partners Branislav Živković, Uroš Đorđević, Igor Živkovski and Sava Pavlović.

 

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