Živković Samardžić Advises on the Sale of HDL Design House to Capgemini Consulting Österreich AG
Živković Samardžić, one of Serbia’s leading full-service independent law firms, has advised the shareholders of HDL Design House, a leading independent provider of silicon design and verification services in Europe, on the sale of this company to Capgemini Consulting Österreich AG, a multinational information technology (IT) services and consulting company.
HDL Design House was founded in 2001 and headquartered in Belgrade (Serbia) and it comprises approximately of 300 highly skilled engineers with substantial experience in delivering advanced custom chip designs for multiple industries.
Capgemini is a global leader in partnering with companies to transform and manage their business by harnessing the power of technology. With its strong 55-year heritage and deep industry expertise, Capgemini is trusted by its clients to address the entire breadth of their business needs, from strategy and design to operations, fueled by the fast evolving and innovative world of cloud, data, AI, connectivity, software, digital engineering, and platforms. It is a responsible and diverse organization of 350,000 team members in more than 50 countries. Živković Samardžić team that acted as lead legal counsel to the shareholders of HDL Design House on all aspects of this transaction consisted of Partners Branislav Živković, Uroš Đorđević, Igor Živkovski, Sava Pavlović, and Associate Danka Draško.
- Published in Deals and Cases
Živković Samardžić Advises Samsic on the Acquisition of the Remaining 45% Stake in Samsic STM from the Minority Shareholders
Živković Samardžić has advised Samsic Holding dejavnost holdingov d.o.o, the Slovenian member of the French Samsic Group, on the acquisition of the remaining 45% stake in Samsic STM d.o.o, Belgrade based facility management, construction and installation services provider, from the two founding shareholders. As a result of the transaction, Samsic became the sole shareholder of this Group’s subsidiary in Serbia.
Founded in 1986 and based in Rennes, France, with 117,000 employees and an annual turnover of EUR 3,45 billion, Samsic is the European leader in facility management. Today, while present in 27 countries in Europe and beyond, Samsic contributes to the performance of its 30,000 customers by offering them customized services, tailored to their specific needs.
Živković Samardžić acted as legal adviser to Samsic on all aspects of the deal, including 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 Samsic on this deal consisted of Partner Igor Živkovski and Associate Teodora Milošević.
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Another Recognition for Živković Samardžić and Igor Živkovski ahead of the Firm’s 25-year Anniversary
We are thrilled to announce that CEE Legal Matters, one of the best known and most respected legal magazines, in their July Issue – Market Spotlight: Serbia, once again recognized Živković Samardžić’s hard work, for which we were ranked in the third place in the category “Firms with the most client matters reported”, with 59 client matters reported in the period from December 2013 – June 2023.
In addition to that, our Corporate and M&A Partner, Igor Živkovski, has been listed as the second best in the category “Partners with the most client matter reported”, with 29 client matters reported in the same period.
These recognitions come at the special time for our law firm, having in mind that this month we are celebrating 25 years of Živković Samardžić’s existence on the Serbian law market which makes us one of Serbia’s commercial law firms with the longest tradition.
We are extremely grateful to our clients, business contact and fellow lawyers for their support and the entire Živković Samardžić team for continuous hard work in the past years, which made it possible to achieve this great result that gives us wind in the back and motivation to strive and work harder in the years to come.
CEE Legal Matters is a print and online publication for and about lawyers interested and working in Europe’s emerging legal markets, featuring news, interviews, analysis, opinion, and more with a mission to be the go-to source of information about lawyers and legal markets in Central and Eastern Europe.
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Živković Samardžić Advises TinySeed on Investment in Startup Plainly
Živković Samardžić has advised TinySeed, a US venture capital fund which runs a remote accelerator designed for early-stage SaaS founders, on its investment in Plainly, a startup developing video generation API that allows businesses to create automated video creation workflows and increase their marketing output, scale up personalized sales or improve internal communications.
Plainly was one of the 26 startups that were accepted to participate in the Fall 2022 Americas and EMEA accelerator programs designed to help founders with a revenue-generating SaaS optimize product-market fit and grow faster, organized by TinySeed, which allowed Plainly to receive support, answers, and accountability needed to scale its business faster.
TinySeed is a year-long, remote accelerator that funds 15-20 SaaS companies at once. Those companies go through their accelerator program as a batch. TinySeed’s mission is to increase the world’s population of independent SaaS companies, giving capital-efficient startups an option between bootstrapping and raising traditional venture capital. It specializes in the fields of financial services, software, and venture capital.
Živković Samardžić team led by Partner Igor Živkovski and Associate Ana Grebo assisted TinySeed with performing due diligence of Plainly, structuring the transaction, drafting and negotiating of transactional documentation, as well as closing activities related to the investment.
- Published in Deals and Cases
A major step forward in the digitalization of the business operations of the Serbian Business Registers Agency: In the future, the establishment of companies will only be possible electronically
As a result of the entry into force of the provisions of the Law on Amendments to the Law on the Procedure of Registration in the Serbian Business Registers Agency, whose application was postponed, starting from May 17, 2023, it will no longer be possible to submit documentation for the establishment of companies to the Serbian Business Registers Agency in paper form, but exclusively in electronic form. However, it will still be possible to submit the registration application for the establishment of a cooperative, public company, representative office, or branch of a foreign company in paper form. Namely, for the applicant to successfully complete the electronic registration application for the establishment of a company, he must first possess:
- a qualified electronic certificate (electronic signature) issued by a certification body in the Republic of Serbia – the electronic certificate is linked to one of the personal data, such as personal name , passport number and country of issue and/or personal number for a foreigner and/or ID card number and country of issue, and if any of the registered data changes, there is a possibility that the applicant will not be able to electronically sign a certain document;
- installed electronic card reader and installed NEXU application for electronic signature; and
- Visa, MasterCard or Dina payment cards for administrative fee payment.
It is necessary to keep in mind that in the electronic registration process, all attached documents must be in electronic form, which can create doubts about what should be done with documents that were initially created in paper form and exist only as such. The legislator resolved this issue by making available the possibility of digitization, i.e., converting a document from paper to electronic form, i.e., into an electronic document that produces the same legal force as a document in paper form, and this is possible if such an electronic document is authenticated (signed) with an electronic signature. This obligation stems from the provisions of the Law on Electronic Documents, Electronic Identification and Trust Services in Electronic Business („Official Gazette of the Republic of Serbia”, Nos. 94/2017 and 52/2021) (hereinafter: the Law), according to which the digitized document is considered a copy, which is why it is necessary to be certified by an electronic signature or electronic sea of:
- the person who issued the document (depending on which authority issued the specific act, e.g., authorized person in the bank, Tax Administration, etc.);
- the person authorized by Law to certify the documents (notary public);
- an attorney at law registered in the directory of the Bar Association of Serbia (however, in this case, an additional condition is set that the attorney at law during digitization and certification must also be a signatory of the registration application, via Power of Attorney).
Additional doubts may arise in connection with electronic documents issued by foreign authorities, because the Serbian Business Registers Agency has informed that for now it is not possible to submit electronic documents issued by foreign authorities, because in accordance with the provision of Article 40 of the Law, it is prescribed that foreign qualified services of trust can be recognized in Serbia only in case of existence of reciprocity regulated by confirmed international agreements. Therefore, for now, the only solution is to print the electronic document issued by a foreign authority in the country of origin and to have the printed copy certified by the competent authority in the issuing country. After that, such document can be digitized and certified by a notary/attorney at law of the Republic of Serbia and used as such in the registration process.
Although these novelties represent a significant step forward and are worthy of all praise, and the fact is that digitization transforms the way public administration works in the Republic of Serbia, thereby increasing the economy and quality of its work, and at the same time making it easier for citizens to carry out their daily bureaucratic duties, there is no doubt that there will be a period of adaptation for all actors of this procedure to the emerging developments.
For more detailed information regarding the submission of the mandatory electronic registration application for the establishment of legal entities, as well as for complete legal assistance in this regard, please feel free to contact our lawyers in the Corporate/M&A department, Partners Igor Živkovski and Sava Pavlović, or your regular contact person in Živković Samardžić Law Office.
Veliki iskorak u digitalizaciji poslovanja Agencije za privredne registre: Osnivanje privrednih društava ubuduće će biti moguće samo elektronskim putem
Kao posledica stupanja na snagu odredaba Zakona o izmenama i dopunama Zakona o postupku registracije u Agencije za privredne registre, a čija primena je bila odložena, počevši od 17. maja 2023. godine, Agenciji za privredne registre više neće biti moguće podnositi dokumentaciju za osnivanje privrednih društava u papirnoj formi, već isključivo u elektronskom obliku. Međutim, registracionu prijavu osnivanja zadruge, javnog preduzeća, predstavništva ili ogranka stranog privrednog društva biće i dalje moguće podneti u papirnoj formi.
Naime, kako bi podnosilac elektronske registracione prijave osnivanja privrednog društva istu izvršio uspešno, potrebno je da prethodno poseduje:
- kvalifikovani elektronski sertifikat (elektronski potpis) izdat od sertifikacionog tela u Republici Srbiji – elektronski sertifikat se vezuje za jedan od ličnih podataka, kao što su lično ime, broj pasoša i država izdavanja i/ili lični broj za stranca i/ili broj lične karte i zemlja izdavanja, te ukoliko se neki od registrovanih podataka promeni, postoji mogućnost da podnosilac neće biti u mogućnosti da elektronski potpiše određeni dokument;
- instaliran čitač elektronskih kartica i instaliranu NEXU aplikaciju za elektronsko potpisivanje; i
- Visa, MasterCard ili Dina platne kartice za potrebe plaćanja administrativne takse.
Potrebno je imati u vidu da u postupku elektronske registracije svi priloženi dokumenti moraju biti u elektronskom obliku, što može stvoriti nedoumice oko toga šta bi trebalo uraditi sa dokumentima koji su inicijalno sačinjeni u papirnoj formi i isključivo kao takvi postoje. Zakonodavac je ovo pitanje rešio tako što je stavio na raspolaganje mogućnost digitalizacije, odnosno pretvaranje dokumenta iz papirne u elektronsku formu, tj. u elektronski dokument koji proizvodi istu pravnu snagu kao dokument u papirnoj formi, a to je moguće ukoliko je takav elektronski dokument overen (potpisan) elektronskim potpisom. Ova obaveza proizilazi iz odredaba Zakona o elektronskom dokumentu, elektronskoj identifikaciji i uslugama od poverenja u elektronskom poslovanju („Službeni glasnik Republike Srbije”, br. 94/2017 i 52/2021, u daljem tekstu: Zakon), prema kojem se digitalizovani dokument smatra kopijom, zbog čega je neophodno da ga svojim elektronskim potpisom ili elektronskim pečatom overi:
- lice koje je dokument izdalo (u zavisnosti od toga koji je organ doneo određeni akt, npr. ovlašćeno lice u banci, Poreskoj upravi, itd.);
- lice koje je zakonom ovlašćeno za overu prepisa (javni beležnik);
- advokat upisan u imenik Advokatske komore Srbije (međutim u tom slučaju se postavlja dodatni uslov da kada advokat vrši digitalizaciju i overu, potrebno je da bude i potpisnik registracione prijave, odnosno punomoćnik).
Dodatne nedoumice mogu nastati u vezi sa elektronskim dokumentima koju su izdati od strane inostranih organa, jer je Agencija za privredne registre obavestila da za sada nije moguće podnositi elektronske dokumente koji su izdati od strane inostranih organa, jer je u skladu sa odredbom člana 40. Zakona propisano da se inostrane kvalifikovane usluge od poverenja u Srbiji mogu priznavati samo u slučaju postojanja reciprociteta regulisanog potvrđenim međunarodnim sporazumima. Dakle, za sada je jedino rešenje da se elektronski dokument izdat od strane inostranog organa odštampa u zemlji porekla i da se tako odštampana kopija overi od strane nadležnog organa u državi izdavanja. Nakon toga se takav dokument može digitalizovati i overiti od strane notara/advokata Republike Srbije i kao takav koristiti u postupku registracije.
Iako ove novine predstavljaju značajan korak napred i vredne su svake pohvale, te je činjenica da se digitalizacijom transformiše način rada javne uprave u Republici Srbiji i time podiže ekonomičnost i kvalitet njenog rada, a građanima istovremeno olakšava izvršavanje svakodnevnih birokratskih obaveza, nesumnjivo je da svim akterima ovog postupka sledi period adaptiranja na nastupele novine.
Za detaljnije informacije u vezi sa podnošenjem obavezne elektronske registracione prijave osnivanja privrednog društva, kao i za kompletnu pravnu pomoć u vezi sa tim, budite slobodni da kontaktirate naše partnere u Corporate/M&A odeljenju, Igora Živkovskog i Savu Pavlovića, ili Vašu redovnu kontakt osobu u advokatskoj kancelariji Živković Samardžić.
- Published in Client Updates
Živković Samardžić advising Fifth Quarter Ventures in the procedure of becoming the fourth Alternative Investment Fund in the Republic of Serbia ever
Živković Samardžić, one of Serbia’s leading full-service independent law firms with proven track record and vast experience in the Serbian capital market, advising both investors and startups, has legally advised and provided regulatory and compliance support to Fifth Quarter Ventures (FQV) in the procedure of becoming the Alternative Investment Fund in the Republic of Serbia.
On April 21, 2023, the Securities Commission brought a decision to grant a permit to FQV, which enables FQV to transform into an Alternative Investment Fund Management Company, allowing it to step into the final procedural phase before the Securities Commission for obtaining the vital permit to establish an Alternative Investment Fund in the Republic of Serbia. This is the newest “big thing” in the Serbian capital market, having in mind that FQV will establish the fourth alternative investment fund ever in the Republic of Serbia.
FQV is founded with the idea to be an early-stage VC fund focused on investing in top startups from the Western Balkan. Also, with its experienced founders and proven business model, FQV will help startups that currently outgrow local investors and introduce them to the top foreign VCs. Finally, FQV’s strategy is also directed to the startups run by Serbian and Croatian founders in the diaspora who can benefit from FQV connections, and to the elite US/Canadian startups which have the Balkan presence that seeks help with product building & faster execution, in which case FQV has an active role in team and product building, in order to secure an allocation in a round led by Tier 1 VC from the Silicon Valley.
Živković Samardžić is a legal adviser and continuously supports FQV in all aspects of establishing and developing alternative investment fund in the Republic of Serbia. Živković Samardžić team consists of the Partners Igor Živkovski and Sava Pavlović, and Associate Ana Grebo.
- Published in Deals and Cases
Živković Samardžić Advises on the Sale of Eurobank Direktna to AIK Banka
Serbian banking market continues with consolidation and Živković Samardžić is again on the spot. Živković Samardžić, one of Serbia’s leading full-service independent law firms, has advised the shareholders of Eurobank Direktna a.d. Beograd (“Eurobank Direktna”) on the sale of the entire stake of 100% in Eurobank Direktna to AIK Banka a.d. Beograd(“AIK Banka”).
Eurobank Direktna is headquartered in Belgrade and operates through 4 primary segments: Retail Banking, Corporate Banking, Small Business Banking & Digital Banking, and holds a market share of 6% in terms of total assets. It currently employs c. 1,600 employees, operates 98 branches and has a balance sheet size of €2.4bn. Eurobank Direktna is majority owned by Eurobank Holdings (70%) and former Direktna Banka shareholders (30%).
Eurobank Direktna has developed its banking business since entering the market in 2003 as Eurobank EFG Serbia. Following the merger with Direktna Banka, it has become number 8 in the market with market share of 5.5% in assets, loan portfolio of 1.7 billion euro and 1.5 billion euro deposits (as of September 2022). Through a wide network of branches and online platform, Eurobank Direktna provides a high-quality service to its clients.
Thanks to the complementarity of the activities of the two banks, the combined bank would have attained an over 13% market share in total assets, with over 4 billion euro deposits and strong capital base of more than 800 million euros (as of September 2022).
Completion of the transaction is subject to customary approvals by the competent regulatory and supervisory authorities and is expected to take place during the third quarter of 2023.
Živković Samardžić team that acted as local legal counsel to the shareholders of Eurobank Direktna on all aspects of this process consisted of Partners Branislav Živković, Igor Živkovski, Sava Pavlović and Uroš Đorđević.
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Živković Samardžić Appointed as the Legal Advisor to the Republic of Equatorial Guinea
Živković Samardžić has been appointed as the legal advisor to the Republic of Equatorial Guinea relating to the negotiations and conclusion of commercial agreements with Serbian companies for the purchase of goods as well as to providing all additional legal services and consultations required by this country regarding its business operations in Serbia.
Earlier this year the highest state officials of the Republic of Serbia and the Republic of Equatorial Guinea held several meetings during official visits to the countries and announced that the two countries were to sign important agreements on cooperation in different industries. As a result, the two countries raised the level of economic cooperation at the same time achieving benefit from mutual cooperation, exchange of experiences and improvement of economic and trade exchange.
Within that cooperation, numerous commercial agreements for the purchase of food products, household and consumer goods produced by various Serbian companies were concluded the last few days, while it is expected that the agreements which currently are in negotiation process will also be realized this month.
The Republic of Equatorial Guinea is one of the smallest countries on the African continent, located in the Central Region next to the Gulf of Guinea and it is the only Spanish-speaking country in Africa. Despite being one of the smallest countries on the continent, the Republic of Equatorial Guinea is a country in continuous development and with precious natural resources. In the late 1990s, American multinationals discovered significant reserves of crude oil and natural gas, resources that began to contribute to the global energy supply in recent years. In the last decade, the international visibility of the Republic of Equatorial Guinea has grown exponentially and the country is postulated as a pillar of stability and security in the Central African sub-region.
The Živković Samardžić team that provides legal support to the Republic of Equatorial Guinea consists of Partner Igor Živkovski and Associate Teodora Milošević.
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Živković Samardžić has Provided Support on the Sale of Arriva Group’s Business in Serbia
Arriva Group, the European passenger transport service provider, has reached an agreement to divest its Danish business “Arriva Danmark A/S” and Serbian business “Arriva Litas d.o.o”, as well as its bus business in Poland “Arriva Bus Transport Polska Sp. z o.o” to Mutares SE & Co. KGaA, an international financial investor. The sale covers the entire Danish business, including the bus, water bus and rail businesses, its franchise in the car-sharing company SHARE NOW and UCplus, a nationwide education centre; the entire Serbian business, which is the second largest private bus operator in Serbia; and the Polish bus business, which operates city-based public transport contracts and regional services. The transaction is expected to be completed towards the end of 2022, subject to customary closing conditions, including approval by the Deutsche Bahn Supervisory Board and the German Federal Ministry for Digital and Transport, as well as antitrust clearance by the respective local authorities.
UK-based Arriva Group is a part of the German Deutsche Bahn AG, one of the world’s leading passenger and logistics companies. Arriva is a leading provider of passenger transport across Europe, employing around 40,000 people and delivering around 1.2 billion passenger journeys across 13 European countries. With buses, trains, coaches, trams, waterbuses, car and bike-sharing systems, as well as on-demand transport solutions, Arriva proudly connects people and communities safely, reliably and sustainably, delivering these services in a better way, every day. The activities of Arriva are divided into four lines of business: UK Bus, UK Trains, The Netherlands and Mainland Europe.
Munich headquartered Mutares SE & Co. KGaA acquires medium-sized companies and parts of groups with headquarter in Europe that are being sold in the course of a repositioning process at their owners and show a clear potential for operational improvement. Mutares actively supports and develops its portfolio companies with its own investment and consulting teams as well as through acquisitions of strategic add-ons. Its goal is to acquire companies with revenues of EUR 100 million to EUR 750 million. The aim is to achieve a clear value increase with a focus on sustainable, long-term growth of the portfolio company.
The Živković Samardžić team consisted of Partners Igor Živkovski and Sava Pavlović.
- Published in Deals and Cases
Živković Samardžić Advises TITAN Cementara Kosjerić on Merger with Its Affiliated Company
Živković Samardžić has advised TITAN Cementara Kosjerić, the Serbian subsidiary of TITAN Cement Group, on merger with Stari Silo Company, its affiliated company for development of building projects. As a result of the merger, Stari Silo Company ceased to exist and became part of TITAN Cementara Kosjerić.
TITAN Cement Group is an international, cement and building materials producer aspiring to serve the needs of society, while contributing to sustainable growth with responsibility and integrity. The Group is operating cement plants in 10 countries (USA, Greece, Albania, Bulgaria, North Macedonia, Kosovo, Serbia, Egypt, Turkey and Brazil), with an annual capacity of 27 million metric tons of cement and cementitious materials, and has presence in more than 15 countries. The Group employs about 5,500 people worldwide. The Group’s business activities cover the production, transportation and distribution of cement, concrete, aggregates, fly ash, mortars and other building materials.
TITAN Cementara Kosjerić is part of TITAN Group and the newest cement plant in Serbia. It began its operations in 1976 and very quickly found its place in the market owing to the high quality of cement and professional attitude towards its clients. With the plant’s capacities, producing 750,000 tons of cement per year, TITAN Cementara Kosjerić supplies substantial portions of markets of Serbia and Montenegro.
Živković Samardžić acted as legal adviser to TITAN Cementara Kosjerić on all aspects of the deal, including structuring the transaction and drafting transactional documentation, as well as assisting with the preparation and execution of the closing process. The Živković Samardžić team that has advised TITAN Cementara Kosjerić on merger with Stari Silo Company was led by Partner Igor Živkovski.
- Published in Deals and Cases