Hungary

Reviews

Practice area

IFLR1000 Reviews

Overview

Solicitors governing body: Hungarian Bar Association (Magyar Ügyvédi Kamara) 

Competition authority: The Hungarian Competition Authority (Gazdasági Versenyhivatal, GVH) 

Financial regulator: The Central Bank of Hungary (Magyar Nemzeti Bank, MNB)

IFLR1000 ranking categories in this jurisdiction:

Energy and infrastructure (published June) - Energy and infrastructure

Financial and corporate (published October) - Banking, M&A, Project finance  

Jurisdiction overview

Hungary is a republic. It began its current, third incarnation in this form of government in 1990 when the first multi-party parliamentary elections were held and 40 years of communist rule ended.  

In a global context, Hungary’s governing laws are only in their infancy. The present constitution, Magyarország Alaptörvénye (Fundamental Law of Hungary), was adopted in 2011, superseding a document drafted in 1989. The Civil Code is younger still, having only been implemented in March 2014. 

Ostensibly, the country is now a democracy, but the government’s model can best be described as a loose interpretation of how such a system traditionally functions. Hungary’s ruling party, Fidesz, first came to power in 2010 and, with a sufficient majority, was able to implement a new constitution in 2011, making substantial changes to the judiciary and generally implementing reforms which removed a system of checks and balances in favour of those enabling it to cement its position. Further amendments have been made in 2013 and 2014. Some of the more recent contentious changes included implementing laws restricting political adverts in public media during election campaigns and introducing penalties - including incarceration - for homelessness.  

Looking at the legal market, there are only a few restrictions to establishing a law firm in Hungary. Both domestic and foreign firms cannot take the form of an LLC or MDP. No licence is required but a firm must be registered with the relevant regional bar. If a firm does not employ a Hungarian qualified lawyer, it must be called ‘office’ in its title rather than ‘law firm’. Firms from outside the EU hoping to practice in Hungary, must include the name of a lawyer from the office in the firm’s title. 

Requirements for international lawyers hoping to practice in Hungary are fairly standard, provided the counsel is registered with a regional bar and adequately insured. Any lawyer from an EEA member state can practice the law they are qualified to in Hungary. Lawyers who qualified in a non-EEA member state face tighter restrictions. They can advise on the law of their jurisdiction and international law only if they have a contract with a Hungarian attorney or law firm or a foreign law firm established in Hungary. Lawyers qualified within the EU, can re-qualify as a local attorneys if they are sufficiently proficient in the language and have been practicing within Hungary for three years. 

Hungary’s legal market for significant deal work is dominated by international firms, principally those from the US or UK. Weil Gotshal & Manges, Baker & McKenzie and DLA Piper are known for being the preferred advisors of the state. Thanks to its takeover of White & Case in Budapest, Dentons has one of the leading practices in the country. CMS is highly regarded too. 

Of the local firms on the market, Lakatos Köves & Partners, Clifford Chance’s former office in Budapest, is the clear leader. There are a host of other, smaller local firms, which generally handle local work for foreign firms with no presence in Hungary.

Firms mostly handle a mix of bank finance, private equity or venture capital and M&A work. Capital markets transactions are limited, there are some project finance transactions and restructuring and insolvency cases. 

Ben Naylor – Journalist - EMEA

Financial and corporate
Andrékó Kinstellar

Andrékó Kinstellar, the Hungarian arm of branch of regional firm Kinstellar is one of the country’s leading firms. 

In the banking space its among the most experienced on the market for large cross-border loans and financing transactions, including for projects and real estate and syndications. It is also recognised for banking supervisory law advice.  

In the capital markets area the firm is more commonly seen on bond sales and generally works for local issuers. 

In M&A the firm works on domestic deals mostly but often secure roles on regional deals as part of the wider network. The firm has a private equity team – led from Prague – and is mandated on deal involving financial sponsors.  

In the project development area the firm is recognised for energy regulatory advice. 

In 2019 the firm recruited a new M&A partner, hiring Gábor Gelencsér from CMS’ Budapest branch.  

Recent Deal Data highlights 

•Dedica Anthology €337 million refinancing 

•Hell Energy refinancing 

•Hungarowind acquisition of Visonta 16MW solar power plant 

•MET Dunai Solar Park 17.6 MW solar power plant 

•Nitrogénművek €200 million bond issue 

•Wing acquisition of Liget Center 

Client feedback 

“Practical and fast.” – Banking  

“Outstanding knowledge, professionalism to the highest extent possible, flexibility, creativity, prompt and sound ideas for solving a certain situation, up-to-date knowledge of the newest market standards, excellent level of service in general and friendly and extremely sympathetic attitude.” - Banking 

“The team was very proactive, expert and kind. We really enjoyed working with them.” - Banking 

“The service has been very effective, timely, accurate and satisfactory. Nothing to complain about.” - Banking 

“Precise, broad and deep knowledge of applicable laws and regulations. Great support in assisting and advising.” – Capital markets: Structured finance and securitisation 

“Very detailed and professional. Has the ability to react quickly to changing priorities, for example a sudden change to the deal structure.” – M&A 

“Strengths: strong references and industry knowledge, quick reaction to changes and coordination of legal issues.” – Project finance 

CERHA HEMPEL Dezsö & Partners

The Hungarian office of Austrian firm Cerha Hempel is active in banking, project development and M&A.  

In banking and finance recently, the firm advised on credit facilities, loan refinancing and acquisition financing for a mix of lenders and borrowers. It also worked in intra-group financing and project financing, including advising Erste Group Bank in the real estate sector. 

In M&A the firm advised buyers and sellers in acquisitions. It worked closely with a subsidiary of JRD Group on the buy side of multiple acquisitions in the renewable energy sector. 

In project development and procurement work the firm advised mainly on projects in the railway and infrastructure sectors. It worked with Hungarian State Railways (MÁV) and NIF National Infrastructure Development Company on public procurement for the development, and, for the latter, design and reconstruction of prominent sections of railway lines. 

Recent deal data highlights 

•Indotek acquisition of Duna Center 

•M7 CEREF I acquisition of Aerozone logistics centre 

•XXXLutz acquisition of Kika’s CEE business 

Client feedback  

“Highly professional firm with talented lawyers.” – Project development 

“They provide reliable, accurate and useful answers and solutions with very quick turnaround times when necessary, and they are very personable and have a positive approach. Since we have worked together for almost a decade, they have acquired an in-depth knowledge of both our industry as well as our firm's needs.” – Project finance 

“Very good team work! Professional approach.” – Real estate 

“Excellent cooperation like in the last years; very responsive and supportive.” – Real estate  

CMS Cameron McKenna Nabarro Olswang - Ormai és Társai

The Budapest team of the global law firm CMS is active in finance, project development and corporate matters.  

During the research period, in banking and finance, most of the firm highlights were advising lenders and borrowers in real estate project and acquisition financing for office buildings and hotels. The firm worked with multiple banks, Futureal Prime Properties and GTC. 

In M&A and corporate matters, the firm advised buyers and sellers in acquisitions, with its largest deals on the sell side. Key clients include Liberty Global and Invitel Group as sellers and Unisun Energy Group as a buyer. It also advised on mergers, including a Crown Packaging Europe merger and the Hungarian entity of Siemens’ demerger and new merger with Siemens Mobility. 

In project development the firm enhanced its experience in the oil and gas and renewable energy sectors. However, all transaction details are confidential. 

Gábor Gelencsér, a corporate senior counsel, left the firm to join Kinstellar in the research period, and Nóra Kondorosi, a senior associate in porjects, left to join Siemens Gamesa. 

Recent deal data highlights 

•DIGI €140 million acquisition of Invitel Group 

•Futureal Prime Properties One €100 million financing  

•Futureal Prime Properties One €300 million financing  

•GTC €60 million financing  

•Pannonia Bio €135 million refinancing 

•Vodafone €18.4 billion acquisition of Liberty Global European assets 

Deloitte Legal Erdős and Partners Law Firm

The Hungarian legal arm of Deloitte is active in M&A, financing and project development.  

During the research period in banking and finance the firm worked for both borrowers and lenders in project and acquisition financing.  

In M&A it advised a good mix of buyers and sellers in acquisition work in the poultry, real estate, pharmaceutical and fine chemical, and renewable energy sectors. 

In project development the firm mainly conducted regulatory due diligence, often on the vender side, and had advisory roles in photovoltaic power plant projects. Some key clients include K&H Bank and ABO Wind. 

In recent hires the firm added new corporate and M&A senior associate Albert Fábián from Lakatos Köves and Partners. Other recruits include Balázs Várszeghi, partner and head of energy hired from Dentons and Dávid Ferge, a senior associate hired from Budapest Law Firm No. 5000 whose focus is projects and energy. 

Gyula Bihari-Horváth, a senior associate in banking and finance, left the firm to join DLA Piper.  

Recent deal data highlights 

•Budapest Airport PPP 

•MOL Group €555 million revolving credit facility  

•Nikola Tesla Airport PPP 

•PFNonwovens / R2G Rohan $500 million acquisition of First Quality Nonwovens  

Client feedback  

“Deloitte Legal Hungary is always available and handles our cases professionally and with high priority. Legal opinions and contracts are always delivered in time.” - Banking 

“Cooperative. Employees are prepared and do quality work.” – Project finance 

Dentons Réczicza

Réczicza Dentons Europe, the biggest firm in the world’s Hungarian branch, is strong in banking and finance, M&A, and projects work. The firm works private and public sector clients and some of the notable businesses are Hungarian Development Bank (MFB), Magyar Export-Import Bank, UniCredit, and Rockaway Capital are some of the firm’s notable clients. 

In the banking and finance area the firm often works on large cross border acquisition, corporate and project finance deals and is more often representing local borrowers.   

LBOs and private equity transactions are an area where the firm is among the market leaders in Hungary and the wider region. The firm’s global head of PE is stationed in Budapest and it has several other experienced corporate partners with a focus on the industry. The firm’s English law capabilities make it popular choice for funds too.  

The firm is among the more experience locally for project work and has recently been active on transport and energy sector deals, advising on EPC contracts for developers or project companies.  

Recent Deal Data highlights  

•Belgrade’s Nikola Tesla Airport PPP 

•Budapest Airport PPP 

•MOL Group €555 million revolving credit facility  

•PFNonwovens / R2G Rohan acquisition of First Quality Nonwovens  

Client feedback 

“Very professional and client-focused management of a cross jurisdictional mandate.” – M&A 

“Very good job in a small, but complex deal. Unique ability to provide an experienced UK M&A lawyer in Hungary. Excellent understanding and unique experience with setting up reps and warranties insurance.” – Private equity 

DLA Piper Posztl Nemescsói Györfi-Tóth and Partners

The Hungarian arm of DLA Piper is broadly strong in transactional work, particularly M&A. Banking, energy and real estate are sectors where the firm has expertise and repeat clients include MVM, Budapest Bank, and MFB. 

During the research period in banking and finance work the firm was mostly active in real estate finance deals.  

In recent capital markets work the firm advised the state on a bond acquisition.  

In M&A the firm is often instructed by the government or state-controlled entities on M&A deals to either privatise or, more commonly, acquire businesses in regulated sectors.  

In recent hires, Gyula Bihari-Horváth joined from Deloitte Legal and Emese Szitási joined from ENKSZ.  

Recent deal data highlights 

•FFiL Śnieżka €29.9 million acquisition of 80% in Poli-Farbe  

•Futureal Prime Properties One €150 million financing 

•Koznum secondary share offering 

•MNV €903.8 million acquisition of Richter exchangeable bond 

Client feedback  

“The team we have worked with is highly professional, responsive and solution focused. They are always striving to understand the business rationale underlying our queries and projects, thus being able to provide outstanding strategic and innovative legal solutions. We are fully pleased with our cooperation with DLA Piper Weiss-Tessbach.” – M&A 

“Very good knowledge and experience in the financing and real estate sector, and able to provide tax advice as well; high degree of diligence in drafting; generally quick reaction.” – Project finance 

Faludi Wolf Theiss

The Hungarian arm of the CEE firm is particularly strong in its energy project development work, though it has also been active in banking and finance and M&A during the research period.  

In banking and project finance the firm advised almost exclusively on the side of the lender in acquisition financing and on project financing for borrowers. 

In M&A the firm saw work in technology and media, retail and tire manufacturing sectors. It advised on the buy-side of acquisitions, including deals with key clients Energizer Holdings, Michelin, Canadian Tire Corporation, ALSO Holding AG and Visma AS. The firm also advised funds in investments. 

In project development, firm highlights include advising developers BorsodChem in a new gas power plant in Hungary, and advising Optimum Solar in structuring investments into separately owned rooftop PV power plants and on an electric vehicle charging station project. 

Formerly from Squire Patton Boggs, Ákos Erős, an M&A partner, and Judit Nádor, an M&A senior associate, joined the firm in the research period. 

Recent deal data highlights 

•Canadian Tire Corporation $985 million acquisition of Helly Hansen 

•Energizer Holdings $2 billion acquisition of Spectrum Brands’ battery and lighting business  

•Enlight Renewable Energy €45 million acquisition of three solar renewable energy projects in Hungary 

•MCI.Euroventures €24 million acquisition of Netrisk.hu 

Client feedback  

“Wolf Theiss has deep knowledge in relation to the regulatory framework of renewable energy projects. The law firm also has a practical approach, always points out the essential and key issues, is very quick and flexible regarding responses, and always keeps to the deadlines.” – Project finance 

Forgó Damjanovic & Partners

Forgó Damjanovic & Partners is a local firm active in banking and finance and M&A transactional work. 

During the research period in banking work the firm advised lenders in senior loan agreements to borrowers in the hotel and meat processing industry sectors, and advised drilling borrowers in refinancing.  

In financial regulatory work the firm advised clients in issues including factoring, receivables financing products, anti-money laundering and bank and cross-border licencing. 

In M&A the firm advised on the buy and sell side of acquisitions in renewable energy, temporary employment agencies and land plots for residential development. It has also advised on a cross-border merger. 

Recent deal data highlights 

•Pacific Drilling $1 billion refinancing  

Gárdos Mosonyi Tomori

The independent law firm Gárdos Mosonyi Tomori is active across the corporate space, particularly in finance. 

During the research period in banking and finance the firm advised multiple banks on agreements related to retail mortgage receivables portfolios. It also advised borrowers on factoring, multiple portfolio transfers and project financing.  

In other work the firm advised Origo Film Group, as debtor, in its restructuring, and advised an IT development company on PSD2 directive regulations.  

Gergely Kántor and Veronika Bakonyi joined the firm from Erste Bank and PwC Legal respectively as banking and finance senior associates. A new senior associate in capital markets, Beatrix Berkes, also joined the firm. 

Recent deal data highlights 

•Factofrance €40 million securitisation  

•Kinizsi Bank €150 million portfolio transfer  

•Origo Film Group €50 million debt restructuring  

Client feedback 

“Professional with outstanding knowledge. Reliable and always keeping the deadlines.” - Banking 

“The firm is a Hungarian law firm but provides international law firm level services at reasonable charges. The acting attorneys are very knowledgeable and responsive legal professionals. We are very satisfied with their work. I would particularly highlight Erika Tomori and Péter Gárdos.” – Capital markets: Debt 

“Quick and reliable. Concentrating not just on legal aspects, but proactive in business considerations and effects as well.” – Restructuring and insolvency 

Hegymegi-Barakonyi Baker McKenzie

Hegymegi-Barakonyi Baker McKenzie is the Hungarian arm of the international firm. Its most notable for corporate transactional work, is one of the preferred advisors of the government and is known for its energy regulatory expertise.  

The firm’s M&A practice generally secures a share of roles on prominent domestic deals (recently often in the banking and energy sectors). It also often works on the Hungarian element of large cross border deals alongside its international offices.   

In project development the firm has been active in renewable energy recently, advising MET Group on a wind farm project in Serbia.  

Recent Deal Data highlights 

•Budapest - Belgrade high-speed railway 

•Energizer $2 billion acquisition of Spectrum Brands Holdings’ battery and lighting business  

Client feedback 

“I like the flexibility, problem solving and positive approach of the colleagues. They always meet the deadlines and the pricing is favourable. I do not have negative experience.” - Banking 

“Very skilled and client-minded team, providing clear and business-oriented legal assistance on each stage of the process.” – Capital markets: Equity 

“High-quality advice from very professional and service minded lawyers.” – M&A 

“Professional, high-quality assistance from knowledgeable people.” – M&A 

“Always reliable, can trust their knowledge and judgement on legal and strategic issues. One of the go-to firms in M&A.” – M&A 

HP Legal Hajdu & Partner Law Office

HP legal Hajdu & Partners is an independent firm active in banking and project financing.  

During the research period the firm advised lenders in the financing for agricultural, renewable energy and real estate projects, including advising International Investment Bank, K&H Bank and MKB Bank. It also advised both lenders and borrowers in refinancing credit facilities, and provided Hungarian legal advice in relation to derivatives transactions.  

Recent deal data highlights 

•Hunent €50 million financing 

•KALL Ingredients €110 million refinancing 

•Viresol €100 million financing  

Client feedback 

“Professional support and good legal experience.” – Banking 

“Thorough, proactive and highly professional work performed in high quality and with short reaction times.” – Project finance 

Jalsovszky Law Firm

Jalsovszky is a local law firm active in banking and finance and M&A transactional work.  

During the research period, in banking and project finance, the firm advised lenders on syndicated facilities to borrowers in the biopharmaceutical sector and for solar photovoltaic energy and real estate projects. Some key lending clients include K&H Bank, Erste Bank Hungary, OTP Bank, MFB and KDB Bank Europe. 

In M&A the firm advised both buyers and sellers in acquisitions, working closely with multiple venture capital fund clients. It also advised investors on share swaps and second-round convertible loan investments and completed legal due diligence in preparation for an IPO investment. 

Client feedback  

“Strengths: promptness and quick apprehension, available at any time, in keeping with time schedule, and competent. No weakness.” – Asset finance 

“They work fast and accurately. They are simple, intelligible, but focused on the essence, in line with business needs.” – Banking  

“Great work, pro-active approach, worked seamlessly with client and M&A advisory team.” – M&A 

Lakatos Köves & Partners

One of Hungary’s few remaining independent firms with a focus on transactional work, Lakatos Köves & Partners is experienced and active on high-end deals across all areas of covered by the rankings. The firm is the local counsel of choice for many international banks and law firms not present in the market. Telecoms is a sector in which it has expertise. 

During the research period in banking and financing work the firm advised both lenders and borrowers in acquisition financing. It also advised borrowers in general credit facilities financing and refinancing transactions. 

In capital markets work the firm advised the joint lead managers in a sovereign bond issue, and advised on securitisation framework amendments. It has also advised multiple banks on securities and derivatives regulation in relation to Brexit. 

In M&A the firm has been active in financial services, energy, technology, automation and aviation acquisitions, advising both buyers and sellers.  

In project development the firm has experience in energy project development. 

Two senior associates in project finance and development, Tamás Balogh and Péter Homoki, joined the firm from Schoenherr and CIB Bank respectively recently. 

Recent deal data highlights 

•Gestamp Autmoción €1.2 billion financing 

•Gestamp Autmoción €400 million bond issue 

•Government of Hungry €1 billion sovereign bond issue 

•Vodafone €18.4 billion acquisition of Liberty Global European assets 

Client feedback  

“Accurate work, winning strategy.” – Banking 

“Good reliable law firm, responsive and committed to the timeline.” – Banking  

“The civil law proceedings act had just changed when Lakatos Köves filed a suit with the respective court. Despite the challenges, they ensured a service/level approach. Appreciated that the law firm offered several schemes for the payment of the arising legal costs under the negotiations.” – Capital markets: Debt 

“Very responsive and great quality.” – Capital markets: Structured finance and securitisation 

“Strong legal knowledge, market insight and commercial.” – Financial services regulatory 

“Highly dedicated, responsive and result oriented.” – M&A 

“Clear, precise advice. Strong professionalism and timely support.” – Project finance 

“I can only recommend Lakatos Köves. They are thorough, precise, and always at service.” – Real estate 

Lengyel Allen & Overy

Lengyel Allen & Overy is Hungary’s sole magic circle firm. Like its international namesake the office is strong in finance work, but local securities law advice is where the firm is among the market leaders. 

In banking and finance the firm mainly advises lenders in acquisition and corporate finance.  

The firm’s capital markets expertise is attributable to its local name partner who helped draft Hungarian regulation and has experience on significant debt and equity deals. Recently the firm has mostly advised arrangers and issuers on bonds issuances.  

In recent M&A the firm worked almost exclusively on the sell side of acquisitions, advising on the divestment of businesses and loan portfolios.  

Recent Deal Data highlights 

•Intrum Justitia / Raiffeisen Bank €250 million acquisition of Aegon Credit retail mortgage loan portfolio  

•PPF Arena €3 billion EMTN programme 

•PPF Group €2.8 billion acquisition of Telenor's CEE business 

•Nitrogénművek €200 million bond issue 

Client feedback  

“Overall my experiences have been very positive. Very responsive lawyers (particularly Balazs Sahin-Toth) and always available.” – Financial services regulatory 

“Serious and profound preparedness characterizes the main contact person: Balazs Sahin-Toth. It's easy to work with them.” – M&A 

“Very professional, solution oriented, excellent service quality and quick response time.” – M&A 

Nagy & Trócsányi

Nagy & Trócsányi is an independent law firm active in banking and M&A, with mainly corporate advisory roles.  

During the research period in banking and finance the firm had mainly regulatory roles and advised multiple banks including Raiffeisen Bank and Sberbank. It also advised on debt restructuring.  

In M&A the firm advised the sellers and buyers in acquisitions, though most of its work was advising on corporate and regulatory compliance matters.   

In project work the firm worked on energy projects. 

Noerr

The Hungarian arm of the German firm Noerr is active in banking and finance and M&A transactional work. 

During the research period in banking and finance the firm advised both borrowers and lenders in real estate acquisition financing and project financing. It advised borrowers in loans, including loans for banks that are guaranteed by the Hungarian state, and advised lenders on syndicated refinancing.  

In M&A the firm advised buyers and sellers in acquisitions, including of distressed companies. It also advised a seller in the disposal of their Hungarian subsidiary to management in a management buy-out. 

Ákos Mátés-Lányi joined the firm from Kinstellar to head of the M&A team.  

Recent deal data highlights 

•AEW Europe €18.2 million acquisition of Luxus Aruhaz  

•ElringKlinger €350 million syndicated loan 

•Hungarian Development Bank €75 million financing 

•KAP Group €115 million financing  

•WING Group €22 million acquisition of Siemens Offices real estate complex  

•WING Group €31 million financing  

Client feedback  

“Extensive and accurate knowledge, high level of legal support, client-focused attitude. Nothing to be improved.” – Capital markets: Equity 

Partos & Noblet

Partos & Noblet is a Hungarian firm in association with Hogan Lovells International, active in M&A and banking transactional work. 

During the research period in banking and finance the firm advised a mix of lenders and borrowers in financing transactions. A firm highlight was advising the borrower Vajda-Papír, a pulp and paper manufacturer, on its financing by a bank syndicate. It also offered regulatory advice to banks.  

In M&A the firm mainly advised on the buy side of acquisitions, with deals in the telecommunications, real estate, and baked goods industry sectors. However, it also advised sellers in software development and logistics, and undertook corporate restructuring for multiple clients. 

Recent deal data highlights 

•Arlington €24 million acquisition of BorgWarner thermostat business 

•DIGI Távközlési és Szolgáltató €135 million acquisition of Invitel Távközlési 

•Vajda-Papír €80 million financing 

Rátky and Partners

Rátky and Partners is mainly active in banking and finance, M&A and project regulatory and advisory roles.  

During the research period in banking and finance the firm had financial regulatory roles and advised a client on the implementation of the PSD II directive. It also advised on a resolution process, undertaking due diligence. 

In M&A the firm undertook due diligence and gave legal advice to the buyer in the share acquisitions of an agricultural machinery manufacturer and Airport Security. 

Additionally, in project development, the firm prepared multiple regulatory and feasibility studies for clients in the electricity sector. In other work, the firm gave advice concerning arbitration proceedings. 

Client feedback 

“The corporate practice of Rátky and Partners is well prepared and experienced even in the most challenging regulatory or transactional matters. In addition, the firm understands the Hungarian market well which is very important when doing business in Hungary.” – M&A 

“Very diligent and supportive. Thorough work and always on time.” – Project development 

Sándor Szegedi Szent-Ivány Komáromi

The Hungarian branch Sándor Szegedi Szent-Ivány Komáromi of the global firm Eversheds Sutherland is active across the corporate space, particularly in M&A transactions.  

During the research period the firm advised on the creation of joint venture agreements in 3D printing technology and steel manufacturing. It also advised on restructuring, the buy side of an acquisition in automotive repair, and the establishing of companies in real estate and production. 

Sárhegyi & Partners

Sárhegyi and Partners is a local law firm active on M&A, bond issues, investment funds and project development during the research period. 

In capital markets the firm advised the Hungarian Export-Import Bank on a domestic bond programme and issue. 

In investment funds work the firm has advised on the set up of multiple funds including funds for social impact, virtual investments and private equity.  

In M&A the firm advised both sellers and buyers in acquisition work, with roles advising on the sale of biztositas.hu, an online insurance brokerage, and advising the Ministry of Innovation and Technology in its minority stake acquisition in a local steel factory of the Max Aicher Group. 

In project development the firm advised within a range of sectors, advising the development of photovoltaic plants, sport centres, traditional Chinese medicine centres and leisure parks. It has also been involved in public procurement and multiple tender bids. 

Recent deal data highlights 

•Hungarian Development Bank social impact fund formation  

•Hungarian Export-Import Bank €40 million bond programme 

•Ministry of Innovation and Technology €30 million acquisition of 20% in Ózdi Steelworks  

•Pannon Green photovoltaic power plants  

•Városliget Park redevelopment 

Schoenherr Hetényi

The Hungarian branch of Schoenherr is active in banking and finance, capital markets and project development. 

During the research period in banking and finance the firm advised both lenders and borrowers in acquisition financing and loan agreements. It also offered financial regulatory advice on bancassurance arrangements and factoring. 

In capital markets work the firm advised on senior notes offerings and bond issuances, though all transaction details are confidential.  

In M&A the firm advised buyers and sellers in acquisitions in biotechnology, telecom, healthcare, automotive, oil and gas, real estate and media sectors. Some firm highlights include advising Telenor in the sale of Hungarian operations to PFF Group, advising Medlife Group in its acquisition of a majority stake in Rozsakert Medical Center Group.  

In project development the firm has advised on heat and power, real estate, manufacturing, oil and gas industry sector projects.  

Recent deal data highlights 

•PPF Group €2.8 billion acquisition of Telenor's CEE business 

Client feedback 

“The team lead by Gergely Szalóki has been very efficient. In particular, I was positively impressed by the availability of the team and the ability of the professionals to integrate the specific competences of the Hungarian-law practices and coordinate with multi-jurisdictional teams. It is my opinion that the team and in particular the partner have a very good knowledge of the sector, and have a pragmatic and solution-driven attitude even under pressure.” - Banking 

“The banking practice is highly knowledgeable and experienced in cross-border transactions. The good integration with other Schoenherr offices in central and eastern European countries makes it easy to cover a number of jurisdictions with a one-stop-shop approach.” - Banking 

“I could highlight the high level of efficiency and professionalism. Very reliable!” – Financial services regulatory 

“Great work was performed for reasonable fees.” – M&A 

“Due diligence, transaction document drafting and negotiations - good and professional services.” – M&A 

“Professional, diligent, client oriented and flexible.” – M&A 

“Very good - service and fees are in an appropriate proportion, there is excellent communication within the Schoenherr team in different offices, and fluency in German.” – Project development  

“Very professional, good technical and communication skills, and flexibility.” – Restructuring and insolvency 

Siegler Bird & Bird

The Hungarian arm of Bird & Bird has a particularly strong finance practice. 

In recent banking and finance work the firm advised on corporate, real estate, receivables and acquisition financing, usually for lenders, recently.  

In capital markets work the firm is used by most of the country’s leading banks and some leading corporates for debt and derivatives transactions, and in the firm’s name partner it has one of the most knowledgeable securities regulation experts in Hungary. 

The M&A practice is strong too, and generally secures some high-end work where there are Hungarian parties or interests. The team advised both buyers and sellers in acquisition work recently. It worked closely with General Electric recently on the sale of its lighting business to the former GE Hungary CEO to operate under the Tungsram brand, and advised Sanofi on the local aspects of its sale of Zentiva, its generics business. It also advised on joint ventures. 

In projects work the firm has mainly advised on the financing side recently. It advised on the project financing for an animal feed production facility project in Romania, for example. 

Recent deal data highlights 

•ABB $2.6 billion acquisition of General Electric's Industrial Solutions business  

•Advent International €1.9 billion acquisition of Zentiva 

•KME €650 million refinancing  

•Kopaszi Gát €52 million financing 

•Syncreon $100 million receivables financing 

Client feedback 

“Service has been very good. The lawyers are very responsive to our needs.” – M&A 

Szabó Kelemen & Partners

Szabo Kelemen & Partners is active in banking and finance, M&A, and project development. 

During the research period in banking and finance the firm advised on the establishment of financial institutions. It also advised on loans, representing borrowers, and offered banks legal advisory services. 

In M&A the firm advised a mix of buyers and sellers in acquisitions. The firm also offered legal advice to Medicover Healthcare in a management buy-out. 

In project development the firm mainly advised in renewable energy projects, however the transactions are confidential.  

László Földvári joined the firm as a senior associate in M&A and real estate from GSG Partners.  

Client feedback 

“I would especially mention Péter Vincze, Levente Kálmán and Zoltán Módos. They always have good skills in their work, they have all the information they need to make the case a success. Levente is self-assertive and a creative problem solver, and Zoltán is precise and accurate.” – Banking  

“They have answers for all our questions. Always looking for the solution for the business.” – Financial services regulatory  

“Very professional. A dedicated and responsive team. Flexible as to fee arrangements, provides excellent quality at reasonable price.” – M&A 

“The strengths are the proactive, solution-based approach to client’s needs and the high level of professionalism. The weakness is in meeting pre-agreed deadlines due to the overload of the law firm's colleagues and availability.” – Real estate 

Szecskay Attorneys At Law

Szecskay is a local firm active in banking and finance and M&A. 

During the research period in banking and finance work the firm mainly advised borrowers in acquisition financing and refinancing transactions. However, it also saw work advising lenders in loan restructuring.  

In M&A the firm advised in acquisitions in the energy, telecom, technology and software, automotive, dairy production, media and pharmaceutical industry sectors, representing buyers and sellers. A firm highlight was advising PPF group, as buyer and as borrower, on the acquisition and acquisition financing of Telenor Group’s CEE subsidiaries. 

Recent deal data highlights  

•Budapesti Ingatlan Nyrt €60 million financing  

•Kofax $400 million acquisition of Nuance-Recognita Software Development Close 

•PPF Group €2.8 billion acquisition of Telenor's CEE business 

Client feedback 

“Strong, reliable, delivers in time and pragmatic.” – Banking  

“Implementation of regulatory rules (GDPR, IDD, AML). Revision of contractual documentation.” – Banking  

“Legally strong, technically capable and has good market oversight.” – Banking  

“Strengths: very accurate, excellent professional English, most up-to-date knowledge of the legal regulations.” – Banking  

“On time, flexible, responsive and adaptive to changes in course; good understanding of the core issues and problems; focused work. Excellent customer relations and very good attitude towards client. No weaknesses so far.” – Financial and corporate 

“Work is done in high quality and there is a quick response time to our needs.” – Financial and corporate 

“The team was focussed, well managed and worked seamlessly with us as lead counsel when providing local law due diligence and advice.” – M&A 

“Very skilful and responsive. Enjoyed working with them.” – M&A 

“They have a dedicated team and provide fast responses. I like to work with them in Hungary.” – M&A 

“Szecskay Attorneys at Law performance was both overall and specifically, in all relevant areas of the transaction, outstanding. The due diligence work, even though within very tight timeframes, was excellent both from a legal quality and a commercial sound understanding of the needs of the client.” – M&A 

“Very responsive and helpful.” – M&A 

“Very competent, responsive and available.” – M&A 

“Very responsive, technically excellent and good team players.” – M&A 

“They are always available and have always supported our business. Very professional.” – Real estate 

Taylor Wessing e|n|w|c

The Hungarian branch of Taylor Wessing is active in banking and finance and M&A.  

All transactions during the research period for the firm are confidential; however, in finance, the firm advised debtors on financing related to bankruptcy and in M&A the firm advised on a cross-border acquisition.