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Expertise
15/03/2024
CMS advises Sfakianakis Group on the acquisition of Ajar Car Rental
Press release - 15 March 2024 CMS Austria has advised the Greek Sfakianakis Group on the acquisition of Ajar Car Rental GmbH from the Saudi Arabian Al Jomaih Group, providing comprehensive legal advice on the project. Ajar Car Rental GmbH is the master franchisee of Enterprise, National, and Alamo in Austria, serving rent-a-car customers across the country. During the acquisition, the CMS Austria team provided significant support and advice on all areas of the transaction, including due diligence, employment, regulatory compliance, intellectual property, banking and finance, data protection and competition. Alexander Rakosi (Partner, Corporate/M&A) led the CMS core transaction team, which further consisted of Christoph Birner (Associate, Corporate/M&A) and Thomas Liegl (Associate, Corporate/M&A). Alexander Rakosi comments: “We are very pleased to have successfully supported the Sfakianakis Group on its market entry into Austria and to have contributed to our client's continued growth in the automotive industry."The CMS due diligence team included Rebecca Herlitz (Associate, Corporate/M&A), Mariella Kapoun (Partner, Real Estate), Hans Lederer (Partner, Intellectual Property), Andreas Lichtenberger (At­tor­ney-at-Law, Data Protection), Caroline Pavitsits (Associate, Employment), Kai Ruckelshausen (Partner, Banking & Finance), Sheldon Sookdeo (Associate, Banking & Finance), Maximilian Uidl (Associate, Real Estate), Marlene Wim­mer-Nistel­ber­ger (Partner, Regulatory), Jens Winter (Partner, Employment) and Dieter Zandler (Partner, Competition), as well as legal trainees Roman Namestek, Ferdinand Sima and Mattias Torggler. PHH Rechtsanwälte, led by Rainer Kaspar and Philip Rosenauer, provided legal support to Al Jomaih. About Sfakianakis Group Founded in 1958, Sfakianakis Group is one of the leading diversified business groups in Greece, with a core focus on the Automotive, Industrial and Consumer Retail sectors. Headquartered in Athens, Greece, the Group is 100% family owned and employs over 1,500 individuals across 14 countries in Europe. Within the Automotive sector, the Group operates one of the largest automotive retail businesses in the region, the distribution businesses of BYD and Suzuki, a leading long-term leasing business (Executive Lease), and a rapidly growing Rent-A-Car business as the Master Franchisee of En­ter­prise-Na­tion­al-Alamo in 14 countries.
06/02/2024
CMS strengthens its teams in Vienna and CEE with another round of partner...
Press release - 6 February 2024
05/12/2023
CMS launched Digital RegulationPress release | Hub providing a clear roadmap...
Press release - 05 December 2023On 28 November 2023 CMS has launched its Digital Regulation Hub, the most comprehensive resource for capturing key regulations, commentary, and guidance to assist with navigating the regulatory landscape within Europe and beyond. In the context of the European Union (EU) Commission's ‘A Europe fit for the digital age’ plan, organisations have experienced an onslaught of digital regulations over the past two years with more to come. These rules are pivotal for businesses, imposing legal obligations for fair competition, personal data protection, and responsible digital services across various industries. However, tracking and adhering to these regulations can be a challenging and overwhelming task for businesses. The Digital Regulation Hub provides a destination for guidance, materials, and events relevant to EU digital regulations and wider-reaching considerations. Johannes Juranek, managing partner and head of the regional TMC Group: “Our new Digital Regulation Hub, featuring a comprehensive tracker tool, is a game-changer for General Counsels, C-suite leaders, and key decision-makers. This resource is not just a repository of information; it is a dynamic platform which is regularly updated to reflect the latest developments. In an era where regulatory compliance is non-negotiable, our hub empowers businesses to navigate complexities, providing a vital tool for informed decision-making and strategic adaptation to evolving legal landscapes.” Comprehensive guidance for AI businesses A solid grasp of regulatory frameworks is very important for responsible business practices. The EU AI Act is about to become an essential piece of legislation shaping AI ethics in the European Union. Our dedicated info page within the Digital Regulation Hub provides a one-stop resource for companies to understand and comply with the EU AI Act. Non-compliance with the EU AI Act can result in significant fines, emphasising the importance of staying informed and adherent to these regulations. Martina Gavalec, senior associate and driving force behind the AI initiative for CMS Reich-Rohrwig Hainz: “Our Hub provides the latest and most comprehensive insights on AI regulations and their legal complexities. We are dedicated to helping organizations stay at the forefront of responsible AI development, deployment, and utilization. By centralizing critical insights and updates, our Hub empowers businesses to confidently navigate intricate regulations, foster trust, and commit to responsible AI practices. In an era where digital ethics are paramount, our Digital Regulation Hub is an essential resource for organizations aiming to seamlessly adapt to the ever-changing legal landscape and thrive.” Interactive Tracker The Digital Regulation Hub also features an interactive tracker tool which is regularly updated to reflect new developments and resources for General Counsel, C-suite leaders and key decision-makers. Grasping the opportunity in digital regulation Additionally, CMS has conducted an in-depth study on how businesses are responding to the uptick in digital regulation. The study seeks to highlight the perceived effects on innovation, competition, protection, and consistency across borders for companies operating in the following industries: plat­forms/in­ter­me­di­ar­ies, online intermediation services, content providers, life sciences & healthcare, energy & infrastructure, banking & finance and automotive.  The key findings of this study, which are available via the Hub, are: How businesses respond to regulation will determine their success in the digital age. 76% agree that only those who adapt to digital regulation will succeed in this new economy. 73% agree that acting quickly on new regulation is essential to keep pace with digital in­nov­a­tion.   Busi­nesses are underestimating the impact of the EU's non-personal data strategy. The EU is laying the foundations of a new data economy, but only: 9% consider non-personal data (NPD) to be ‘highly’ strategic to their business. 13% believe NPD regulation offers significant op­por­tun­it­ies.   AI regulation presents more opportunities than threats. 94% believe that AI regulation offers ‘sig­ni­fic­ant’ or ‘moderate’ opportunities, including the ability to compete on a safe playing field with legal certainty and security. 80% think AI regulation poses ‘sig­ni­fic­ant’ or ‘moderate’ commercial threats, suggesting some concerns of ‘over­reg­u­la­tion’.   The majority of in-house lawyers see digital platform regulation as a ‘sig­ni­fic­ant’ opportunity. 54% expect ‘sig­ni­fic­ant’ commercial opportunities to arise from digital platform regulation. This includes 71% of content providers, who have much to gain from regulation aimed at curbing the market power of recognised digital gate­keep­ers.   Most businesses have assessed the impact of digital regulation. Now it's time to act. 73% have taken steps to assess the risks of digital regulation. 63% have consulted external counsel. Only 36% have revised their digital transformation plans, despite looming deadlines. Falling behind schedule is simply not an option. Expert discussions In 2024, CMS will be hosting a series of roundtable discussions and webinars focused on exploring the digital regulation topic further. These events will encourage legal teams and decision-makers to assess the risks presented by the changing environment, and the commercial opportunities arising from ongoing regulations. In the meantime, please find more information on the events here.
28/11/2023
CMS | Empowering COP28 with comprehensive legal support
Press release - 27.11.2023Em­power­ing COP28 with comprehensive legal supportCMS will deliver broad-ranging legal pro bono support for COP28, which will be hosted by the United Arab Emirates from 30 November to 12 December 2023. The support includes sustainable finance, data privacy and security, trademark registration, brand protection, reputation management, event-related advice, UN-related partnerships, in­ter­gov­ern­ment­al cooperation, technology platforms for start-ups, and relevant agreements with global tech companies. The initiative is led by Dr. Döne Yalçın, partner and key member of the global CMS Sustainability and ESG leadership team. She is supported by Munir Hassan, partner and head of the CMS Energy & Climate Change Group, and more than 160 CMS colleagues from around the world. The project is strengthened by collaboration with stakeholders across the firm to ensure a comprehensive and effective approach. This achievement marks a significant milestone for the firm and reaffirms its commitment to climate action. As demonstrated by its engagement with the UN Global Compact, CMS actively contributes to the world's largest corporate social responsibility initiative. This commitment covers four key areas: the environment, human rights, labour and anti-corruption. CMS prioritises climate action, as evidenced by ambitious carbon reduction targets, and firmly believes that a successful transition to a more sustainable future requires thoughtful regulation that recognises its integral role in driving meaningful change. The Paris Agreement aims to reduce global emissions by 50% by 2030. As we approach the six-year mark, the gathering of government representatives, policymakers, NGOs, citizens, and businesses at COP28 will be crucial for assessing progress and developing plans to achieve this goal. Immediate and collaborative efforts across both the public and private sectors are essential to the success of these efforts. By empowering governments and businesses to live up to their responsibilities and by strengthening their capacity to deliver impactful change at scale, CMS is committed to building a better working world - one that is future-facing, sustainable, and inclusive. Dr. Döne Yalçın, managing partner, International Co-head of ESG and Sustainability, “It is a privilege and an honour for us to have been selected as a provider of legal services for COP28. This appointment is a testament to our commitment to embed sustainability in our DNA. We are excited to support an event that has the potential to create positive global change in addressing the climate crisis. Our approach aligns seamlessly with 'Unite, Act, Deliver' and demonstrates our unwavering commitment to advancing global sustainability efforts.”Learn more about COP28 UAE - United Nations Climate Change Conference
28/11/2023
CMS launches International Digital Regulation Hub providing a clear roadmap...
All businesses should be prepared to grasp the opportunities in digital regulation 
04/10/2023
ESG as the new imperative in real estate
Environmental, social, and ethical criteria will define the future of Austria’s real estate sector
15/09/2023
Turning the corner? CMS European M&A Outlook 2024
Dealmaking expectations mixed amidst economic uncertainty, but private equity notably bullish 
11/09/2023
Europäischer Im­mob­i­li­en­in­vest­ment­markt im Jahr 2022 trotz vielver­sprechen­dem...
Press release - 11.09.2023 Total investment across the European real estate market fell by around 14% in 2022 compared to the previous year, coming in at EUR 248 billion, according to global law firm CMS’ latest European Real Estate Deal Point Study. During the first six months of 2022, the markets rebounded from the Covid-19 pandemic, resulting in a flourish of transactions and total investment for the period – matching the record levels seen in 2020. In the second half of 2022, however, the sharp increase in financing costs prompted cautious investment behaviour, leading to a decline in overall investment levels across the continent. The decline was particularly pronounced in the fourth quarter of 2022, with investments plummeting by 57% compared to the same period in 2021, reaching approximately €47 billion. The report noted that investment trends varied widely across countries, with Italy (+25%), Spain (+29%) and Belgium (+177%) experiencing greater investment volumes in 2022. France (+1%) maintained investment levels similar to the previous year, whilst Germany (-16%) and the UK (-19%) witnessed a de­cline. Jo­hannes Hysek, a partner in the Real Estate department at CMS Austria, said: “The volatility in the European real estate investment market during 2022 emphasises the need for investors to remain vigilant and adaptable in the face of ever-changing economic conditions. The ongoing uncertainty in the market has nevertheless created a favourable environment for buyers, enabling them to negotiate high discounts when purchasing properties. The decrease in real estate investment has continued this year. In the first half of 2023, a clear reluctance on the part of investors could be observed. One of the main reasons for this is the constantly increasing interest rate environment. So far, there are no indications of a trend reversal, so further development remains to be seen.”“European real estate markets experienced quite diverse developments last year, opening up some attractive investment opportunities on the buyer side. We saw revived interest especially in office and residential properties in prime locations,” says Nikolaus Weselik, a partner at CMS Vienna and an expert on construction and real estate law, summarising the study’s res­ults.“In­ter­na­tion­al investors accounted for the majority of real estate investment in 2022, with a share of 54 per cent,” adds Gregor Famira, a partner at CMS Vienna and co-head of the regional Real Estate Practice Area Group. “They held an even stronger position than in other countries in Eastern Europe, where almost two thirds (63 per cent) of all transactions advised by CMS featured a foreign investor on the buyer side. Our study – now on its 13th edition – highlights current standards and margins for transactions, which is why many players in the market like to refer to it in negotiations.” CMS’ analysis of the real estate market in 2022 revealed the following key trends: Demand for office property is on the rise again. Following the record low of 2021 (19%), investor interest in this segment revived. Its percentage share rose to 24%, making office real estate the most sought-after asset class in Europe alongside residential property. Investment in residential properties accounted for a 24% share of the market. That made them the most sought-after asset class with regard to the transactions on which CMS advised. The main reason for the popularity of residential properties is the stable income that they generate, which is particularly attractive to investors during uncertain times. International investors accounted for the majority of real estate investments. At 54%, their share was almost the same as in the previous year (55%). National buyers, whose investments accounted for 46%, dominated the market as recently as 2020 due to the Covid-19 pandemic. This trend has now reversed slightly in favour of international investors, following the lifting of pandemic-related travel re­stric­tions. Sus­tained a strong desire for security on the part of sellers. The proportion of transactions in which steps were taken to ensure the buyer met its financial obligations remained at the record high level of 70% seen in the previous year (2021). Buyers were frequently able to negotiate favourable terms with regard to contractual provisions on limitation periods. On the one hand, the parties agreed to the buyer-friendly statutory limitation rules more often than before. On the other, limitation periods of more than 24 months were often agreed in 2022, whilst there was a slight fall in the proportion of short limitation periods of up to 18 months. Notable increase in seller-friendly limits on liability. De minimis and basket clauses were agreed significantly more often in 2022 (52% and 42%, respectively), thus setting the market standard even in more buyer-friendly times. This represented an 8% increase in de minimis clauses and a 10% increase in basket clauses in transactions carried out by CMS last year. Most interestingly, the number of transactions with agreements on limits to liability was particularly high in Eastern Europe, including de minimis clauses (70%), basket clauses (52%) and caps (75%) – a trend that has since driven segment growth in Europe more widely. The CMS European Real Estate Deal Point Study 2023 now includes over 2,500 transactions, spanning the period from 2010 to 2022. This comprehensive study has empowered CMS to identify significant market trends and guide their clients through the dynamic landscape of European real estate.
09/08/2023
CMS advises GREEN SOURCE and Core Value on the financing and acquisition...
Press release - 9 August 2023   CMS Reich-Rohrwig Hainz Rechtsanwälte GmbH successfully advised GREEN SOURCE and Core Value Capital in connection with the financing and acquisition of a 63 MW solar park in Hungary. The project concerns the construction of solar power plants with a total peak capacity of 63 MW by a Hungarian project company owned by GREEN SOURCE, Core Value Capital and a group of co-investors. Kommunalkredit Austria AG provided financing totalling EUR 37.5 million. An international CMS team from Austria and Hungary advised the long-standing CMS client GREEN SOURCE GmbH and Core Value Capital in connection with the negotiation and conclusion of the purchase agreement and loan documentation as well as the fulfilment of all disbursement requirements. The Hungarian project company was already gradually taken over by the aforementioned shareholders from the original project planners in 2022. The signing of the loan agreement took place in March 2023, followed by the closing in July 2023. The core team was led by Stefan Paulmayer (Partner, Banking & Finance) and David Kohl (Partner, Corporate/M&A) and also included Wolfgang Hellsberg (Attorney, Banking & Finance), Marco Selenic (Attorney, Corporate/M&A) and Ramona Mujanovic (Associate, Banking & Finance)."This further successful project in the area of renewable energy finance shows the increasing importance of sustainable investments and underlines CMS' expertise in this area. The cooperation with the lender, Kommunalkredit Austria, and its advisors was also extremely professional and solu­tion-ori­ented," said Partner Stefan Paulmayer. "It was a great pleasure to have been able to support our long-standing client GREEN SOURCE in another successful transaction," agrees Partner David Kohl. Bernd Fislage, CEO of Kommunalkredit: "Our goal is to create a better world by enabling the development and construction of sustainable infrastructure. We are proud to have been the lead partner in this transaction and to be able to offer the population another renewable energy source. We congratulate GREEN SOURCE and Core Value Capital on delivering this important project and look forward to continuing our collaboration with GREEN SOURCE and Core Value Capital to accelerate the energy transition with future joint projects."The in­ter­dis­cip­lin­ary Hungarian CMS team led by Erika Papp (Managing Partner Hungary, Banking & Finance) also included Zoltán Poronyi (Senior Counsel, Corporate/M&A), Ádám Takács (Associate, Banking & Finance), Péter Deák (Senior Associate, Energy), Szabina Soptei (Senior Associate, Banking & Finance), Zita Gressai (Associate, Banking & Finance) and Emese Mezo (Associate). Other advisors involved in the transaction were Green Legal (Johannes Trenkwalder) as well as CMS Germany (Antje Becker-Boley, Dorothee Janzen, Marc Seibold, Andreas Grunert) and DLA Piper Cologne, each of which advised third parties involved in the construction project on certain aspects. PHH advised Kommunalkredit Austria AG on Austrian law issues and was advised by Dentons Réczicza Law Firm on Hungarian law issues. About GREEN SOURCE and Core Value Capital GREEN SOURCE is an internationally oriented company founded in Vienna in 2006 that specialises in the development, construction, operation and maintenance of ground-mounted photovoltaic systems in Central and Eastern Europe for private and institutional investors. GREEN SOURCE has extensive knowledge of the sector, many years of experience in the Central and Eastern European markets and can draw on a broad network of proven partner companies. To date, GREEN SOURCE has developed, built and sold 28 projects with a total capacity of over 332 MW. This makes GREEN SOURCE one of the leading project developers in Central and Eastern Europe. The company consists of an in­ter­dis­cip­lin­ary, flexible and competent team of experts, including project managers, technicians, bankers and consultants. Core Value Capital is a Vienna-based private equity firm founded in 2012. About Kom­munalkred­it Kom­munalkred­it Austria AG is a specialist in infrastructure and energy financing. Together with its clients as partners, Kommunalkredit Austria AG creates value that sustainably improves people's lives. In doing so, it facilitates the construction and operation of infrastructure facilities by matching the financing needs of project promoters and developers with the growing number of investors seeking sustainable investment opportunities. The main investment segments are Energy & Environment, Communications & Digitalisation, Transport, Social Infrastructure and Natural Resources.
22/06/2023
Press release: CMS Private Equity Study 2023
CMS Private Equity Study
22/05/2023
Europe-wide analysis on the fifth anniversary of the GDPR reveals data...
European data protection authorities imposed fines totalling over 2.7 billion euros in more than 1,500 publicly known cases for violations of the General Data Protection Regulation, which has been in...
08/02/2023
Emerging Europe M&A Report 2022/23 – CMS ist für M&A Markt vorsichtig optimistisch
Vorsichtiger Optimismus: 2022 stieg das Volumen der M&A-Aktivitäten in den europäischen Schwel­len­ländern