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Eva Talmacsi

Partner

CMS Cameron McKenna Nabarro Olswang LLP
Cannon Place
78 Cannon Street
London
EC4N 6AF
United Kingdom
Languages English, Hungarian, German, Swedish
Corporate

Eva Talmacsi is a UK, US (NY) and Hungarian qualified partner in our global M&A and Corporate Transactions practice based in London.

Eva focuses her international practice on a wide range of M&A and corporate finance matters across EMEA and the UK and advises private equity houses, and financial sponsors, venture capital funds, a wide range of corporates, financial institutions, investment banks, telecom, technology, life sciences and energy companies. She regularly works with colleagues in our CMS offices on global mandates. 

She has over 20 years of experience in leading, managing and supervising large teams of lawyers and advisers on complex cross-border private and public company mergers & acquisitions, privatisations, private equity and venture capital investments, joint ventures, restructurings, general corporate and commercial matters, as well as equity capital markets transactions in the UK, and across EMEA.

Eva is recognised in Chambers and Legal 500 as a leading practitioner.

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"She is one who doesn't let go, and fights till the end to represent her clients' requests."

Chambers, 2018

“Her client service is strong.”

Chambers

“She is highly commercial and sensible, sees the big picture.”

Client feedback

Relevant experience

  • Macquarie Equipment Finance DAC in relation to its asset lease and financial arrangement with its counterparties in CEE.
  • Ahold Delhaize (one of the world’s largest food and retail groups and a leader in both supermarkets and e-commerce) on its €1.3 bn landmark acquisition of Profi Rom Food SRL from leading private equity house  MidEuropa. The transaction is the largest grocery deal ever in continental Europe involving a private equity house.  
  • Macquarie Equipment Finance DAC in relation to its asset lease and financial arrangement with its counterparties in CEE.
  • The Consortium of Aeroporto di Venezia Marco Polo S.p.A (SAVE) and Deutsche Bank (and following the exit of Deutsche from the bidding consortium, a UK clearing bank) in relation to the consortium’s bid for a majority shareholding interest in Exeter and Devon Airport Limited.
  • European Bank for Reconstruction and Development (EBRD) on its equity investments in numerous companies in EBRD’s countries of operation including its investment in Egypt’s Infinity Energy.
  • OTP Bank Group on the acquisition of Banca Millennium S.A. from BCP, Portugal and on its strategic expansion in Southeast Europe by acquiring Societe Generale's subsidiary banks and other financial services entities in Bulgaria, Croatia, Montenegro, Serbia and Albania.
  • MOL Group on numerous acquisitions and divestments across EMEA including the divestment of its entire upstream portfolio in the United Kingdom.
  • MKB Bank and Bayerishe Landesbank on the divestment of their Romanian business as part of their strategic exit from the Romanian market.
  • Raiffeisen International AG on its acquisition through its Serbian subsidiary bank the entire Serbian business of Crédit Agricole.
  • Various European companies and special purpose vehicles of funds in relation to their Regulation S and Rule 144A offerings and the listing of their securities on the London Stock Exchange or other European stock exchanges.
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Memberships & Roles

  • Bar of England and Wales
  • Member, New York Bar Association
  • Member, Budapest Bar Association
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Education

  • LLM, Columbia University School of Law, New York
  • LLM, King’s College & Queen Mary & Westfield College, University of London, London
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Private Equity

Eva Talmacsi is a UK, US (NY) and Hungarian qualified partner in our global M&A and Corporate Transactions practice based in London.

Eva focuses her international practice on a wide range of M&A and corporate finance matters across EMEA and the UK and advises private equity houses, and financial sponsors, venture capital funds, a wide range of corporates, financial institutions, investment banks, telecom, technology, life sciences and energy companies. She regularly works with colleagues in our CMS offices on global mandates. 

She has over 20 years of experience in leading, managing and supervising large teams of lawyers and advisers on complex cross-border private and public company mergers & acquisitions, privatisations, private equity and venture capital investments, joint ventures, restructurings, general corporate and commercial matters, as well as equity capital markets transactions in the UK, and across EMEA.

Eva is recognised in Chambers and Legal 500 as a leading practitioner.

more less

"She is one who doesn't let go, and fights till the end to represent her clients' requests."

Chambers, 2018

“Her client service is strong.”

Chambers

“She is highly commercial and sensible, sees the big picture.”

Client feedback

Relevant experience

  • The Nordic Capital-backed ArisGlobal on its acquisition of Amplexor Life Sciences (a global provider of regulatory, quality and safety software solutions serving pharmaceutical, biotechnology and medical device companies) from the Luxembourg-based Acolad Group.
  • Axel Johnson International AB in relation to the acquisition of a majority stake in the IOW Group.
  • Advent International, the leading private equity firm
    • on its agreement to acquire Provimi Pet Food (PPF) from the Provimi Group.
    • on its investment in and subsequent exit through an IPO from a CEE IT company.
  • Argus Capital, the leading emerging market private equity fund on its acquisition of and subsequent exit from Calucem Group.
  • Nordic Capital on the divestment of its shareholding in certain part of the SafeRoad Group in a number of European countries via a listing on the Oslo Stock Exchange.
  • AfricInvest, the Tunisia-based investment and financial services company on its investment in a UK-based AI solutions provider growth-stage company.
  • SEAF, the Washington D.C.-headquartered and SEC-registered global impact investment management company on the divestment of its business interest in Serbian retail chain, Gomex.
  • CEE Equity Partners on the acquisition of Invitel Group and subsequently advising Invitel Group on the sale of one of the group’s telecommunications company, Invitel Távközlési Zrt. to the Hungarian subsidiary of DIGI communications.
  • Dubai International Financial Centre Investments LLC on its GBP 200m acquisition of SmartStream Group (IT) from TA Associates and the re-financing of the investment. The transaction involved more than 13 jurisdictions due to the target’s international group structure.
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Memberships & Roles

  • Bar of England and Wales
  • Member, New York Bar Association
  • Member, Budapest Bar Association
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Education

  • LLM, Columbia University School of Law, New York
  • LLM, King’s College & Queen Mary & Westfield College, University of London, London
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TMT - Technology, Media & Telecommunications

Eva Talmacsi is a UK, US (NY) and Hungarian qualified partner in our global M&A and Corporate Transactions practice based in London.

Eva focuses her international practice on a wide range of M&A and corporate finance matters across EMEA and the UK and advises private equity houses, and financial sponsors, venture capital funds, a wide range of corporates, financial institutions, investment banks, telecom, technology, life sciences and energy companies. She regularly works with colleagues in our CMS offices on global mandates. 

She has over 20 years of experience in leading, managing and supervising large teams of lawyers and advisers on complex cross-border private and public company mergers & acquisitions, privatisations, private equity and venture capital investments, joint ventures, restructurings, general corporate and commercial matters, as well as equity capital markets transactions in the UK, and across EMEA.

She is co-heading the firm’s CEE TMT Practice.

Eva is recognised in Chambers and Legal 500 as a leading practitioner.

more less

"She is one who doesn't let go, and fights till the end to represent her clients' requests."

Chambers, 2018

“Her client service is strong.”

Chambers

“She is highly commercial and sensible, sees the big picture.”

Client feedback

Relevant experience

  • Liberty Global on the sale of its direct-to-home (DTH) satellite TV operations in the Czech Republic, Hungary, Romania and Slovakia to M7 Group for an approximate total enterprise value of EUR 180 million.
  • The selling shareholders on the €1.2 bn sale of Vivacom Group to the BC Partners-backed media and communications group, United Group.
  • Taboola Inc (Israel/US) on its acquisition of Gravity R&D a leading European personalization technology company founded in data science.
  • MET International on its defamation dispute with Newsweek.
  • The Daily Mail Group in relation to the divestment of its online and printing business in six countries across CEE.
  • RTL Group (Bertelsmann Group subsidiary) on the cross-border acquisition of seven (7) broadcasting channels across Hungary, Romania and Slovakia.
  • Accedo Broadband AB Sweden on various M&A and corporate matters across Europe.
  • HMD Global Oy (a licensee of the Nokia brand for phones and tablets) on a broad range of corporate and commercial matters across Europe and UK.
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Memberships & Roles

  • Bar of England and Wales
  • Member, New York Bar Association
  • Member, Budapest Bar Association
more less

Education

  • LLM, Columbia University School of Law, New York
  • LLM, King’s College & Queen Mary & Westfield College, University of London, London
more less

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09/04/2024
AI Act and its implications on the automotive industry
Join us for an exclusive webinar where we delve into the intricacies of the AI Act and its implications in the automotive industry. As AI continues to revolutionize the way vehicles are designed, manufactured, and operated, it's imperative for industry professionals to understand the regulatory landscape shaping its usage. Our webinar brings together a panel of distinguished experts, including legal luminaries, representatives from the European Commission, and experts from EU legislative bodies. They will provide invaluable insights, guidance, and interpretation on the AI Act's provisions, ensuring that participants gain a comprehensive understanding of its impact on automotive innovation and compliance.
06/03/2024
The Mobile Century 2024
CMS is delighted to support The Mobile Century, a publication written by women in the digital space, published by the Global Telecom Women’s Network (GTWN). The Mobile Century provides a global perspective on the most important issues facing the digital technology sector, while championing the role and contribution of women leaders in bringing about meaningful change. These characteristics align closely with the professional and cultural values of CMS’ Technology, Media and Communications Practice. The promise and anticipation around Artificial Intelligence has captivated worldwide attention over the past year like no other recent technological revolution. Governments around the world have rushed to understand how they can respond to generative AI, ensuring that their industries are well placed to capture maximum value from this innovation, whilst also not exposing their populations to undue risks. This edition of The Mobile Century includes an insightful essay by CMS Partner and Co-Head of the TMC Sector Group, Dóra Petrányi on finding the appropriate balance between AI ethics and AI regulation. It also includes an inspiring fireside chat between Dóra and Francesca Rossi, who is a computer scientist, an IBM Fellow and the IBM Global AI Ethics Leader. At the same time, society is facing other new challenges, as the digital natives – those who only know a digital world – see all aspects of their lives transformed. As certain jobs and even professions are being transformed by digital technology, what does the future look like for those who are inheriting our digital world? What do governments, regulators and industry itself need to do to ensure the benefits of these technologies outweigh the risks that have emerged?At CMS, we continue to be honoured to support the GTWN and its flagship magazine The Mobile Century, which, once again, is dense with thought-pro­vok­ing articles from inspiring leaders. We hope the articles motivate you, as they do us, to think about our responsibilities and the wider impact of our companies on the world around us.
26/02/2024
CMS at Mobile World Congress
CMS lawyers are pleased to be attending the Mobile World Congress held in Barcelona on 26 – 29 February.  Below you can find an overview of our attending partners, representing a large range of jurisdictions and practice areas. To arrange a meeting, please contact the individual lawyers directly. At CMS, we are proud to have some of the leading global legal specialists in the technology, media and communications sector. Fuelled by huge customer demand for cutting-edge products and increased supply of pioneering services, the sectors of technology, media and communications have each undergone unprecedented change. Innovation is key, and so tech and telecoms suppliers, and creators and distributors of media, need to protect their investments and maximise their commercial opportunities. Our global team of over 800 specialist Technology, Media and Communications (TMC) lawyers has been exposed to virtually every risk and challenge you face. With our long-standing focus on advising players, users, regulators and financiers in the sector we are best placed to deliver innovative solutions through our award-winning disputes, transactions, IP, commercial, data privacy and security, employment and tax practices. To find out more about CMS Technology, Media and Communications cap­ab­il­it­ies, vis­it our webpage belowLearn more about TMCFor further information, please see our partners attending the congress in the gallery below and an overview of all our expertise areas.
31/01/2024
TMT World Congress 2024
CMS lawyers are pleased to be attending the TMT World Congress 2024 held in London on 31 January - 01 February. Below you can find an overview of our attending partners, representing a large range of jurisdictions and practice areas. To arrange a meeting, please contact the individual lawyers directly. Additionally, Anne Chitan will moderate the M&A Panel - Assessing what’s next for Transactions amid Continued Macro Headwinds, Wednesday 31 January (10:55 – 11:35). At CMS, we have some of Europe’s leading legal specialists in the technology, media and communications sector. Our Digital Communications Infrastructure Team combines exceptional expertise in project and structured finance, competition regulation and large-scale investment, while our market-leading tele­com­mu­nic­a­tions team has decades of experience in the technology and communications space, including strong expertise in the areas of fibre, towers, subsea cables, network sharing, data centres and satellite. To find out more about CMS Digital Communications Infrastructure cap­ab­il­it­ies, vis­it our Digital Communications Infrastructure section. For further information, please see our partners attending the congress in the gallery below and an overview of all our expertise areas.
15/12/2022
Digital Horizons: Digital regulation: a deeper dive into the DNA of the...
Our latest addition to the Digital Horizons series explores the new Digital Markets Act (DMA) and Digital Services Act (DSA). Together, these two Acts create new rules throughout the EU that are designed...
13/10/2022
Law and regulation of private placement of common stock in the US
1. Prospectus requirement The general rule in the USA is that an offer and sale of a security to the general public requires registration with the US regulator, the Securities and Exchange Commission...
Comparable
02/02/2022
Reimagining Digital: An Interview on Building a Sustainable Digital Infrastructure
"And this increased awareness of the importance of the infrastructure being used is complemented by the pandemic drawing people’s attention to climate change as well, with Petranyi noting: “We all...
03/12/2021
Digital Horizons
We are pleased to share with you Digital Horizons, a series of brief reports exploring CEE’s digital future. The latest addition to our series – February 2024 Our latest addition to the Digital Horizons...
03/11/2020
CMS Thought leadership - Digital Horizons explores CEE’s digital future
Based on a recent survey canvassing the views of our clients and contacts whose operations span 18 countries across Central and Eastern Europe (CEE), our latest thought-lead­er­ship series explores the...
02/11/2020
CEE businesses to ramp up digitalisation efforts despite challenging times,...
Companies across a range of sectors in Central and Eastern Europe (CEE) believe that digitalisation is key to enabling them to achieve business goals such as reducing costs, increasing productivity and...
20/01/2020
Digital infrastructure: Towers and fibre underpin the broadband revolution
Digital communication has proved vital for economic survival and success during the Covid-19 pandemic. Growing demand for fast and reliable internet requires an expanding digital infrastructure, creating new opportunities for investors. The impact of the Covid-19 pandemic on the economy has been severe, but had it struck two decades ago its effects would have been even more devastating. Fast and reliable internet access and mobile connectivity has enabled families to keep in touch via video calls and allowed multi-national companies to function in the “new normal”. Millions of people have worked from home and businesses have stayed open in cy­ber­space—even when their doors have been closed and international customer service centres have been replaced by networks of call handlers using laptops at their kitchen tables. Digital transformation was already underway long before the pandemic began, but the crisis has shown just how vital it has become to all aspects of life. It has given the digital ambitions of companies and governments a new sense of urgency and highlighted the critical role of digital infrastructure: the mobile towers and fibre networks. Eva Talmacsi, CMS partner, co-head of TMT in CEE and co-head of the firm’s Global TMC transactional practice, said: “Yes, the pandemic has had a serious impact, but 20 years ago it would have been catastrophic. Large parts of our economies have been able to carry on by switching to virtual mode. The trends in digitalisations are rapidly accelerating and have shown the need for development in digital infrastructure to keep pace.” Digital is the key to growth In a study of ten coun­tries—Bul­garia, Croatia, the Czech Republic, Hungary, Latvia, Lithuania, Poland, Romania, Slovakia and Slov­e­nia—man­age­ment consultants McKinsey predicted in October 2020 that digitalisation would deliver up to EUR 200bn in additional GDP by 2025. It also noted that in the first five months of Covid-19 lockdowns, the digital economy had captured 78% of the increase seen in the whole of 2019. Those findings are reflected in CMS’s Digital Horizons report, published in October, which shows how Covid-19 pushed digitalisation up the corporate agenda in emerging Europe. Of those surveyed, 92% believed the pandemic would accelerate future digital change in their businesses and 45% said it had already accelerated projects. The European Commission’s 2020 policy, Connectivity for a European Gigabit Society, set out objectives to boost fast connectivity by speeding up the rollout of fibre and 5G networks to generate economic growth, jobs and innovation. Emerging Europe has benefitted from “last mover advantage” in that it did not have to invest in upgrading creaking legacy copper networks in the same way as the likes of Germany and UK. Instead, it has been able to focus on rolling out fibre and has achieved relatively high rates of fibre penetration in a short space of time. Digital infrastructure is as essential for carrying and controlling data traffic as tracks and signalling systems are for high-speed railways. The mobile tower and fibre networks that underpin today’s communications systems will be required for 5G and technologies of the future such as the internet of things, autonomous vehicles, smart cities and immersive entertainment. Eva Talmacsi said: “Installing and operating towers and fibre to meet this exponential growth in demand is incredibly expensive. The industry has had to find new ways of extending infrastructure in a cost-efficient way.”Telecoms companies and mobile network operators (MNOs) have been looking at how to reduce costs, improve efficiency and monetise these assets. The emergence of a wholesale business model, where capacity on the network is rented out, has prompted some to sell their infrastructure networks outright or bring in partners. The ability to create efficient capital structures has made the industry increasingly attractive to investors and lenders. For example, by creating a separate “towerco” or “fibreco”, they have been able to structure deals to attract long-term financial investors, which allows them to expand their footprint while retaining control and generating a long-term income stream. Eva Talmacsi added: “Optimising their capital expenditure and balance sheet has become a top priority for operators, hence the increasing tendency to rethink strategy and restructure internally. By retaining all or part of the ownership, they can capitalise on any future increase in value.”For investors, this restructuring and carve-out of assets has created an attractive sector, offering steady and predictable revenues from long-term contracts in an industry where demand is growing. It is an appealing combination that has led to a wave of M&A activity across Europe, including CEE, although those new to the sector should take care to work with partners and advisers who understand the industry and the potential risks. Moving east One of the pioneers in this radical shake-up of the tower sector is Barcelona-based Cellnex Telecom. With its roots in the Spanish broadcasting industry, it was listed on the Madrid stock exchange in 2015 and is now Europe’s leading independent operator of wireless telecoms infrastructure through an aggressive acquisition strategy that has put it on course for 103,000 tower and telecoms sites in 12 countries across Europe. In October, Cellnex made its first move into emerging Europe when it reached an agreement with Iliad of France to jointly acquire a network of 7,000 towers and infrastructure sites in Poland owned by Play Communications, for which Iliad had launched a takeover bid. Cellnex and Iliad will jointly own a new company that will manage the sites and could invest EUR 1.3bn in rolling out 5,000 new sites over the next decade. Vodafone of the UK plans to list its own towerco, Vantage Towers, on the Frankfurt stock exchange in early 2021. It operates 68,000 sites, the bulk in Germany, Spain and Greece, and has operations in nine countries including the Czech Republic, Romania and Hungary. With EUR 1bn of financial firepower, it has set out ambitious plans to grow by increasing tenancy ratios on its existing network, increasing efficiencies and adding additional services such as fibre. In a signal of what may be to come in the industry, Vantage said it would consider M&A opportunities. Other telecoms companies in the region have been active. In Poland, Cyfrowy Polsat has been working on a possible sale of the digital infrastructure of Polkomtel which has generated strong interest from potential buyers, including major international funds. Options include a sale, partial sale, strategic partnership or joint venture, not only for its 8,000 mobile towers but also its fibre footprint. PPF Telecom Group of the Czech Republic established CETIN Group in July 2020 as a separate infrastructure provider from its retail business in the Czech Republic, Bulgaria, Hungary and Serbia. Focus on fibre Fibre too is going through a transformation that has led to a surge in interest and activity. Some of the world’s biggest investment funds have been investing in the region’s fibre networks. Anne Chitan, CMS partner and global co-head of communications, TMC, said that although the build-up of fibre was strong, there were significant inequalities between states and regions, and some less-populated areas could be left behind. She added: “Add to this regulatory and legal local peculiarities, and the picture looks more like a jigsaw puzzle where some pieces are missing. There is therefore a lot still to do and we expect activity to remain strong, with the emerging new fibreco models driven by operators possibly being a game changer."“Once critical mass is reached, it would be interesting to see how the networks fit together and if this spurs on some cross border merger and acquisition activity.”In August 2020, Orange Polska, announced the possible sale of a minority stake in its “fibreco” to rollout fibre access to another 1.7 million households. Luxembourg-based Cube Infrastructure Managers has invested in fibre-to-the-home projects in Croatia, Slovenia and the Czech Republic. The trends under way in Central and Eastern Europe are not unique. They are already under way in many parts of Europe and the experience in other countries is likely to provide a signpost to how the digital infrastructure sector will develop in the region. Macquarie Capital, part of global financial services firm Macquarie Group, has shaken up the Spanish broadband market by buying a fibre-to-the-home network to create the country’s first independent wholesale operator. Oliver Bradley, a managing director who leads Macquarie Capital’s digital infrastructure investments, suggests there are many parallels with emerging Europe. While fibre penetration in Spain was high, the wholesale model gives large operators and small broadband businesses the ability to reach more customers and increase competition. He added: “The model is replicable in other markets where operators have built fibre networks and are looking to monetise them. Central and Eastern Europe is an area we see developing, and from both a pricing and revenue point of view we believe it could normalise with Western Europe.”A key feature of fibre is that investment is heaviest at the start and returns are typically generated over seven to 10 years. This makes it potentially attractive to investors with longer-term outlooks such as pension funds, but there are complexities. Oliver Bradley explains: “We’ve been able to uniquely structure telecoms opportunities in a way that’s typically seen for more established infrastructure assets, such as schools, hospitals and power stations. Historically some investors wouldn’t have considered investing in telecoms, but the sector has seen somewhat of an evolution, as demand for both stable long-term returns and our dependence on connectivity continues to grow.” Accelerating the roll out After the events of the past year, the digital genie cannot be put back in the bottle. According to CMS Digital Horizons survey, 65% of firms anticipate increasing their IT budgets in 2021 to support digitalisation. For companies in emerging Europe, digital communication breaks down geographic barriers and enables them to compete with rivals, work with partners, and serve customers across Europe and the rest of the world. Eva Talmacsi at CMS said: “Digital infrastructure creates a spider’s web that stretches across boundaries so that digital services can be accessed wherever they are needed. Covid-19 has been a catalyst and now we need to see investment in the networks stepped up to take connectivity to the next level.”
29/03/2019
CMS wins seven gongs at 2018 CEE Legal Matters Deal of the Year Awards
CMS has been recognised as a winner in seven categories, including CEE Deal of the Year, at the 2018 CEE Legal Matters Deal of the Year Awards, held in Budapest. In recognition of our work across multiple...