White & Case Triumphs at the 2025 CEE Legal Matters Awards: Five Prestigious Wins for Transactions Across the Region
Prague, 2 April 2025 – Global law firm White & Case has taken home five awards from this year’s CEE Legal Matters Deal of the Year Awards, including the evening’s top honor – the CEE Deal of the Year. The award ceremony took place last night in Prague and brought together leading figures of the legal business community from across Central and Southeastern Europe.
White & Case was recognized as legal counsel on the most significant transactions of the year in four jurisdictions. In Albania, the Firm advised on a €110 million syndicated loan for Ayen AS Energji, in cooperation with GKC Partners. The proceeds were used to refinance three hydropower plants. The project plays a crucial role in strengthening Albania’s energy infrastructure and supports the country’s transition to renewable energy. It represents a key milestone for the local energy sector and its long-term development.
In Bulgaria, the Firm was honored for its work on Project Sunshine – the sale of PPF Group’s telecommunications assets to Emirates Telecommunications Group Company (e&). This complex cross-border transaction involved assets in four countries and stands out as one of the most significant telecom deals of 2024. White & Case played a key role in the structuring and execution of the deal, which was also named CEE Deal of the Year.
In Greece, White & Case was recognized for advising the Hellenic Republic Asset Development Fund (HRADF) on the initial public offering (IPO) and listing of Athens International Airport on the Athens Stock Exchange. One of the largest IPOs in the exchange’s history, the deal marked a major milestone in Greece’s infrastructure and capital markets. White & Case represented HRADF as the selling shareholder and advised on all aspects of the transaction, including the coordination with institutional and retail investors.
The fourth award, Country Deal of the Year for Serbia, went to Project Luna – the acquisition of a large portfolio of mobile tower base stations from Telekom Srbija by a consortium led by investment firm Actis. White & Case advised the buyer and played a key role in the legal and financial structuring of the entire transaction.
Project Sunshine, which also took home the night’s highest honor – CEE Deal of the Year – is a testament to the outstanding work of the entire team. The transaction, valued at up to €2.5 billion, involved the sale of 50% plus one share in PPF Telecom Group to e&. The deal covered telecom assets in Bulgaria, Hungary, Serbia and Slovakia. The Firm played a key role in the structuring and execution of the cross-border deal. The Prague finance team led the complex financing arrangements related to the divestment. It was one of the most significant telecom deals of 2024 and was also among the first cases notified under the Foreign Subsidies Regulation (FSR). The European Commission launched its first-ever Phase 2 proceedings in this matter. We represented PPF Telecom Group B.V. in the FSR proceedings and together with the Commission’s case team and e&’s counsel we worked closely on setting the standards for FSR proceedings. This represents a landmark case in the evolving FSR landscape.
"These awards are a testament to the exceptional work we are delivering across the entire Central and Southeastern European region. We are particularly proud of the role our Prague office played in the Sunshine and Luna projects. I would like to thank all of our colleagues who contributed to these transactions and, of course, our clients for placing their trust in us," said Petr Pánek, Partner in Prague and Head of the SEE Country Practice.
“Project Sunshine stands out not only for its scale and strategic impact but also for the complexity of the financing involved. We’re proud to have led the structuring of the finance aspects from Prague, working seamlessly across jurisdictions to support PPF Group in delivering this landmark transaction,” said Jonathan Weinberg, partner, Prague.