Commercial, corporate and M&A in Bosnia & Herzegovina

CMS Reich-Rohrwig Hainz D.O.O. in cooperation with local lawyers

CMS Reich-Rohrwig Hainz D.O.O. in cooperation with local lawyers handles a wide variety of corporate work for domestic and international clients. Led by NedžIda Salihović-Whalen, the practice is active in cross-border mandates for banking clients, acting on high-value M&A and restructurings, among other matters. Salihović-Whalen co-heads the practice with Andrea Zubović-Devedžić, who has a decade of experience advising foreign clients. Also recommended in the team is senior associate Sanja Voloder, who is noted for her 'professional attitude'.

Practice head(s):

Nedžida Salihović-Whalen; Andrea Zubović-Devedžić

Other key lawyers:

Sanja Voloder


‘Highly professional of international standard, providing excellent support/guidance; swift responsiveness; excellent language skills; most pleasant collaboration.’

‘Sanja Voloder – most conscientious and professional attitude and very pleasant to communicate with.’

Key clients

Finish Fund for Industrial Cooperation Ltd (FINNFUND) and KPA UNICON GROUP

European Bank for Reconstruction and Development


Badeco Adria


International development bank and associated financial fund

CONTAINEX Container-Handelsgesellschaft m.b.H.- (WALTER GROUP Company)

European Fund for Southeast Europe

The Dutch investor

Wizz Air Hungary Zrt..

Work highlights

  • Advising Gazprombank on the €20m sale of shares on the stock exchange in leading blue-chip company in BiH which were pledged in favour of the bank as security for a loan granted to the debtor.
  • Advising a prominent group of companies which are shareholders of a JV (a renewable waste to energy power plant) with a major steel producer in BiH (includes various regulatory and corporate advice) on the implementation of the building of renewable power plant.

Dimitrijevic & Partners

Dimitrijević & Partners, Advokatsko o.d. Banjaluka, which is a 'first choice' for many clients, advises clients from regulated sectors (notably telecoms, energy and food and beverages) on the full range of corporate matters. Areas of activity include M&A, corporate governance advice, restructurings and assistance with regulatory issues. The practice, which is jointly led by Stevan Dimitrijević and Davorin Marinković, handles mid to high-value cross-border work across the CEE region and beyond. Nina Vještica is another name to note in the team.

Practice head(s):

Stevan Dimitrijević; Davorin Marinković

Other key lawyers:

Nina Vještica


‘Dimitrijevic & Partners is our first choice whenever we/our clients need legal assistance in Bosnia & Herzegovina. Thus, we have worked with Dimitrijevic & Partners on various issues, including corporate law, M&A, telecommunication issues, etc. – from the very basic issues to analysis of very complex legal structures of anticipated M&A. The advice we were given were of equally high quality regardless of type and complexity of the matter.’

Key clients

Mtel – Telekomunikacije of the Republic of Srpska

Telradnet doo Bijeljina and Eltakabel doo Doboj, Blicnet doo Banjaluka

Banjaluka Brewery; Banjaluka/ Altima Partners London


Alltech Bosnia and Herzegovina

Mercator d.d.

Affidea, Banjaluka

Ministry of Finance of the Republic of Srpska

Colgate Palmolive

De Heus Nutrition Company



Elektroprivreda Republike Srpske

Work highlights

  • Advising  Mtel – Telekomunikacije of the telecommunications Republic of Srpska on copyrights, data protection, confidential treatment of data inside the company, employment matters, M&A, interconnections, and competition.
  • Advising Celex, one of the biggest regional producers of hygiene paper on various corporate matters.
  • Advising Colgate/Palmolive on their business operations in Bosnia and Herzegovina.

Karanovic & Partners in cooperation with local lawyers

Karanovic & Partners in cooperation with local lawyers has a 'top-notch' practice, as is evidenced by its strong track record handling some of the largest and most complex M&A and privatisations seen in the market. It also excels in reorganisations and joint ventures, as well as providing day-to-day advice. The practice is led by Nihad Sijerčić , who has a strong profile among domestic and international clients. Recent work has spanned sectors such as banking and telecoms. Amina Đugum is another notable individual in the team.

Practice head(s):

Nihad Sijerčić

Other key lawyers:

Amina Đugum


‘The team has top-notch responsiveness and has very good ownership over delegated tasks

Key clients


ArcelorMittal Group

Mid Europa Partners


Energy Community



Surveyhealthcare Group

Raiffeisen Bank International AG

Addiko Group

Work highlights

  • Advised Raiffeisen Bank International AG in the privatization process of Komercijalna banka, largest state-owned bank in Serbia (i.e. on the intended acquisition of 83,23% regular shares of this bank and, indirectly, acquisition of its subsidiaries in Bosnia and Herzegovina and Montenegro).
  • Advised Addiko Group on the offering of shares in Addiko Bank AG (together with its consolidated subsidiaries in the CEE – the Addiko Group), for the contemplated IPO on the Vienna Stock Exchange.
  • Assisted Surveyhealthcare Group, a leader in healthcare market research in the acquisition of the business, assets and employees of the BH company OMR Globus d.o.o.

Maric & Co Law Firm

Maric & Co Law Firm's multidisciplinary corporate practice is experienced in advising domestic and foreign companies on cross-border M&A, de-mergers and restructurings. Under the joint leadership of Dijana Ivanović (who has over two decades of experience in this area) and Bojana Bosnjak-London, the team handles large banking-related transactions and complex advice related to subsidiaries. The firm is a founding member of SEE Legal, an alliance of firms across twelve jurisdictions spanning southeastern Europe. Branko Marić is another name to note.

Practice head(s):

Dijana Ivanović; Bojana Bošnjak-London

Other key lawyers:

Branko Marić


‘The team at Maric are in my opinion unique in Sarajevo. A firm with diverse expertise, and able to bridge the gap between international business and local legal frameworks. Whilst procedure dominates most legal matters in BiH, Maric were able to provide a detailed assessment of process, the risks in the matter, and ultimately manage the process to outcome.’

‘I have worked with Bojana Bosjnak-London and Dzana Smailagic-Hromic for several years. They are steadfast professionals, informed, responsive and gave me, as a client, confidence in the outcomes we were looking for. They conduct themselves with the utmost integrity and diligence, and are a pleasure to work with.’

‘Responsibility, good knowledge of the local law.’

‘Open minded, spending of clients money only for business.’

‘Strong team with relevant experts for different areas.’

‘Always capable to bring relevant updates and relevant knowledge to the table. 

Key clients



M.T. Abraham Group




Porsche BH

Inditex S.A.

Coca Cola HBC BH

Adriatic Metals PLC


Work highlights

  • Advised Fortenova Group on all aspects of the implementation of Settlement, including the transfer of eleven subsidiaries in Bosnia and Herzegovina.
  • Advised Haden S.A. on sale of majority package of shares in largest pharmaceutical company in Bosnia and Herzegovina.
  • Advised Raiffeisen SEE Holding on takeover of 100% shares in local bank.

Law Office Miljkovic & Partners

Law Office Miljkovic & Partners handles large domestic and cross-border M&A transactions for a number of banking clients. The team is led by Sead Miljković, who is noted for his 'client-centred approach'. Amar Bajramović is the key name for banking-related corporate work. The group also advises multinational corporations on takeovers. Other individuals in the team include Maja Šimunac, who is recommended for her regulatory expertise.

Practice head(s):

Sead Miljković

Other key lawyers:

Amar Bajramović; Maja Šimunac


‘They are experienced legal professionals, with significant experience in the M&A matters in the local market, that have handled the various domestic transactions. Their significant experience in M&A matters was very helpful in the course of the transaction we engaged them for, and therefore they were capable to adapted to the insurance business matters and its specifics very well.’

Key clients

MOL Hungarian Oil and Gas Plc

INA d.d. Zagreb

Addiko Bank

Regional Cooperation Council

European Bank for Reconstruction and Development

LC Waikiki Group

dm drogeriemarkt

Apollo Fund

CT-technologies ApS


Work highlights

  • Advising ASA Finance concerning takeover of majority share of the Vakufska Banka.
  • Advising Mastercard in relation to the implementation of the voluntary pension plan.
  • Advising Glencore International in relation to the collection of multimillion USD debt from Aluminij d.d. Mostar, the largest aluminum producer in Bosnia and Herzegovina.

Law Office Mirna Milanovic-Lalic

Law Office Mirna Milanovic-Lalic's 'extremely knowledgeable' corporate team handles a full range of advisory work in relation to commercial, corporate and M&A matters. It acts for domestic and international clients operating in the financial services, telecommunications and real estate sectors. The group, which is jointly led by Mirna Milanović-Lalić and Jasmina Suljović, also handles some contentious matters, including banking-related litigation and administrative proceedings.

Practice head(s):

Mirna Milanović-Lalić; Jasmina Suljović

Key clients

Microsoft Corporation

Ministry of Programming d.o.o. Sarajevo

Teva Pharmaceutical Industries/ PLIVA

Networks Int and Foundation Networks d.o.o. Sarajevo

Addiko Bank d.d. Sarajevo

Xenon forte d.o.o. Sarajevo

Bien-Etre Labs LLC

Balcanica d.o.o. Sarajevo

Srđan Prodanović

Titantex Srl

CWT Bosnia and Herzegovina

Dekonta d.o.o. Sarajevo

Pliva d.o.o.Sarajevo

SMITH General Tools d.o.o. Sarajevo

Association of Filmmakers

Telemach d.o.o. Sarajevo

MIKRO+POLO d.o.o. Sarajevo

Glosarij CD d.o.o. Podgorica

Tendam Balkans

Work highlights

  • Advised Ministry of Programming (MoP) on taking an equity interest in a foreign start-up company, from both an IP and tax perspective.
  • Advising Networks Int and Foundation Network, leading innovative start-up acceleration centers in Bosnia and Herzegovina, on corporate and commercial matters. In 2019, mandates included advising on the sale and purchase of shares in Networks company and subsequently handling the appointment of new management, the expansion of their activities and employment issues.

Moravcevic Vojnovic and Partners in cooperation with Schoenherr

At Moravcevic Vojnovic and Partners in cooperation with Schoenherr, practitioners in Sarajevo and Belgrade work closely together to advise longstanding local and regional clients that are active in the energy, technology and real estate sectors. Under the joint leadership of Matija Vojnovic and Luka Lopičić in Belgrade, the team handles complex transactions across the CEE region. In Sarajevo, Minela Šehović advises global and regional companies on their entry into the local market, day-to-day corporate issues and merger control matters.

Practice head(s):

Matija Vojnović; Luka Lopičić

Other key lawyers:

Bojan Rajić; Minela Šehović


‘Schoenherr is a well-experienced law firm with high-level client service. They will examine all the options to make the deal come through in the easiest and the safest way. I was impressed by their capability to provide quality advice in short time frames. They are reliable, responsive, and always available to us. I also value their international experience as we have been advised by Schoenherr over the past years not only in Bosnia and Herzegovina but also in other jurisdictions.’

‘Minela Šehović is the point of contact for our matters in Bosnia. She is quick in finding appropriate solutions and has proven to be a great support to us. She is a valuable and dedicated legal professional, hard-working and smart. Very pleasant to work with.’

‘My impression is that they are always looking for a smart and safe way to make the deal happen. I would say the firm operates by high international standards and their cross-border capabilities are very positive. They collaborate with the other offices in the region and have the advantage of having the best possible people in the team from their international network’

‘Minela Šehović is an expert in her area of work. She is combining experience and bright intellect and always comes up with a great idea. Also, she is a great communicator.’

Key clients


Phoenix Pharma

Direct Media


Getinge Group

Mtel a.d. Banja Luka


Hidroelektrana Dabar d.o.o. Trebinje

Javno preduzeće Elektroprivreda Republike Srbije (JP EPS)

RIDG Holding s.r.o

Tom Tailor GmbH

Salvado Investment Corp

Work highlights

  • Advising Elektroprivreda Srbije on the construction of three hydro plants on the river Drina: HE Foča, HE Buk Bijela and HE Paunci.
  • Advising Hidroelektrana Dabar on the public procurement proceedings for construction of three hydro plants on the river Trebisnjica: HE Nevesinje, HE Dabar and HE Bileca estimated at €183m.
  • Advised RIDG Holding s.r.o. on obtaining merger clearance from the competition authority of Bosnia and Herzegovina for acquisition of sole control over VIPAP Videm Krško d.d., Slovenia.

Wolf Theiss - in cooperation with local lawyers

At Wolf Theiss - in cooperation with local lawyers, the corporate team is skilled in handling high-value project work and transactions for domestic clients. Naida Čustović leads the group, which is experienced in advising clients (particularly those in the healthcare and pharmaceutical sector) on mergers with local subsidiaries, restructurings and intra-group reorganisations. It works closely with its office in Vienna, where the key contact is Nikolaus Paul. Counsel Lana Sarajlić is also recommended.

Practice head(s):

Naida Čustović

Other key lawyers:

Lana Sarajlić 


‘Consistent quality – hands-on approach, practical, concise and down to the point legal advice – excellent drafting skills resulting in well structured and comprehensible documents ’

‘Lana Sarajlic is highly experienced, well-rounded lawyer with sharp and practical mind. Real pleasure to work with and easy to communicate with.’

Key clients

APS Recovery Management s.r.o.

AFINUM Management GmbH

Eli Lilly B-H d.o.o.

Abbvie Inc.


Lexmark BH d.o.o.

Teleperformance, Germany

Addiko banka d.d. Sarajevo

Addiko banka a.d. Banja Luka

Raiffeisen Landesbank, Austria

Raiffeisen Bank International

ArcelorMittal, Germany

ArcelorMittal Zenica

Keune Adrija BiH

Keune Adriatic

Cisco USA

Dinners club. BiH

Erste Club Card

Sparkasse Bank BH d.d.

Suzlon, BiH

B-One Solutions d.o.o.

Crosc Inc.

Unicredit bank Mostar d.d.

Pivovarna Laško


NIS a.d.

Nishimura & Asahi

Unis Fagas d.o.o.

BDK Advokati

BDK Advokati primarily advises foreign investors and multinational corporations on business operations in Bosnia and its practice is led by Belgrade-based partners Vladimir Dašić, Tijana Kojović and Bogdan Ivanišević. The team has experience of undertaking cross-border M&A across Serbia, Montenegro and Bosnia and Herzegovina. Its other areas of activity recently covered regulatory issues and investment-related advice.

Practice head(s):

Vladimir Dašić; Tijana Kojović; Bogdan Ivanišević

Other key lawyers:

Dijana Pejić Šinik

Key clients

BC Partners

Coca Cola HBC

Vicenda Group (Thalos Investment Services)

Mahler Projekt GmbH & Co


Work highlights

  • Following the acquisition of United Group by BC Partners (in which BDK Advokati advised BC Partners as the buyer), the firm advised United Group B.V. on Serbian and Bosnian law aspects of the issuance of floating rate senior notes due in 2025 in an aggregate principal amount of €550m for the purpose of refinancing the existing €450m in aggregate principal amount of floating-rate notes due 2023 and other borrowings of the Issuer’s Group.
  • Advising Mahler Projekt GmbH & Co on possible investment methods, specifically bearing in mind peculiarities of concession.
  • Advising Verizon on the application of the Bosnian regulatory framework on electronic communications to software defined- and virtual networking-related services.

Law firm SAJIC

Based in Banja Luka, the corporate practice at Law firm SAJIC has a varied work portfolio, which includes M&A, the formation of new companies, equity capital increases and corporate restructurings. Managing partner Aleksandar SajićNataša Krejić and Sanja Đukić are the co-heads of the team, which is active in sectors such as energy, private equity, financial services and technology. The group is becoming increasingly active in areas such as artificial intelligence (AI), blockchain technology and online business.

Practice head(s):

Aleksandar Sajić; Nataša Krejić; Sanja Đukić

Other key lawyers:

Milica Karadža; Tijana Milačić

Key clients

Bitminer Factory


HIDRAULIKA FLEX d.o.o. Laktaši

NLB Bank Slovenia





Interenergo Slovenia

Lutrija RS


Work highlights

  • Advising BITMINER FACTORY in a specific case is related to new technologies such as blockchain and cryptocurrency, as well as banking and finance in Bosnia and Herzegovina, which led to a lawsuit for damages and compensation due to failure to fulfill contractual obligations.
  • Advising NLB Bank, Slovenia as buyer in the sale of Komercijalna Banka a.d. Belgrade, which is majority owned by the state of Serbia.