Commercial, corporate and M&A in Bosnia & Herzegovina

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

The 'excellent' corporate team at CMS Reich-Rohrwig Hainz D.O.O. in cooperation with local lawyers is noted for its skill in handling large cross-border transactions, mostly in the banking and energy sectors. Jointly led by Nedžida Salihović-Whalen and Andrea Zubović-Devedžić, the practice counts major multinational corporations and industry leading players as clients, which it advises on the full spectrum of corporate matters. Senior associate Sanja Voloder has vast expertise in the corporate and finance arenas and stands out for her focus on project finance matters.

Key clients

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

European Bank for Reconstruction and Development


Wizzair Air Hungary Zrt.

MKD Moneda

Piksel Interactive



Association of Filmmakers of Bosnia and Herzegovina

Work highlights

  • Advising the EBRD on all aspects of the financing of the EBRD-Regional Energy Efficiency Programme (REEP), which supports energy efficiency in the Western Balkan countries in the public sector.
  • Advising a prominent group of companies on the establishment of a joint venture with a major steel producer in BiH for a renewable waste to energy power plant.
  • Advising international fintech company MKD Moneda d.o.o. on the expansion of its micro-credit business and network across Bosnia and Herzegovina.

Dimitrijevic & Partners

Dimitrijevic & Partners' corporate practice covers the full spectrum of work including mergers and acquisitions, tax issues and contentious matters. Stevan Dimitrijević jointly leads the team, which acts for clients in the financial services and energy sectors, and also handles contentious matters. Davorin Marinković and Nina Vještica also co-lead the group.


We have worked with several law firms in Bosnia and Herzegovina but our experience with Dimitrijevic & Partners is the best we have had so far.’

Key clients

Mtel – Telekomunikacije of the Republic of Srpska

Digital Finance International

Telradnet doo Bijeljina and Eltakabel doo Doboj, Blicnet doo Banjaluka

Banjaluka Brewery; Banjaluka/ Altima Partners London, UK


OHL Z.S. Brno, Czech Republic

Alltech Bosnia and Herzegovina

Mercator d.d.

Carmeuse, Belgium

Affidea, Banjaluka

Medico – S, Banjaluka

Ministry of finance of the Republic of Srpska

Colgate Palmolive

De Heus Nutrition Company



Work highlights

  • Assisting Digital Finance International with overcoming legislative barriers against the use of new technology in the finance sector.
  • Representing Unicredit bank Banja Luka in disputes against the Republic of Srpska and Bosnia and Herzegovina related to historic foreign currency deposits.

Karanovic & Partners in cooperation with local lawyers

As 'one of the best lawyers on the market', Nihad Sijerčić heads up the corporate practice group at Karanovic & Partners in cooperation with local lawyers, which has expertise in multi-jurisdictional transactions and complex M&A for local and international clients. The team also has notable strength in advising telecoms and IT sector clients on acquisitions and contracts. Former practice head Goran Babić left the firm.

Practice head(s):

Nihad Sijerčić


The team is very well organised and provides a quality legal support in due time, always willing to do more for their clients.

Nihad Sijerčić is for sure one of the best lawyers on the market. His advice is always on spot and it is very easy to work with him.

Key clients


Croatia Osiguranje Zagreb

Mid Europa Partners

EBRD through Economic Consulting


APS Investment

United Media




Work highlights

  • Advised ArcelorMittal Zenica on the most important infrastructural project in Zenica and a key power project in Bosnia & Herzegovina.
  • Advised one of the leading regional insurance companies on its acquisition of a company specialising in the technical assessment of vehicles.
  • Assisting EBRD and the authorities of the Federation of Bosnia and Herzegovina with the revision of the current Public Purchase Agreement (PPA) Framework to ensure it is bankable and increase investments in renewable energy sector.

Maric & Co Law Firm

Maric & Co Law Firm's specialised corporate practice handles large transactions, particularly restructuring mandates, which are often cross-border. Jointly led by Dijana Ivanović and Bojana Bosnjak-London, the team advises on acquisitions, share transfers and takeover procedures for a wide array of clients. Managing partner Branko Maric is also a key contact.

Key clients

Raiffeisen Bank




Inditex Group

Konica Minolta





Coca Cola BH

Thomson Reuters

Work highlights

  • Advised Agrokor Group on all matters related to the implementation of its settlement in Bosnia and Herzegovina.
  • Advised Steiermärkische Bank und Sparkassen Aktiengesellschaft on conducting the takeover bid and squeeze out of Sparkasse Bank BH.
  • Advised Thomson Reuters on the restructuring of its local corporate presence.

Law Office Miljkovic & Partners

Law Office Miljkovic & Partners is 'superior in knowledge and extremely focused on client's needs' and advises on large M&A projects; group head Sead Miljković is the key contact. The team has experience in cross-border transactions and is also equipped to advise financial institutions on project financing matters. Amar Bajramović is rated highly by clients and handles complex matters related to banking issues, while Maja Šimunac is recommended for her regulatory experience.

Practice head(s):

Sead Miljković


Miljkovic & Partners’ team has a high level of competencies and very personalized approach to clients.

The ability to overcome any obstacles thrown their way and resolve it in a professional and timely manner is one of their finest capabilities.’

Partners Sead Miljković and Amar Bajramovic are our main contact as well as senior associate Maja Šimunac. They all offer upfront and clear advice and are knowledgeable and resourceful.’

Key clients

MOL Hungarian Oil and Gas Plc

INA d.d. Zagreb

Addiko Bank

Regional Cooperation Council

European Bank for Reconstruction and Development (EBRD)

Oikocredit, Ecumenical Development Cooperative Society U.A.

Triodos Custody B.V., Triodos SICAV II – Triodos Microfinance Fund



Credit Suisse Microfinance Fund Management Company

Montecristo SL d.o.o.

LC Waikiki Group

dm drogeriemarkt

CT-technologies ApS

ASA Finance

Apollo Fund

Ergomed Plc

Work highlights

  • Advising ASA Finance on the due diligence of Vakufska Banka concerning a takeover of majority stake, and advising on structure of the transaction.
  • Advising EBRD on the financing of joint venture Toplana Zenica for the construction of a new combined heat and power plant.
  • Advising EBRD on corporate issues relating to the conclusion of the portfolio risk sharing guarantee agreement with UniCredit Bank.

Law Office Mirna Milanovic-Lalic

Law Office Mirna Milanovic-Lalic provides an 'exceptionally helpful, service-minded, competent and well versed' corporate practice, which acts for a variety of clients. Led by Mirna Milanovic-Lalic and Jasmina Suljović, the team is noted for its 'creativity which makes it stand out among other law firms in Bosnia and Herzegovina', and handles transfers and acquisition matters.


This is one of the offices that is rising very quickly, providing different legal support, with a lot of young talents. They are easy to reach, and they provide advice that can be used in practice.’

Mirna Milanović-Lalić and Jasmina Suljović continues to make an impression on the market and advises a wide range of local and international clients in a variety of commercial transactions and has excellent skills in M&A.

‘This law firm delivers an exceptional service which is both responsive and comprehensive. It is very client-oriented, and they offer to clients the best possible solutions, well customized to each client’s needs. The team is very thorough, and they have a very efficient approach. They work ahead of problems, by recognizing that global legislative and business trends that are reflected in Bosnia and Herzegovina, Serbia and other countries.’

Key clients

Xenon Forte

Ministry of Programming

Teva Pharmaceutical Industries / PLIVA

Networks Int and Foundation Networks

Central European Free Trade Agreement (CEFTA)

Addiko Bank

Mobil-San – CD

Work highlights

  • Advised the Ministry of Programming on taking an equity interest in a foreign start-up company, from a corporate, IP and tax perspective.
  • Advising Teva Pharmaceutical Industries and its subsidiary PLIVA on general corporate matters and other matters including employment law and regulatory issues.
  • Advising Networks Int and Foundation Networks on general corporate and commercial matters including the appointment of new management, the expansion of its activities and employment issues.

Moravcevic Vojnovic and Partners in cooperation with Schoenherr

Moravcevic Vojnovic and Partners in cooperation with Schoenherr's corporate group is led by Belgrade-based duo Matija Vojnović and Luka LopičićMinela Šehović in Sarajevo serves local clients. The firm's CEE reach ensures the group is efficient in cross-border transactions and advises regional and international clients including investors on acquisitions and loan agreements. Vladimir Markuš left the team and now practises independently.

Practice head(s):

Matija Vojnović; Luka Lopičić

Key clients


Phoenix Pharma

Direct Media


Mtel a.d. Banja Luka

Greiner Aerospace

Teva Pharmaceutical Industries


Work highlights

  • Acting for Hidroelektrana Dabar in public procurement proceedings relating to the construction of three hydro plants on the river Trebisnjica: HE Nevesinje, HE Dabar and HE Bileca.
  • Advising KKR on its €20m acquisition of two media business outlets/TV stations – Pink Bosnia and Herzegovina and Pink Montenegro.
  • We have been advising Mtel a.d. Banja Luka in relation to the acquisition of “ELTA-KABEL” Doboj, in Republika Srpska, Bosnia and Herzegovina.

Wolf Theiss - in cooperation with local lawyers

At Wolf Theiss - in cooperation with local lawyers, Naida Čustović leads the corporate group, which is experienced in handling financial restructuring mandates for local and international clients, and transactional work. It also leverages its regional presence to assist with cross-border M&A. Lana Sarajlić advises on large-scale transactions and has expertise in data protection and compliance matters.

Practice head(s):

Naida Čustović

Key clients

APS Recovery Management s.r.o.


AFINUM Management GmbH

Cotta Collection AG

United Group B.V.

Eli Lilly B-H d.o.o.


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

Suzlon, BiH

Kolektiv, BiH

Unicredit bank Mostar d.d.

Pivovarna Laško


OHL, Czech

Asensia Diabetes Care, Switzerland

Astrazeneca, Czech

Ministry of Programing, BiH

Work highlights

  • Advised on the acquisition of a portfolio of non-performing loan receivables and repossessed real estate from Heta Asset Resolution, Bora d.o.o. Banja Luka and Heta d.o.o. Sarajevo, which were originally acquired from the Hypo-Alpe-Adria banks in BiH (now Addiko Banks).
  • Advised a global call centre client on its strategic market entry into BiH and the intended the transfer of a significant volume of its European operations to BiH.
  • Engaged by Afinum Management and Cotta Collection (Cotta) on the acquisition of a majority stake in the share capital of Sinkro d.o.o. Sarajevo (Sinkro), a leading manufacturer of box-spring beds and other furniture.

BDK Advokati

BDK Advokati advises foreign investors and has experience acting on cross-border transactions in the wider CEE region including Macedonia. The team is jointly led by Vladimir Dašić and Tijana Kojović from Serbia, with Vedrana Budiša based in Banja Luka.

Key clients

BC Partners

Coca Cola HBC

Vicenda Group (Thalos Investment Services)

Bulgartabac (Tobacco Plant Banja Luka)

Mahler Projekt GmbH & Co.

Work highlights

  • Advising international investment firm BC Partners on the acquisition of a majority stake in United Group from KKR and on subsequent acquisition financing through a combination of loan and bonds guaranteed by the Bosnian target.
  • Advised Coca Cola HBC on the acquisition of Serbian confectionary company Bambi from Mid Europa Partners for a value of €263m.
  • Assisted Bulgartabac with carrying out a mass redundancy procedure. This included full support from the preparation of the step plan and drafting the termination documents, to assisting during the consultation procedure with the trade unions.

Law firm SAJIC

The team at Law firm SAJIC is jointly led by Aleksandar Sajić, Nataša Krejić and Sanja Đukić, and handles corporate matters for a spectrum of blue-chip companies including assisting with establishing business operations in the local market. The group regularly advises clients in the healthcare, food and banking and finance industry sectors.

Key clients


Hidraulika flex d.o.o. Laktaši









Lutrija rs

Banjalučka pivara



Coca Cola

Work highlights

  • Representing MG Mind in proceeding against other shareholders relating to the annulation and cancellation of a decision brought by the company’s assembly.
  • Representing Tamol Assets Corp in bankruptcy proceedings.
  • Representing Pavgord-Birac in multiple disputes and enforcement proceedings against several companies from the so-called Birac Group.

Attorney at Law Office Spaho

With substantial experience in the market, Attorney at Law Office Spaho handles a variety of corporate work for clients including acquisitions, due diligence and advisory work. Managing partner Mehmed Spaho is the key name in the practice.

Practice head(s):

Mehmed Spaho