M&A, Corporate and Commercial

M&A, Corporate and Commercial

BDK Advokati has extensive experience in M&A transactions in Serbia, Montene­gro and Bosnia and Herzegovina. Given our presence in three jurisdictions of the Western Balkans, our strategic orientation is on regional deals, although we have a significant portfolio of single jurisdiction deals. Sector-wise, we have advised on deals involving all major industries, such as finan­cial services, ICT, FMCG, energy, mining, tobacco, healthcare and life sciences and transports, but what singles us out is experience in innovative industries. We have industry-focused multidisciplinary teams, which enables us to effectively advise and provide transaction support in the context of highly regulat­ed industries. We have acted on acquisitions involving both listed and privately held targets and have experience in privatizations and private deals. We assist clients in structuring their acquisitions and joint ventures and implementing takeovers, squeeze-outs and compulsory buy-out schemes. Besides acting for buyers, we have also gathered significant transactional experience on the sell-side.

We are first Serbian law firm with capacity to use artificial intelligence in due diligence, which enables us to efficiently and quickly assist clients on deals involving large volumes of documentation.

Our corporate group advises on the most appropriate corporate forms for establishing a presence in local jurisdictions, but also on complex issues such as corporate governance, corporate finance, capital increases, debt-to-equity swaps, capital reductions and liquidations. Our full-service approach allows us to be an effective corporate housekeeper to our clients and advise on commercial contracts and regulatory aspects of their businesses.

“Clients say that managing partner Tijana Kojović is a ‘great lawyer with a strong understanding of the clients’ business needs and Serbian law.’ She is well respected by her peers and has a broad practice that spans corporate, M&A and finance issues. She regularly handles complex multi-jurisdictional mandates and is well versed in matters involving Montenegro.

Head of the firm’s M&A practice, Vladimir Dašić has experience handling cross-border transactions in Serbia, Montenegro and Bosnia and Herzegovina. He has particular experience of acting for private equity clients on acquisitions and disposals across the region.

Dragoljub Cibulić manages the firm’s Montenegrin office out of Belgrade. He is noted for his experience of advising foreign clients on their energy and real estate investments in the region. He also has noted expertise in mandates in the construction and infrastructure sectors, including joint venture agreements and privatisations.”


“Dragoljub Cibulić is endorsed by interviewees, who note his ‘good track record’ in the Montenegrin market. Primarily Belgrade-based, Cibulić is particularly noted for his prowess on real estate mandates. He also offers advice to clients from the energy sector.

Luka Popović has significant experience of handling M&A transactions for high-profile international clients. He also has expertise in matters relating to real estate and commercial law.”


“Long-standing expertise in advising domestic and international clients on transactional and regulatory issues. Widely respected for its excellence in M&A and financing transactions, having specialist knowledge in a range of sectors including TMT, infrastructure and energy. Acts on behalf of domestic corporate and industrial clients as well as international investors and private equity funds. Additional experience of acting for pharmaceutical and mining clients on M&A transactions.

Interviewees praise the firm for its ‘expertise in Serbian law and ability to scale out with specialists in other practice areas.’

International clients praise the firm for providing ‘clear and logical feedback.’”


“Leading regional firm that operates primarily out of Belgrade with support from the Podgorica office. Boasts a strong banking and corporate practice, excelling in M&A transactions, privatisations and a range of finance mandates. Advises companies from an array of sectors, with a notable focus on energy, life sciences and technology. Has additional expertise in acting for clients from the tourism, real estate and oil and gas industries on cross-border concerns.

‘Their service was commendable in every respect. The team was responsive and very well organised, which was extremely important given the complexity and sensitivity of the matters at hand.’

‘They are always trying to help and understand clients’ needs. They keep to deadlines.’”


“BDK Advokati ‘always delivers quality work’. The firm has sectoral expertise in food and beverages, tobacco, pharmaceutical and banking. Highlights included advising Expobank CZ on the acquisition of Marfin Bank Beograd. Tijana Kojović and Vladimir Dašić are highly rated.”

LEGAL 500 2018 (SERBIA)

“BDK Advokati is ‘very knowledgeable about the Montenegrin legal environment’ and provides ‘a responsive service’ to an impressive roster of clients including Google, Gi Group and Aecom. The ‘proactive and knowledgeable’ Luka Popović is increasingly active advising Turkish and Chinese clients on their investments into the country and recently advised Turkey-based Net Holding on drafting the requisite management agreements to facilitate its operation of three casinos in the country. The team also regularly receives assistance from lawyers in the firm’s Serbia office including Dragoljub Cibulić, who recently worked alongside Popović in assisting Eni with a tender procedure and concession contract for hydrocarbon exploration and production with the Montenegrin government.”


“The ‘very experienced’ team at BDK Advokati in cooperation with Dijana Pejić, attorney-at law has ‘excellent levels of industry knowledge’ and is routinely involved in prominent transactions. Highlights included handling British American Tobacco’s purchase of IP tobacco assets and advising Sinosure on the provision of credit insurance for power station and railway upgrade projects. Serbia-based senior partner Vladimir Dašić and associate Dijana Pejić are noted.”