Kuzmanovic & Associates Advises Unija ETL on Majority Stake Acquisition in Ekonomik Accountants d.o.o.

Kuzmanovic & Associates acted as local counsel to Unija ETL –  a prominent member of the ETL Global network — on its acquisition of a majority stake in Ekonomik Accountants d.o.o., a leading accounting and business advisory firm in Montenegro. The transaction, concluded in December 2025, marks a significant milestone in Unija ETL’s ongoing strategic expansion and further reinforces its presence in the Western Balkans.

Unija ETL, part of the globally integrated ETL Global alliance, provides a comprehensive suite of accounting, consulting, payroll, and IT solutions across more than 60 countries. The firm has consistently pursued growth through strategic partnerships and mergers, enhancing its ability to deliver integrated, cross-border advisory services to clients accross its international platform.

Under the terms of the transaction, Unija ETL has acquired a controlling interest in Ekonomik Accountants, which will continue to operate under its established brand and management. This approach ensures continuity of service for its clients, while unlocking access to Unija ETL’s extensive international platform, enhanced technical capabilities, and a broader range of integrated services — including cross-border tax advisory, audit, payroll, transfer pricing, and regulatory compliance solutions.

Kuzmanovic & Associates was privileged to work alongside the team at ZSP Advokati, led by Partner Nikola Sugaris, providing local legal counsel throughout the transaction, and extends its  appreciation to Keker, Bujković & Pejović (KBP Legal) for their professional representation of the seller.

Recognition is due to all parties for their exemplary cooperation and commitment to a constructive and efficient process.

This transaction is indicative of continued investor confidence in Montenegro’s business services market and reflects the broader regional trend of consolidation and strategic scale-building among mid-tier accounting and advisory firms.