The Buzz is a short summary of the major and relevant topics of interest in Central and Eastern Europe, provided by those best positioned to know: law firm partners and legal journalists/commentators on the ground in each CEE country.
Tark Grunte Sutkiene has successfully represented SIA Enefit, the subsidiary of the Estonian electricity producer Eesti Energia in Latvia, in a public procurement dispute before the Procurement Monitoring Bureau with VAS Latvijas Dzelzcels over the process that led to an electric supply agreement with AS Latvernergo worth EUR 12 million.
“In terms of the legal market,” said Toomas Prangli, Sorainen’s Managing Partner in Estonia, "times have been very turbulent the last 15 months. Many Baltic alliances are being broken, and new ones are emerging.” As the most recent change he referred to the split of the Estonian firm from pan-Baltic Tark Grunte Sutkiene, which then allied with Varul’s Estonian firm, in turn triggering the termination of the Varul alliance in the region.
Primus has advised the Olympic Entertainment Group, a casino operator listed on the NASDAQ OMX Tallinn Stock Exchange, on its EUR48 million sale of the newly opened Hilton Tallinn Park hotel to a company within the East Capital investment group. Raidla Ellex advised East Capital on the transaction, which remains dependent on the approval of the Estonian Competition Authority.
Sorainen advised Northern Horizon Capital on upgrading the fund management company licence of its Estonian arm to an alternative investment fund manager (AIFM) licence and in establishing a new public evergreen closed-ended real estate fund. The Estonian Financial Supervision Authority (EFSA) granted the AIFM license and registered the fund, named Baltic Horizon Fund (“the Fund"), on May 23, 2016.
Eversheds Saladzius is representing SM VII B.V., a company incorporated under the laws of the Netherlands, on its acquisition of 100% of the shares in the Estonian company AS Starman from shareholders Baltic Cable Holding OU, Com Holding OU, and Polaris Invest OU. The firm represented SM VII during the acquisition process and have drafted the notification to Competition Council requesting for competition clearance for the proposed acquisition.