Valiunas Ellex has advised Sweden's TeliaSonera on the sale of 100% of shares in Omnitel to TeliaSonera subsidiary Teo LT, an integrated telecommunications, IT, and television company. Dominas & Partners advised Teo LT.
Gediminas Dominas, who led the Dominas & Partners team advising Teo explained the nature of the sale from parent TeliaSonera to its subsidiary: "TEO is a listed company. TeliaSonera owns a bit more than 88% of Teo shares. However, Teo is subject to the transparency, disclosure requirements, applicable to listed companies, protection of minority shareholders, etc. It has two independent board members. So, even if TS has majority control, it was still important to ensure arms length transaction, primarily to ensure minority shareholders interests and to enable the board to take the right decision. That is why not only an independent law firm was hired, but also KPMG, who issued a fairness opinion."
According to Valiunas Ellex, “by this step Teo and Omnitel start consolidating their forces and are going to offer new joint services of broadband and mobile communications, Internet, television, and IT."
The Valiunas Ellex team included Partners Dovile Burgiene and Marius Juonys, Associate Partner Robertas Ciocys, and Senior Associate Alina Burlakova, among others.
The Dominas & Partners team consisted of Managing Partner Gediminas Dominas and Associate Karolis Racevicius, among others.
Editorial Note: After this article was published, Sorainen announced that it had advised a syndicate of banks providing a long term loan of EUR 150 million to Teo LT to finance its acquisition, and that Valiunas Ellex — which had advised TeliaSonera on the acquisition itself — advised Teo LT on the financing. Valiunas Ellex confirmed that detail, and reported that Teo LT’s acquisition of Omnitel shares had closed on January 4, 2016 (reported on by CEE Legal Matters on January 8, 2016).
Image Source: teo.lt
