Cobalt has advised Santa Monica Networks Group on the sale of its Estonian and Finnish subsidiaries to the Elisa Corporation telecommunications company and its Latvian and Lithuanian subsidiaries to Livonia Partners. Bird & Bird advised the Elisa Corporation and Ellex Raidla advised Livonia Partners on the transaction, which is expected to be completed by May 1, 2017.
Working alongside global counsel Mannheimer Swartling, Sorainen has advised Providence Equity Partners on the acquisition of the Baltic businesses of Swedish media holdings Modern Times Group. Allen & Overy advised Providence on financing for the acquisition. Cobalt — working alongside Sweden's Hamilton law firm — advised the Modern Times Group on the deal.
The Court of Appeal of Lithuania has granted the appeal of Fort's Vilnius office and has decided that the court of first instance increased the risk of different court decisions arising from similar circumstances by obliging 212 investors of the bankrupt Snoras bank to submit 212 separate claims instead of one joint claim.
Cobalt has advised the shareholders of UAB Sekargas Ir Kompanija — a Lithuanian provider of cargo supervision and quality inspection services — on the sale of 70 percent of the company’s shares to J.S. Hamilton Poland S.A. Tark Grunte Sutkiene advised J.S. Hamilton Poland on the transaction, which closed in February following clearance by Lithuania's Competition Council and Commission for Approval of Conformity of Potential Participants to National Security Interests. The value of the transaction was not disclosed.
After the adoption of amendments to the Civil Procedure Code by the Parliament of Lithuania on March 13, 2014, a modern and detailed regulation of class action lawsuits came into force on January 1, 2015. After two years of its application, it is interesting to evaluate why this regulation was adopted and how it works in practice.
On December 19, 2016, CEELM reported that the United States's W.P. Carey Inc. had acquired a logistics center in Lithuania and signed a long-term lease with Kesko Senukai. Ziad Hammodi, Managing Director and Chief Global Transaction Counsel at W.P. Carey, agreed to comment on the deal.
Ellex has advised European vending and coffee services company Selecta Group on the sale of its Baltic subsidiaries to BaltCap Private Equity Fund II, managed by BaltCap. Cobalt advised BaltCap on the deal, which remains subject to the approval of the competition authorities. The transaction price was not disclosed.
Glimstedt has advised the IKEA Group on its acquisition of a 45 MW capacity wind farm in the Lithuanian district of Mazeikiai by purchasing the shares of the investment fund Orion Alternative Energy Fund (managed by the company Orion Asset Management) and the shares of Pamario Jegainiu Energija held by the investment fund Energy Investment Fund. The sellers were advised by Ellex Valiunas.