CEE Attorneys has announced that Banking/Finance and Capital Markets specialist Monika Kriunaite has joined the firm's Vilnius office as Managing Associate and Head of Banking, Finance & Capital Markets, as well as EU Funds.
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.
Tark Grunte Sutkiene has successfully assisted LV Asset Management AIFP in its application for status as a registered alternative fund manager to Latvia's Financial and Capital Market Commission and AB INVL Baltic Real Estate on its transformation into a licensed Lithuanian special closed-end type investment company.
Sorainen, Valiunas Ellex, Klavins Ellex, and Cobalt have advised on Baltic elements of the acquisition by AMC Entertainment Holdings, Inc. of Nordic Cinema Group Holding AB from European private equity firm Bridgepoint and Swedish media group Bonnier Holding. The transaction — all-cash and valued at SEK 8.250 million (approximately USD 929 million) — is conditional upon antitrust clearance by the European Commission, which is expected in the first half of 2017.
“We don’t have any big news in Lithuania at the moment,” says Eugenija Sutkiene, Partner at Tark Grunte Sutkiene. “Except for the general trends that are affecting legal markets everywhere, of course: Commoditization, dropping legal fees, and growing in-house legal markets — the same as all legal markets.” She laughs, saying, “we’re running quickly to stay in the same space."
Cobalt Lithuania has advised PVA European Refreshments, a company operating in the Republic of Ireland, on its acquisition of half of the shares in UAB Neptuno Vandenys from the soft drinks producer UAB Coca-Cola HBC Lietuva. The deal, valued at almost EUR 10 million, was subject to merger clearance from the EU Commission.
Sorainen is announcing that Lelde Lavina, the head of the Latvian Real Estate & Construction Team, has become the 29th Partner of the firm, and that Partner Tomas Kontautas, current head of the Sorainen Banking, Finance & Insurance practice group, has been appointed the office Managing Partner of Sorainen Lithuania.
Following the global financial crisis of 2008, the Government of Lithuania started considering measures that would create effective alternatives to banking financing. This was crucial to small and medium businesses, to which banking financing quite often was not available. One of these measures was the promotion of special collective investment undertakings (private capital, alternative, real estate, etc.), designated for professional and well-informed investors (the “Specialized CIUs”).