Cobalt has advised Lightrock and Haniel on leading a USD 30 million investment round into Aerones.
As the year draws to a close, we traditionally check the results. Therefore, let's review the transaction market of 2022. If I had to choose, I would consider the birth of the second unicorn to be the most significant event in Lithuania. Globally, it must be the USD 44 billion deal between Elon Musk and Twitter, which has probably boosted popcorn sales worldwide.
Cobalt, working with Clifford Chance, has advised joint lead managers Deutsche Bank, Citigroup Global Markets Europe, Erste Group, and Nomura Financial Products Europe on the EUR 750 million issuance of five-year eurobonds by the Republic of Latvia. Allen & Overy reportedly advised the Treasury of the Republic of Latvia.
Cobalt has advised Norwegian investment company EECP on its sale of a grocery-anchored retail store portfolio in Lithuania.
Cobalt has advised Samsung C&T on its investment and business collaboration with Latvian industrial manufacturer Forta Pro.
Did you know that Dentons worked on more reported client matters in Central and Eastern Europe in 2022 – 86 – than any other firm (with Sorainen only one behind), and that Andrzej Stosio of Clifford Chance in Poland worked on more client matters than any other lawyer in the region – 13 (with Mantas Petkevicius of Sorainen in Lithuania and Roxana Ionescu of Radu Taracila Padurari Retevoescu in Romania both only one behind, with 12)?
Cobalt has advised the European Investment Bank on granting a EUR 39 million loan to plywood manufacturer Latvijas Finieris Group.
Following Russia’s war in Ukraine, Latvia has adopted preventive legislation in the name of its national security and interests. In particular, in May and September 2022, the Latvian Parliament adopted amendments to the law aimed at strengthening its information space. Thus, it is no longer allowed to retransmit programs whose jurisdiction undermines or threatens the territorial integrity, sovereignty, or national independence of another country.
There is a growing concern, across CEE, about a potential wave of insolvency and restructuring proceedings. Given the economic aftermath of COVID-19, coupled with the ramifications of rising inflation and interest rates, energy crisis concerns, and the war in Ukraine – the road ahead seems bumpy at best.
Cobalt has advised Helmes on its acquisition of Lithuanian software developer TeleSoftas.
Cobalt, working with DLA Piper, has advised the HKScan corporation on the sale of its Baltic subsidiaries to the Maag Grupp. Ellex advised the buyer.
Cobalt has advised South Africa's Bidcorp on its acquisition of a majority stake in Fruit Xpress.
Cobalt has advised Mirova Energy Transition 5 on signing an agreement with Evecon to develop solar plants in the Laaneranna, Pohja-Sakala, and Jarva municipalities in Estonia. KPMG Law Estonia advised Evecon.
Sorainen has advised Encavis on its acquisition of a 69.3-megawatt onshore wind farm in Lithuania. Cobalt reportedly advised the sellers.
Cobalt has advised 3VC on leading a USD 20 million investment round in AI-powered negotiation platform Pactum.
Cobalt has successfully represented security services company UAB Grifs before a first-instance court and the Lithuanian Court of Appeal in a dispute regarding the company's alleged failure to properly perform its obligations toward a client.
Cobalt has advised the BaltCap Private Equity Fund III – acting through its subsidiary Adoro – on acquiring the assets of Dzives Abece.