Cobalt has advised IBM in Estonia, Latvia, and Lithuania on the reorganization and separation of its managed infrastructure services business into Kyndryl, which will operate as an independent company.

Cobalt has advised the shareholders of the Lithuanian Apotheca Vaistine pharmacy chain on its sale to Magnum. Eversheds Sutherland reportedly advised the buyer.

Cobalt has advised European Energy on the divestment of three Lithuanian wind farms with a total capacity of 185.5 megawatts.

Cobalt has advised Novian Group company Novian Systems on the acquisition of information systems and software developer Elsis PRO.

Contributed by Cobalt.

Cobalt has advised Lithuanian financial technology start-up Kevin on raising USD 10 million in a seed funding round, co-lead by Global PayTech Ventures, OTB Ventures, and Speedinvest. TGS Baltic advised OTB Ventures and Speedinvest. Sorainen advised Global PayTech Ventures.

 In “The Corner Office” we ask Managing Partners at law firms across Central and Eastern Europe about their backgrounds, strategies, and responsibilities. With summer having just passed, the question this time: What is your one favorite yearly activity to disconnect?

The energy market in Latvia is in a constant process of development, on both the regulatory and business sides. The following highlights suggest the energy sector will remain active in the foreseeable future, providing new opportunities for potential investors.

Although Lithuania cannot boast rich oil resources lying beneath its territory, a number of large oil industry facilities are successfully operating in the country. This suggests that Lithuania has sufficient technical capacity to import oil and petroleum products from various countries, as well as diverse and technically ensured possibilities of supplying petroleum products. Moreover, the country has secured the required amount of petroleum product state reserves, which affords protection against disruptions in their supply.

Walless has advised the Tilgmann Group on the sale of Nordic Label and Data Print to Waterland Private Equity portfolio company Asteria. Helsinki-based Dittmar & Indrenius also advised Tilgmann, while Cobalt and Finnish law firm Krogerus advised the Asteria Group.

Sorainen has advised Lithuanian venture capital fund Open Circle Capital on investing in the Billo community marketing platform.

Sorainen has advised venture capital firm Elephant VC on investing in Lithuanian startup PVcase. 

Cobalt has advised I Asset Management on a EUR 12 million development project for private student housing in Riga in cooperation with MBC Capital and Bonum Management. Triniti reportedly advised MBC.

Cobalt has advised Latvian retail banks Swedbank, SEB, Luminor, and Citadele on a cooperation agreement to ensure accessibility of cash services throughout Latvia.

Sorainen has advised insurance aggregator Edrauda.lt founders Rima Kazlauskaite and Dainius Alkinas and investor ME Investicija on the sale of their company to online insurance group Netrisk. Cobalt advised the Netrisk Group on the deal.

Regional periodical league tables ranking M&A activity through the lens of the law firms advising on the deals are often dominated by Baltic law firms, with the CEELM Index special issue of the CEE Legal Matters magazine reflecting the same trend. To better understand why that is so, we spoke with several Partners – from both Baltic firms and other CEE jurisdictions.

Sorainen has advised Finnish Technopolis UMA Holding on the sale of its Estonian and Lithuanian UMA Workspace business to Workland. Cobalt advised Workland on the deal.

Ellex Raidla has advised HHL Group on the acquisition of 4 million shares of Ekspress Grupp from KJK Fund SICAV-SIF. Cobalt reportedly advised SICAV on the deal.