Ellex has advised Eesti Energia subsidiary Enefit Green AS on its acquisition of 100% f the shares in Nelja Energia AS from Vardar Eurus AS and Nelja Energia's minority shareholders. The sellers were represented by Norway's Thomessen law firm.
Nelja Energia is a renewable energy producer and developer in the Baltic countries. Vardar AS has agreed (through its subsidiary Vardar Eurus AS) to sell its 77% holding of the shares in Nelja Energia, with the remaining 23% of the shares coming from a number of Estonia-based minority investors.
Ellex describes the EUR 289 million transaction, which also involves the buyer assuming Nelja Energia’s net debt (which amounted to EUR 204 million at the end of 2017), as "the third biggest Estonian deal ever." It remains subject to approval by the County Executive Board of Buskerud County Administration and customary approvals and clearances by relevant competition authorities.
The Ellex Raidla team in Estonia included Partners Sven Papp and Martin Kaerdi, Counsels Triin Frosch and Toomas Kasesalu, Senior Associates Alla Kuznetsova, Sandra Vark, Gerly Lohmus, Rauno Klemm, and Martin Maesalu, Associate Triin Tiru, and Lawyers Anna Trine Raudsepp and Kevin Gerretz. The Ellex Klavins team in Latvia consisted of Partner Raimonds Slaidins, Senior Associate Iveta Ceple, and Associates Marta Cera and Beata Plocina. The Ellex Valiunas team in Lithuania was led by Partner Paulius Gruodis and included Associate Mantas Juska, Junior Associate Arvydas Gruseckas, and Senior Associate Arnoldas Puodzius.
Thomessen's team was led by Partner Bendik Christoffersen.