Cobalt has advised Luxembourg-based investment fund Marguerite on the closed sale of its 28.97% stake in Latvijas Gaze to Energy Investments following the fund's successful divestments of the regulated assets of Latvijas Gaze.
Latvijas Gaze is a Latvian natural gas trading and sales company.
Energy Investments SIA is a holding vehicle backed by the management team of Latvijas Gaze.
Marguerite is a European investor in long-life greenfield and brownfield expansion infrastructure.
According to Latvijas Gaze, "the management buy-out process will enable Latvijas Gaze to not only maintain its position as one of the Baltic energy leaders but also lead the way in innovative products and services based on the major international market trends."
"We are pleased to have supported Latvijas Gaze in the last seven years and played a part in the development and unbundling of infrastructure assets which are critical for the security of gas supply in the region," Marguerite CEO Nicolas Merigo commented. "This divestment reaffirms our strategy of actively managing high-quality infrastructure assets to deliver attractive returns to our investors."
The Cobalt team was led by Partner Guntars Zile and Senior Associate Martins Tarlaps.