“There are four main new legislative developments which have shaken the market in Latvia,” says Andra Rubene, Partner at TGS Baltic in Riga, who lists the GDPR, amendments to Latvia’s Law on the Prevention of Money Laundering and Terrorism Financing, and changes to the country’s corporate and personal income tax laws as of primary significance.
Sorainen and Brandl & Talos have advised investment company Novalpina on the public offer by its Odyssey Europe AS subsidiary to acquire all the shares in the listed Estonian gaming group Olympic Entertainment Group, following which — assuming shareholder approval — Odyssey will delist OEG from the Nasdaq Tallinn Stock Exchange, then merge the two companies.
Noerr was lead counsel to Union Tank Eckstein in relation to its acquisition of 51% of the shares of Polish company Timex Card, a franchisee and distributor of UTA service cards for car fleets issued by Union Tank Eckstein. Ellex advised UTA on Estonian, Latvian, and Lithuanian matters, Nobles advised UTA on Ukrainian law, and Stelios Americanos advised it on Cypriot law issues. The sellers depended on their in-house counsel, Agnieszka Slowiak.
Changes in the Latvian tax system, the overall strength of the market, and the interest companies are showing in recent improvements to regulations relating to employee share options, along with the looming GDPR deadline, are all keeping law firms quite busy, says Eva Berlaus, Managing Partner at Sorainen Latvia. As a result, she admits to being quite pleased with the beginning of the year.