Dmitry Churin, Head of the Corporate practice at Capital Legal Services, has been promoted to Partner at the firm.
Ellex Valiunas has advised Edenred SA on its acquisition of a 60% stake in Lithuania's EBV Finance. The acquisition also included EBV Finance subsidiaries in Bulgaria, Poland, Romania, Spain and Estonia. Penkov Markov & Partners advised Edenred in Bulgaria, as did Wardynski & Partners in Poland, Nestor Nestor Diculescu Kingston Petersen in Romania, and Uria Menendez in Spain.
The law on carriage of goods is a well-harmonized area of international law – a streamlined set of rules that allows cargo owners and carriers to save valuable time and resources. While freight forwarders are an important element of every consignment it is surprising that many elements of forwarder’s liability are still regulated by national law.
On 30 January 2020 the Latvian Parliament adopted amendments to the CIT Law. The amendments have not been promulgated and, therefore, the exact wording of the adopted amendments is not available yet. The amendments will come into force on the next day after their promulgation, which most likely will happen already this month.
The Baltic real estate and construction markets remain active, with a number of sizeable transactions completed during the first few months of 2019 and investment pouring into the development of infrastructure, commercial, and residential projects. For the past decade, the Estonian and Lithuanian real estate markets have been more active than the Latvian market. Now, however, with Estonian and Lithuanian markets becoming more and more saturated, Latvia is attracting an increased amount of interest from developers and investors.
“There were no major changes in the structure of the Latvian legal services market in 2019,” says Lauris Liepa, the Managing Partner of Cobalt in Latvia. “As before, three firms – Cobalt, Sorainen, and Ellex – have dominated both the transactions and the corporate advisory market. While some lawyers have changed firms, there have been no major moves regarding teams or senior lawyers. One of the reasons might be a relatively good situation in the legal services market, with growth in all practice areas.”
Cobalt has advised BaltCap portfolio company Coffee Address Holding, a vending and coffee service company in the Baltics operating under the Coffee Address brand, on its acquisition of SIA Kafe Serviss – a vending operator in Latvia. Solo practitioner Lauris Leja represented Kafe Serviss on the transaction, which remains subject to the approval of the the Latvian Competition Council.