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Cobalt and Triniti Advise on Idex Acquisition of Majority Stake in Danpower Baltic

Cobalt and Triniti Advise on Idex Acquisition of Majority Stake in Danpower Baltic

Lithuania
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Cobalt has advised the shareholders of Danpower Baltic on the sale of 50% of their shares to French renewable energy group Idex — a subsidiary of  Antin Infrastructure Partners. Idex bought another 40% of Danpower Baltic shares from UAB GECO Investicijos, which retains its 10% stake in the company. Triniti advised Idex on the deal.

The value of the transaction was not disclosed.

Over its five years of operations, Germany's Danpower has invested around EUR 100 million in Lithuania. The company operates six biofuel boiler-houses and a cogeneration plant in the Lithuanian cities of Vilnius, Kaunas, and Joniskis.

French renewable energy group Idex, was founded in 1963. The Idex Group operates 60 biofuel boiler facilities and 16 waste-to-energy plants. The company, which was acquired by Antin in 2018, posted EUR 929 million in revenue for 2018.

Cobalt's team included Partner Elijus Burgis and Associate Julija Timoscenko.

Triniti's team included, among others,Partners Linas Sabaliauskas and Vytautas Kalmatavicius, Associate Partners Giedre Ciuladiene and Agne Varneliene.

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