Sorainen has advised the Modus Group on the merger of its UniPark brand with Parkdema, managed by the Energy and Infrastructure SME Fund of investment company Lords LB Asset Management. Lords was advised by Cobalt on the deal, which, following approval from the Lithuanian Competition Council, is expected in March 2018.
Modus Group, a multinational group of companies with operations in the Baltics, Belarus, Poland and Spain, is developing its business in four areas: renewable energy, car sharing service Citybee, smart parking solutions provider Unipark, and managing branches of eighteen car brands.
Lords LB Asset Management is an investment management company licensed by the Bank of Lithuania that has served institutional and private investors since 2008.
Sorainen represented the Modus Group in negotiations and assisted in preparation of the transaction structure and documentation. The firm's team consisted of Counsel Mantas Petkevicius and Senior Associate Deimante Pagiriene.
Cobalt represented Parkdema in negotiations regarding the sale of shares and assisted with the creation of transaction-related documentation, as well as assisting it in obtaining merger clearance from the Lithuanian Competition Council. The firm's team included Partner Elijus Burgis, Senior Associate Inga Mazvilaite, and Associates Justinas Sileika and Laurynas Juozapaitis.