“We don’t have any big news in Lithuania at the moment,” says Eugenija Sutkiene, Partner at Tark Grunte Sutkiene. “Except for the general trends that are affecting legal markets everywhere, of course: Commoditization, dropping legal fees, and growing in-house legal markets — the same as all legal markets.” She laughs, saying, “we’re running quickly to stay in the same space."
Cobalt Lithuania has advised PVA European Refreshments, a company operating in the Republic of Ireland, on its acquisition of half of the shares in UAB Neptuno Vandenys from the soft drinks producer UAB Coca-Cola HBC Lietuva. The deal, valued at almost EUR 10 million, was subject to merger clearance from the EU Commission.
Sorainen is announcing that Lelde Lavina, the head of the Latvian Real Estate & Construction Team, has become the 29th Partner of the firm, and that Partner Tomas Kontautas, current head of the Sorainen Banking, Finance & Insurance practice group, has been appointed the office Managing Partner of Sorainen Lithuania.
Following the global financial crisis of 2008, the Government of Lithuania started considering measures that would create effective alternatives to banking financing. This was crucial to small and medium businesses, to which banking financing quite often was not available. One of these measures was the promotion of special collective investment undertakings (private capital, alternative, real estate, etc.), designated for professional and well-informed investors (the “Specialized CIUs”).
Sorainen has advised the shareholders of Palink, the operator of the IKI grocery retail chain, on the EUR 213 million cash sale of 100% of Palink shares to ICA Gruppen, the shareholder of the Rimi Baltic retail chain. Valiunas Ellex advised the buyers on the deal, which is reported to be the largest M&A transaction in Lithuania this year, and which makes Rimi Baltic the second largest player in the Lithuanian grocery retail market.
In our new Marketing Marketing feature, introduced in this issue, we ask our law firm marketing and business development friends across CEE to share their experience and perspectives on their profession. The premier question is a simple one: If you had three more hours in the day at work, what one part of your job would you prioritize in that extra time?
Norton Rose Fulbright has advised Inter Cars S.A. and its group companies on a PLN 1.1 billion loan facility. Clifford Chance, working with Tark Grunte Sutkiene (TGS), Divjak, Topic & Bahtijarevic (DTB) and Montanios & Montanios, advised Bank Pekao S.A. (agent), mBank S.A. (security agent), and Bank Handlowy w Warszawie S.A. (Citi Handlowy), ING Bank Slaski S.A., Bank BGZ BNP Paribas S.A., DNB Bank, and Caixa Bank as mandated lead arrangers on the facility.
Sorainen has advised CPA:17 – Global on the EUR 60 million acquisition of a modern Class A central logistics facility located in Kaunas from Baltic Retail Properties IISUTI UAB (BRP) and on the signing of a long-term lease agreement with Kesko Senukai, a prominent Do-It-Yourself retailer in Lithuania and the Baltic States. Valiunas Ellex advised the seller of the facility on the deal.
On October 14, 2016, CEE Legal Matters reported that the Norwegian property company Linstow AS had sold its stake in UAB Baltijos Parkai, the holder of Park Inn hotels in Lithuania, to UAB Green Hotel. We reached out to Knut Loken, the Chief Investment Officer at Linstow, for more information on the sale.
Primus has announced that it advised Estonian investment firm Polaris Invest on its EUR 83.6 million cash acquisition of a 63% stake in AS Starman, a major regional telecommunications firm with business in Estonia and Lithuania, from East Capital Explorer. The transaction, which valued the company at EUR 208 million, was financed by Elisa, which also agreed to purchase Starman’s Estonian operations from Polaris for EUR 151 million in cash. Elisa was represented by Fort, with both East Capital Explorer and Starman represented by Raidla Ellex.