Ellex Valiunas has advised global payment cards giant Visa on its indirect acquisition of 100% of the shares of UAB Earthport Payment Services, a payment institution licensed in Lithuania.
“There was a very big scandal few weeks ago that involved top Lithuanian judges getting detained in an anti-corruption crackdown,” says Metida Partner Erikas Saukalas, referring to the eight judges from the country’s Regional Court, Court of Appeal, and Supreme Court who were arrested at the end of February. The arrests were apparently made, Saukalas reports, following the discovery that the judges had accepted bribes ranging from EUR 1000-100,000 in criminal, civil, and administrative cases. Saukalas describes the case as “a huge disappointment for our society.”
Cobalt has advised the INVL Baltic Sea Growth Fund, the largest private equity investment fund in the Baltics, on the acquisition of its wholly-owned subsidiary BSGF Sanus of a 70% stake in the InMedica health care clinics chain from the Lithuania SME Fund. TGS Baltic advised the sellers on the deal, and financial terms were not disclosed.