Across Europe, defense sectors are experiencing significant transformations and budgetary escalations, driven by a need for enhanced military readiness and modernization. Avellum Partner Andriy Romanchuk, Cobalt Partner Deividas Soloveicik, Nagy es Trocsanyi Partner Gyorgy Kiszely, and Tuca Zbarcea & Asociatii Partner Serban Paslaru take a closer look at defense spending in their respective countries.

Averus has advised sellers Arunas Suika and Renata Suikiene on their sale of VS Fitness – operating eight fitness clubs in Lithuania – to Gym Plius. Ellex Valiunas reportedly advised the buyer. Estonian investment bank LHV financed the transaction.

Fort has advised EIKA Grupe on its purchase, together with the Etapas Group, of the plot and project planned for the site at 4 Seinu Street, in Vilnius, from NT Pletros Grupe. Sorainen reportedly advised the seller.

On the evening of April 25, 2024, the Deal of the Year Awards Banquet brought together, under the same roof, top-tier lawyers from Central and Eastern Europe's leading law firms in the region in Warsaw.

TGS Baltic has advised Coinvest Capital on liquidating its investment in Lithuanian crisp producer Chazz through the sale of its 26% stake to the company's founders and other shareholders.

Estonian law firm Lextal, Latvian law firm RER Lextal, and Lithuanian law firm ILAW Lextal have unveiled their new name and identity: Widen, "a Baltic law firm that sees itself as the Legal Jazz Company."

TGS Baltic has advised the investors, including Scale Wolf VC and Linas Sargautis, on participating in Vilnius-based Blackswan Space's EUR 760,000 pre-seed funding round.

Walless has advised the Typhoon Wealth Group Limited on its acquisition of Lithuania's Ambr Payments.

Contributed by Ilaw Lextal.

TGS Baltic has advised InMedica on its acquisition of the Panevezio Odontologai clinic. Glimstedt advised the seller.

On April 4, 2024, Ellex Valiunas announced that Kogeneracija's full sale of Miesto Energija and Pramones Energija and a 4,34% stake in Klaipedos Energija to Vilniaus Silumos Tinklai (reported by CEE Legal Matters on December 1, 2023) had closed at the end of March for EUR 10.6 million.

Former Associate Partners Azuolas Cekanavicius and Povilas Junevicius have been promoted to Partner positions with Ellex in Lithuania.

Former Compensa Life Vienna Insurance Group Chief Legal and Compliance Officer in Lithuania Gabija Kuncyte has been appointed as the company's Head of Legal Baltics, effective April 1, 2024.

Did you know that the CEE Q1 leaderboards are available through the Activity Rankings function of the CEELMDirect website?

Family law specialist Mindaugas Vaiciunas has joined Ilaw Lextal as an Associate Partner.

Ellex has advised issuer Capitalica Z114 Real Estate Fund on the preparation and approval process with the Bank of Lithuania for the prospectus underpinning its EUR 20 million bond issuance, with up to EUR 17.6 million in bonds secured with a real estate collateral to be publicly offered in Lithuania, Latvia, and Estonia.

In our Looking In series, we talk to Partners from outside CEE who are keeping an eye on the region (and often pop up in our deal ticker) to learn how they perceive CEE markets and their evolution. For this issue, we sat down with Slaughter and May Partners Jonathan Marks and Richard Jones.

TGS Baltic, working with Cederquist, has advised Kinnevik on the sale of its entire holding in Tele2 to Freya Investissement for a total of SEK 13 billion.