Category: Latvia

Cobalt has successfully ensured the dismissal of bodily harm charges filed against Latvian journalist Olga Dragileva.

According to Cobalt, on behalf of Latvian Television, the firm “represented journalist Olga Dragileva before the State Police in connection with a personal injury claim filed by Jevgenijs Nikiforenko. The immunologist Jevgenijs Nikiforenko had filed a complaint with the State Police, alleging that Olga Dragileva had caused him bodily harm while interviewing him on December 14, 2021, for a TV report on his alleged abuse of female patients. The State Police initiated an administrative offense proceeding in respect of this case, in which Olga Dragileva was granted the status of a person being held liable.”

According to the firm, “within the case, a forensic expert opinion was obtained, concluding that the injuries to Jevgenijs Nikiforenko could have been inflicted on December 14,  2021, in the circumstances indicated by the applicant. However, thanks to the video footage of the scene and the testimonies of the journalist and the camera operator, the Cobalt team was able to prove that the journalist had not even touched or physically assaulted the interviewee. The case was dismissed on the grounds that no administrative offense had been committed.”

Cobalt’s team included Associate Inese Greke.

After a bit of a slowdown following the start of the war in Ukraine, the Latvian markets bounced back, with the financial and energy sector being particularly active, according to Cobalt Partner Dace Silava-Tomsone.

“The onset of the war in Ukraine has introduced a brief hiccup in the transactional markets, with some deals being suspended or canceled altogether,” Silava-Tomsone begins. “Currently, however, the markets have bounced back, and there is quite a lot of investments taking place in various industries – finance and energy in particular.”

When it comes to finance, Silava-Tomsone reports that transactional efforts are “dominated by fintech company acquisitions and various startups changing hands.” Additionally, there is a surge in AML work, she reports, mostly when it comes to “companies checking their counterparties for compliance with respect to the sanctions regime” and “work on more comprehensive compliance programs for larger companies.” The former also supplies work to commercial and dispute resolution lawyers when the agreements have to be terminated. She indicates that the markets have reached a point where “AML is an integral part of all work, especially in light of the sanctions.”

Moreover, Silava-Tomsone reports that the real estate market in Latvia has “been performing a bit slower when compared to last year. However, there is still strong interest from a number of funds – mainly Baltic based – in completed commercial property projects. Likewise, developers are actively looking for opportunities, notably in the residential sector,” she says.

“Understandably, with markets being busy battling the unprecedented hike of prices and supply chain disruptions – delays and limited supplies – commercial work has grown.” Silava-Tomsone points out that she has been pleasantly surprised that “most of the market players are quite ready to renegotiate their contracts, taking into account new realities and finding a new commercial balance.” As a consequence, she reports that there have not been a lot of disputes, nor restructuring or insolvency proceedings. “I do believe that this might change, however, in the autumn, when growing energy prices start to coincide with energy deficits,” she stresses.

Finally, Silava-Tomsone shares that, with the parliament in summer recess, there has not been a lot of legislative activity in Latvia. Moreover, “with the parliamentary elections coming up this autumn, I believe that politicians are careful about making any moves that might reverberate poorly among their voters.” She concludes by adding that “a number of institutions are preoccupied with unearthing alternative energy sources, in terms of supply, and with devising social programs to be deployed to ease the pressure on households.”

Sorainen has advised Ipas Indexo on the development and implementation of a share option plan for the management and employees of the company.

Ipas Indexo is a Latvian investment management company that provides asset management, investment, consulting, pension planning, reporting, and financial services.

The Sorainen team included Managing Partner Eva Berlaus, Partner Janis Taukacs, Counsels Renate Purvinska and Aija Lasmane, and Senior Associates Zanda Frisfelde and Aina Oksenuka.

Sorainen was unable to disclose further information on the matter.

Sorainen has represented Primekss in a composite concrete flooring-related patent dispute.

According to Sorainen, “the Primekss group company Primeteh is the holder of Latvian and European patents for an invention for composite concrete for laying floors and base slabs, which allows the installation of ultra-thin seamless floors that retain the same load-bearing capacity as traditional floors. In total, the invention has been patented in 47 countries around the world, including the United States of America, Canada, China, India, and others. Upon learning that the invention patented by Primeteh may be being used in the construction of a site at Ulbrokas Street 48, Riga, Primeteh applied to the court for interim relief before bringing the action – a prohibition on two construction companies providing services involving the laying of composite concrete floors or seamless floors, including at the site in question.”

According to the firm, “on May 11, 2022, the court granted the request of AS Primeteh to allow a bailiff to visit the construction site to record the facts. After inspecting the site, the bailiff found the production and use of concrete corresponding to the composition of the invention in the construction of the floor. On July 5, 2022, based on the evidence obtained, the court concluded that there is prima facie reason to believe that both construction companies are infringing Primekss’s intellectual property rights, and the request to prohibit the use of this concrete formulation on the site was granted. The court decision means that flooring works on the site using the technology in question have been suspended for the duration of the litigation proceedings. The construction companies can appeal the decision to a higher instance. In addition, a civil case has been initiated in the Vidzeme District Court, in which the infringement in substance will be decided, as well as the issue of compensation for damages.”

Sorainen’s team included Partner Andris Taurins and Associate Arturs Kazaks.

TGS Baltic has advised the City Development Company on its sale of four real estate properties in Riga to Estmak Capital group company Riga Properties 3.

According to TGS Baltic, the total area of the four real estate properties is 32,256 square meters. “The area and the location of the real estate in the vicinity of important Rail Baltica infrastructure objects (the railway station and train traffic nodes) correspond to the development of large-scale shopping centers and office buildings and other large-scale projects in the center of Riga. The purchase price was EUR 6.5 million.”

The City Development Company is a company engaged in the development and management of real estate in Latvia.

Estmak Capital is a real estate developer group. It is engaged in the development of residential and commercial real estate projects in the Baltics. 

TGS Baltic’s team included Partner Andra Rubene, Senior Associate Aija Kreicberga, and Associate Anna Vaivade.

TGS Baltic did not respond to our inquiry on the matter.

Ellex Klavins has advised GoCardless on its acquisition of Nordigen. Sorainen advised Nordigen.

GoCardless operates in direct bank payments. Nordigen is a Latvian open banking data provider.

According to Ellex, “GoCardless will incorporate Nordigen’s next-generation open banking connectivity – offering the widest coverage in Europe, connecting to more than 2,300 banks in 31 countries – into its account-to-account network.”

“The acquisition means the [company] will provide free open banking connectivity at scale, opening up to everyone self-serve access to account information services. In addition, its suite of premium data products will help to improve outcomes across a range of use cases, from credit assessments to customer engagement,” Sorainen informed.

The Ellex team included Senior Partner Raimonds Slaidins, Senior Associates Zane Bule-Mitka and Anna Misneva, Associates Eduards Dzintars, Mikijs Zīmecs, and Kristers Losans, and Junior Associate Gabriela Fomina.

Sorainen’s team was led by Partner Eva Berlaus and Counsel Renate Purvinska.

Cobalt has advised the BaltCap Latvia Venture Capital Fund and other shareholders on their sale of Vendon to Azkoyen. Garrigues reportedly advised the buyer.

Draugiem Group company Vendon provides business intelligence, telemetry, and payment solutions in Central Europe.

BaltCap is a private equity and venture capital investor in the Baltics.

The Spain-headquartered Azkoyen Group specializes in the design, manufacture, and sale of technological solutions for payment systems, vending machines, security systems, and access control.

“BaltCap’s goal has always been to enable growth companies in the Baltic Sea region to fulfill their true potential and help local talent take their businesses to the global stage,” BaltCap Partner Martins Jaunarajs commented. “Within the Azkoyen Group, the Vendon team will have the opportunity to expand their reach further and develop new cutting-edge technology solutions.”

The Cobalt team included Partners Guntars Zile and Sandija Novicka, Senior Associates Elina Locmele, Diana Zepa, and Liga Fjodorova, and Associates Agnese Gerharde and Gabriela Santare.

TGS Baltic has advised BlackSheep Ventures on its planned EUR 2 million investment into geospatial advertising platform developer Roibox.

BlackSheep Ventures is a Milan-based venture capital firm specializing in marketing and advertising technology powered by AI, big data, and automation. Roibox is a software as a service platform focused on location data.

“Most marketing tools use the same data from Google and Meta while ignoring the most impactful dataset: location,” Roibox CEO Jekabs Endzins commented. “We built Roibox to use geographical location’s hidden potential and to help advertisers analyze, segment, and target audiences better than ever before. Our solution helps brands not only in the lower part of the marketing funnel (performance) but in the awareness and consideration parts as well.”

“We were amazed by the platform’s performance on the ad accounts we tested it,” BlackSheep MadTech Fund Managing Partner Sandro Moretti added. “Roibox identifies and automatically fixes all the geographically related issues a campaign used to experience, providing a terrific uplift in campaign key performance indicators. Unlike all other geo-marketing offline solutions, Roibox is directly plugged into the advertisement accounts, and this is a real key competitive advantage. We’re backing an experienced and consolidated team to further develop the product and its go-to-market.”

The TGS Baltic team included Partner Andra Rubene and Associates Anna Vaivade and Kaspars Treilibs.

Cobalt has advised Hepsor on its EUR 3.6 million acquisition of the 30,624 square-meter Ganibu Dambis 17A commercial property in Riga from unidentified sellers.

According to Cobalt, “the property has 13 buildings of different commercial functionality and approximately 70% of its total area is covered by lease agreements. The new space will be developed in accordance with the Hepsor green approach. The developer plans to build a business complex with extensive opportunities including stock-office buildings, offices, warehouses, and retail space. The total project volume is approximately 25,000 square meters, and the completion of the entire project is expected in 2025.”

Hepsor Ganibu Dambis is a subsidiary of real estate developer Hepsor AS.

Cobalt’s team included Managing Partner Dace Silava-Tomsone, Senior Associate Juta Meimere, and Associate Krista Helmute.

Cobalt was unable to disclose further information on the deal.

On June 21, 2022, TGS Baltic announced that Tet’s acquisition of shares in Telia Latvija (reported by CEE Legal Matters on January 10, 2022) has now closed, following regulatory approval.

According to TGS Baltic, “On May 12, 2022, the Latvian Competition Council permitted the merger by Tet acquiring control over Telia Latvia without binding commitments. On May 31, 2022, Tet completed the acquisition of Telia Latvija, thus becoming the owner of 100% of shares in Telia Latvija.”

As previously reported, TGS Baltic advised Tet on its acquisition of shares in Telia Latvija, with Ellex advising the sellers.

Tet is a technology and entertainment company. The Tet Group also includes Citrus Solutions, Data Experts, Helio Media, Lattelecom, and Baltijas Datoru Akademija (Baltic Computer Academy). Telia is a telecommunications company operating in the Nordic and Baltic countries.

TGS Baltic’s updated team included Partners Nauris Grigals and Andra Rubene and Associates Vladlena Rudusane-Simica and Eliza Silina.

The Ellex team in Latvia included Senior Partner Raimonds Slaidins, Associate Partner Maris Brizgo, Senior Associate Edvijs Zandars, and Junior Associate Gabriela Fomina.