Tadas Varapnickas has joined Ellex as Associate Partner in the Dispute Resolution Practice in Lithuania.
According to Ellex, Varapnickas specializes in litigation and international arbitration.
Before joining Ellex, Varapnickas spent almost seven years with TGS Baltic, two years as an adviser to the President of the Republic of Lithuania, and a further three and a half years with TGS Baltic legacy firm Tark Grunte Sutkiene.
Ellex has advised Payhawk Financial Services on obtaining an electronic money institution license from The Bank of Lithuania.
Founded in 2018, Payhawk is a European expense management start-up from Bulgaria aiming to replace multiple business expense management services in the B2B payment stack with a single, unified platform. It is headquartered in London with offices across Europe and the USA.
According to Ellex, under the EMI license, Payhawk “will provide e-money services, including IBAN accounts, debit cards (physical and virtual), bank transfers (SEPA), spot FX, credit card products, as well as PIS and AIS to business customers. The EMI license in Lithuania will allow the facilitation of financial services for Payhawk’s business line within the European Economic Area creating synergies in the group-wide perspective.”
The Ellex team included Partner Ieva Dosinaite, Associate Partners Neringa Mickeviciute and Julija Slekonyte, and Senior Associates Domantas Gudonis and Mindaugas Moskalionas.
Motieka & Audzevicius has advised Gera Dovana on obtaining a limited network exclusion approval from the Bank of Lithuania under the narrowed scope of the PSD2 Revised Payment Services Directive.
Gera Dovana is a Lithuanian gift card and voucher administrator.
According to Motieka & Audzevicius, “the PSD2 has narrowed the scope of the limited network exclusion resulting [in] many business models [potentially requiring] the payment services provider license.”
The firm helped its client obtain the Bank of Lithuania’s approval so that Gera Dovana “can rely on the limited network exclusion and administer shopping mall gift cards and vouchers without having a payment services provider license.”
The Motieka & Audzevicius team included Senior Associate Sigita Zavisiene.
Adon Legal has avised Alphaduct and Open Sky on their acquisition of electronic money institution UAB IBS Lithuania.
UAB IBS Lithuania, licensed as an electronic money institution since 2017, had its license’s scope expanded in 2019. According to Adon Legal, “post-acquisition, UAB IBS Lithuania is set to continue providing its high-quality financial services to EU-based businesses. The shareholders of Alphaduct and Open Sky Finance, who possess significant experience and knowledge of the financial sector, will focus on expanding the markets of UAB IBS Lithuania and the development of new financial solutions.”
“In maintaining business continuity, there will be no alterations to the management of UAB IBS Lithuania. The emphasis will be on the sustainable organic growth of the company in both the Baltic and Central European markets,” the firm announced.
Back in 2019, Adon Legal also helped IBS with the revision of its electronic money institution license (as reported by CEE Legal Matters on May 6, 2019).
The Adon Legal team included Partners Donatas Sliora and Marius Matiukas and Associate Akvile Avulyte.
Adon Legal was unable to disclose additional information on the matter.
Walless has advised Siauliu Bankas on its EUR 50 million issuance of ten-year subordinated bonds in international financial markets.
According to Walless, by “including these subordinated bonds in the bank’s Tier 2 capital, the bank can now expand its capital base, providing spacious room for sustainable growth. The international subordinated bond issuance has exceeded initial expectations, capturing the attention of investors. The funds raised through this venture will further enable the bank to maintain its lending volume to Lithuanian businesses, establish an efficient capital structure, and meet supervisory authority requirements.”
The Walless team included Partners Joana Baublyte-Kulviete and Laurynas Narvydas, Associate Partner Enrika Tamasauskaite, and Associate Karolis Katauskas.
Walless was unable to provide additional information on the matter.
Walless has advised Ignitis Renewables on the acquisition agreement for a wind farm in Kelme, Lithuania, with developer E Energija. Cobalt advised E Energija.
According to Walless, the “expected investment in this wind farm project, including acquisition and construction costs, is estimated at approximately EUR 550 million. This significant investment highlights Ignitis Renewables’, which belongs to Ignitis Group, commitment to sustainable energy growth.”
“We started the project of the wind park in Kelme more than five years ago and we are proud that one of the largest wind power projects currently being built in Lithuania will make a significant contribution to Lithuania’s quest for energy independence,” E Energija Group Head Gediminas Uloza commented.
According to Walless, “Ignitis Renewables, a leading green energy company, has taken a significant step in expanding its wind farm projects in Lithuania and increasing its green generation capacity. This aligns perfectly with Lithuania’s goal of achieving energy independence and sourcing 100% of its electricity from renewable sources.”
The Walless team included Partners Povilas Zukauskas and Vaidotas Puklevicius, Associate Partners Sarunas Basijokas and Vygintas Kuprys, Senior Associates Simona Miliauskaite-Gintute and Tomas Paulauskas, and Associates Ieva Pikaite, Monika Bucinskaite, and Indre Jocyte.
The Cobalt team included Partner Elijus Burgis and Senior Associate Julija Aleska.
Motieka & Audzevicius, working with Faegre Drinker Biddle & Reath, has advised the shareholders of Anderson Optimization on the sale of the company to PVcase. Sorainen and Gunderson Dettmer reportedly advised PVcase.
PVcase is a developer of solar project design software. Anderson Optimization is a solar siting software platform.
“Solar software incompatibility might seem like a technicality to some. But in our work across 75 countries, developers and asset owners say it’s emerging as a serious growth constraint,” PVcase CEO Deividas Trainavicius commented. “With this acquisition, developers can cut their data loss risk substantially. And for European developers, we’ll be able to cut the project design process from weeks to roughly 20 minutes.”
The Motieka & Audzevicius team included Partners Rokas Jankus and Giedrius Kolesnikovas and Senior Associate Laurynas Ramonas.
Ausra Surviliene has joined Ellex Valiunas to develop the Wealth Management & Private Clients practice as Head of the firm’s Family Office.
According to Ellex, Surviliene is a “wealth management professional with more than 20 years of experience in private banking. She will expand the services to the financial well-being of family planning through law, business, and wealth continuity,” enabling the firm to move from private legal advice to sustainable succession planning. Before joining Ellex, Surviliene worked at SEB Bank for over 20 years and headed its private banking and investment department.
“The reorientation of private client services away from traditional legal services is a natural response to the needs of our clients,” Ellex Valiunas Managing Partner Rolandas Valiunas commented. According to him, “the nature of private client advice has evolved to a strategic level: clients expect not only legal expertise but a holistic approach to wealth planning.”
“The traditions of family offices around the world are centuries old and inspire us to transfer the best practices to Lithuania,” Surviliene added. “When observing the context of three decades of private ownership, it is obvious that our clients are ready for such an experience.”
Motieka & Audzevicius has advised BaltCap Growth Fund and IAM PetCare Growth Fund joint venture Vet Ventures Europe on its strategic investment into UAB Jakovo Veterinarijos Centras. Leximum reportedly advised the sellers.
The BaltCap Growth Fund is an Estonian fund. The IAM PetCare Growth Fund is a Lithuanian fund. The transaction remains contingent on regulatory approval.
According to Motieka, UAB Jakovo Veterinarijos Centras is “the oldest private veterinary clinic operating in Vilnius, Lithuania,” since 1991, and specializing in veterinary services for dogs and cats.
“This investment into one of the most trusted veterinary clinics in Vilnius will allow […] the rapid expansion of the Vet Ventures group in the veterinary sector for small animals,” the firm announced.
The Motieka team included Partner Rokas Jankus and Senior Associates Darius Amsiejus and Laurynas Ramonas.
Dentons has advised the Republic of Lithuania on the issuance of EUR 1.25 billion 3.875% Notes due 2033, pursuant to the Republic of Lithuania’s Euro Medium Term Note Program. Reportedly, TGS Baltic advised the Republic of Lithuania as well while Freshfields Bruckhaus Deringer and Sorainen advised the underwriters.
According to Dentons, the notes, which are rated A2 by Moody’s, A+ by S&P, and A by Fitch are listed on the Luxembourg Stock Exchange. “The proceeds of the notes will be used for the refinancing of indebtedness and for general funding purposes of the Republic of Lithuania.”
In 2022, Dentons advised the Republic of Lithuania on its EUR 1.2 billion bond issuance (as reported by CEE Legal Matters on November 8, 2022).
The Dentons team included London-based Partners Nick Hayday and Victoria Wyer, Associate Zeeshan Hussain, and Trainee Daniel Kaye.