Category: Lithuania

Cobalt has advised the shareholder of the SBS Group on the sale of the company to Monnoyeur subsidiary Arkance.

The SBS Group, established in 2007, is a software development company specializing in the construction industry.

According to Cobalt, “this acquisition is in line with Arkance’s strategy to provide software products to support its clients. Arkance drives innovative and sustainable solutions to reduce the costs of their clients and help them to win more business.” Its main areas of focus are digital services for the manufacturing and construction industries.

Exactly two years ago, Cobalt advised another group of shareholders on the sale of their building information modeling software company to Arkance (as reported by CEE Legal Matters on February 25, 2021).

Cobalt’s team included Partner Juozas Rimas and Managing Associate Deimante Pagiriene.

Adon Legal has advised subsidiaries of the Galio and NDX groups on a EUR 53 million refinancing from the SEB Group for their recently acquired retail portfolio including 17 stores, with Maxima and Ermitazas as the main tenants.

The Galio Group is a Lithuanian real estate developer. The NDX Group is an investment company that focuses on CEE and Scandinavian companies. Their GLG Projektai subsidiary has recently acquired the retail portfolio from Norwegian investment fund EECP through a share deal (as reported by CEE Legal Matters on January 12, 2023).

SEB is a Northern European financial services group headquartered in Stockholm, Sweden.

According to Adon Legal, “the financing was extended in the context of the largest commercial real estate transaction of 2022 in the Baltics.”

Adon Legal’s team included Partner Marius Matiukas and Associate Akvile Avulyte.

Sorainen has advised the Titanium Baltic Real Estate fund on its acquisition of a Vilnius building housing Avia Solutions Group’s headquarters. Motieka & Audzevicius advised Avia Solutions Group company AviaAM Leasing Service Centre on the share sale and leaseback transaction.

According to Sorainen, the Avia Solutions Group continues to be the only tenant of the building under a long-term lease agreement. The building was developed by the AeroCity Group.

The building is part of the Aero City campus project that is being developed by the Avia Solutions Group together with the Aero City Group, Motieka reported. The project will cover more than 50,000 square meters and include offices, hotels, and employee apartments.

The Titanium Baltic Real Estate fund is managed by Finnish asset manager Titanium Fund Management Company. The Avia Solutions Group specializes in aviation services.

“Foreign investors have appreciated our project, the group’s financial stability, and development plans,” Aero City Group Director Justas Baltaduonis said. “The funds received after the completion of the transaction will allow us to continue to develop the Aero City project in the promising southern part of Vilnius, near the airport.”

“This is the fund’s first investment in an office building,” Titanium Baltic Real Estate Portfolio Manager Siim Rosenthal commented, “which perfectly complements and diversifies our real estate portfolio and will help us achieve our goal of becoming one of the largest real estate investors in the Baltic States.”

The Sorainen team included Partner Kestutis Adamonis, Senior Associates Simona Stanciukaite, Justina Paskeviciene, Mindaugas Baniulis, and Julius Raskauskas, and Associates Gabriele Raizyte and Simonas Slitas.

The Motieka & Audzevicius team included Partner Rokas Jankus and Senior Associate Aivaras Grigas.

Triniti Jurex has become the legal advisor of the Health Tech Accelerator in Lithuania.

According to the Health Tech Accelerator, its initiative “aims to bring together stakeholders and invite them to create a health technology ecosystem in Lithuania.”

According to Triniti Jurex, this is “an effort to bring together health technology enthusiasts and encourage collaboration in building the health technology industry in Lithuania. The Health Tech Accelerator is now accepting registration for a seven-week program that is available exclusively until March 5. Both startups and individuals with ideas or who want to join health innovation teams are welcome to apply.”

Triniti Jurex’s team includes Partner Aurelija Rutkauskaite.

Triniti Jurex has announced the appointment of Karolina Laurynaite and Evaldas Pocevicius as Partners, while Gintare Ivanauskaite and Akvile Buzinskaite have been appointed as Associate Partners at the firm.

Specializing in public procurement and PPP, Laurynaite has been with the firm since 2011, having first joined as a Junior Associate. She was promoted to Associate and Senior Associate in 2012 and 2013, respectively. From 2016 to 2017, she was a Board Member of the Association of Lithuanian Young Lawyers. In 2017, she rejoined the firm as an Associate Partner.

Pocevicius, who also leads the firm’s Arbitration and International Litigation practice, joined Triniti Jurex in 2013 as an Associate. He became a Senior Associate and Associate Partner in 2015 and 2020, respectively. Earlier, he was an Assistant Lawyer at D Legals, in 2012.

Ivanauskaite has expertise in ESG, energy, and sustainability issues, and has been with the firm since 2021, having first joined as an Attorney-at-Law. Before joining the firm, she was a Senior Lawyer at Lithuanian Railways from 2020 to 2021. In 2019, Ivanauskaite also worked as a Dispute Resolution & Litigation Lawyer at the Ignitis Group. She was a Head of Legal at the Radio and Television Commission of Lithuania from 2015 to 2019. Between 2013 and 2015, Ivanauskaite was an Adviser at the Office of the Committee on Legal Affairs with Lithuania’s Seimas. Earlier still, she was a Lawyer at The Communications Regulatory Authority of the Republic of Lithuania, from 2007 to 2013. Ivanauskaite was also a Lawyer with Lithuania’s Ministry of Social Security and Labour, from 2005 to 2007.

Buzinskaite specializes in TMT/IP and data protection and has been working at Triniti Jurex since 2019 as an Attorney-a-Law. Earlier, she was an Attorney-at-Law with AAA Law, from 2014 to 2019, and with Baltic Legal Solutions Lithuania, from 2011 to 2014. She was an Associate at Ecovis, Miskinis, Kvainauskas, and Partners from 2010 to 2011, and at Puko, Kovaite-Simaitiene, and Partners from 2007 to 2010.

Cobalt has successfully represented UAB Grifs before the Competition Council of Lithuania in an investigation concerning potential market-sharing agreements. 

UAB Grifs is a licensed international capital security service provider.

According to Cobalt, “the one-and-a-half-year-long investigation began after the Competition Council received information about a possible market-sharing agreement between several security companies, which included GRIFS AG, Argus, Norgauda, and Apsaugos Komanda. The suspicions of the Competition Council were caused by the fines stipulated in the contracts concluded by the security service provider Apsaugos Komanda for taking over customers served on the basis of subcontracting. Apsaugos Komanda had concluded such a contract with UAB Grifs, too.”  

However, according to Cobalt, taking into account the “specifics of the security services business, the circumstances of the cooperation between the companies, and the low impact of the cooperation agreement on competition in the market, the Competition Council decided that it was not proportionate to continue the investigation and terminated it.”

Late last year, Cobalt successfully represented UAB Grifs before a first-instance court and the Lithuanian Court of Appeal in a dispute regarding the company’s alleged failure to properly perform its obligations toward a client (as reported by CEE Legal Matters on December 7, 2022).

Cobalt’s team included Partner Rasa Zasciurinskaite and Senior Associate Justinas Sileika.

Motieka & Audzevicius has advised In Balance Grid on its joint venture with Equite to develop charging station infrastructure. 

In Balance Grid is an electric vehicles charging solutions provider. It manufactures, installs, and operates charging stations. Equite is a Baltic private multi-asset alternative investment firm.

According to Motieka & Audzevicius, “forming a joint venture is a strategic move for In Balance Grid in its journey to becoming the largest and leading operator of charging station infrastructure in the Baltics and Poland. The strategic partnership will allow it to share capital expenditure of the charging stations infrastructure with a reliable partner. The newly attracted investment will accelerate the expansion of In Balance Grid charging stations network. During 2023, In Balance Grid plans to expand its current network of 350 charging stations to 600 in the home market alone.”

In 2020, Motieka & Audzevicius advised In Balance Grid on a EUR 950,000 investment from Koinvesticinis Fondas, Contrarian Ventures, and several angel investors (as reported by CEE Legal Matters on April 30, 2020).

The Motieka & Audzevicius team included Partner Rokas Jankus and Senior Associate Laurynas Ramonas.

Walless has advised the Ignalina Nuclear Power Plant on a project tender for reactor dismantling technology design services.

The Ignalina Nuclear Power Plant is a decommissioned two-unit RBMK-1500 nuclear power station in Visaginas, Lithuania.

According to Walless, “the Ignalina Nuclear Power Plant signed two contracts for design services of reactor dismantling technologies with prominent consortiums led by Westinghouse Electric Company, with Jacobs Slovakia and Lietuvos Energetikos Institutas, and Electricite de France, with Graphitech. Dismantling the cores from two RBMK-type nuclear reactors is the first-of-its-kind project worldwide. It is a part of the decommissioning of the Ignalina Nuclear Power Plant project, which itself is a first-ever project of such kind.” 

The Walless team included Partner Laura Ziferman and Associate Partner Marius Dobilas.

Walless was unable to provide further information on the deal.

Ellex Valiunas has advised Strava on its acquisition of Fatmap. Wilson Sonsini Goodrich & Rosati advised Fatmap.

Strava is an American internet service for tracking physical exercise which incorporates social network features.

Founded in 2013, Fatmap operates a mobile application for discovering, planning, and navigating outdoor adventures. Fatmap uses three-dimensional mapping technology to provide information for hikers, mountain bikers, skiers, and runners.

“The acquisition is part of Strava’s ongoing investment to provide a best-in-class digital experience for people who are striving for an active lifestyle,” a Strava press release read. “Fatmap has built a global proprietary three-dimensional mapping technology that will be enabled in all of Strava’s services, empowering active individuals to holistically discover and plan an outdoor experience with curated local guides, points of interest, and safety information.” 

Based in Europe, Fatmap has “nearly 50 highly skilled team members that will join Strava’s workforce across the continent including offices in Chamonix, Berlin and Vilnius,” the company announced.

The Ellex Valiunas team included Partner Ruta Armone, Senior Associates Nerijus Patlabys and Marijus Dingilevskis, Associate Andrej Jemeljanov, and Associate Consultant Ruta Svedarauskiene.

Sorainen has advised Legal Balance on the listing of its bonds on Nasdaq Baltic First North in Lithuania.

According to Sorainen, “the volume of the issue was EUR 2 million. The bonds were distributed by FMI Evernord and are mature on November 10, 2025.”

Legal Balance is a legal technology company that offers services related to debt recovery, debt purchasing in Lithuania and abroad, and the management of receivables. The company has been operating in Lithuania since 2010 and, in 2018, opened its office in Latvia as well. 

“Going to the capital markets confirms that the company is reliable and its operations transparent,” Legal Balance CEO Marius Slepetis commented. “As a sustainable, growing player in the market, we carefully analyze all actions and investments and responsibly weigh possible risks. Over several years, our professional team has built up a base of customers, attracted significant investments, and implemented high customer service standards. These efforts impress not just our current and potential customers but also investors, who show their confidence in us by investing. That inspires and empowers us to grow and raise awareness of the brand.”

The Sorainen team included Partner Augustas Klezys, Senior Associate Agne Sovaite, and Associate Ieva Dagyte.