Category: Lithuania

Walless has successfully represented Voltas in a EUR 1.7 million business interruption insurance case in Lithuania.

Voltas is a provider of electrical solutions for construction and renovation projects.

According to Walless, “the claim was submitted by one of the leading insurance companies, seeking reimbursement for benefits paid under a business interruption insurance policy. The case involved complex issues related to the operation of electrical equipment and determining the causes of technical equipment failure.”

The Walless team included Associate Partner Tomas Balciunasm and Associate Beatrice Gedvilaite.

Ellex, working with Kirkland & Ellis, has advised Advent International on its acquisition of Nuvei Corporation. Stikeman Elliott and Sorainen reportedly advised Nuvei.

The total value of the transaction is approximately USD 6.3 billion.

Advent International is a private equity firm.

Nuvei Corporation is a payment processing platform listed in Canada.

According to Ellex, “after delisting from the stock exchange current shareholders Philip Fayer, Novacap and CDPQ will indirectly own approximately 24%, 18%, and 12%, respectively, of the equity in the resulting private company as part of the agreement, while remaining 46% will be owned by the new investor Advent International. The strategic alliance between Advent International and existing shareholders should ensure the successful development of Nuvei.”

The Ellex team included Partner Ieva Dosinaite, Expert Lina Radaviciene, and Senior Associate Domantas Gudonis.

TGS Baltic has advised Superhero Capital on leading a EUR 2.5 million investment round for Cyber Upgrade with Specialist VC, Firstpick, NGL Ventures, and angel investors Marios S. Kalochoritis and Sergei Anikin also participating. Noor reportedly advised on the round as well.

Superhero Capital focuses on seed to early-stage investments in software, information technology, and internet sectors, with a geographical focus on Finland and the Baltics.

According to TGS Baltic, the funds will be used to enhance Cyber Upgrade’s AI system, aiming to achieve fully autonomous operation without human oversight. Offered as a subscription service, the tool seeks to make high-level cybersecurity accessible to businesses of all sizes.

The TGS Baltic team included Senior Associate Paulius Dabulskis, Associates Violeta Maciulyte and Aurelija Gamulka, Junior Associate Viktorija Janciuraite, and Legal Assistant Meda Stankute.

TGS Baltic has advised Simpact Ventures on its investment in Ligence as part of a round that also saw the participation of Coinvest Capital, the European Innovation Council, Estonian venture capital firm Lemonade Stand, the NGL business angel syndicate, and private investor Rita Sakus.

Ligence is a Lithuanian startup developing medical technologies.

According to TGS Baltic, “Simpact is the first VC investment fund in Poland based on the Impact Investing idea. This funding will drive Ligence’s expansion efforts as the company prepares for FDA clearance in early 2025, opening new opportunities to make high-quality cardiac diagnostics more accessible worldwide.”

The TGS Baltic team included Partner Dalia Tamasauskaite-Ziliene, Senior Associate Paulius Dabulskis, Associates Auguste Linauskaite and Violeta Maciulyte, Junior Associate Viktorija Janciuraite, and Legal Assistants Inesa Grybova, Renaldas Paskevicius, and Meda Stankute.

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

Editor’s Note: After this article was published, Cobalt announced that it had advised the European Innovation Council fund. The firm’s team included Partner Akvile Bosaite.

TGS Baltic has advised Pro Bro Group on its EUR 2 million bond issuance with Siauliu Bankas as the distributor.

The Pro Bro Group is an international holding management company. According to TGS Baltic, “in addition to Lithuania, Pro Bro Group is actively expanding in foreign markets. This year, following the first car wash opened last year, it launched three new tunnel car washes in Riga and is preparing for expansion in Finland, Sweden, Poland, Estonia, and other markets.

Moreover, TGS Baltic reports this tranche of bonds will “provide investors with an annual return of 12.5%, with redemption scheduled for November 2026. Funds raised through the bonds will be used to refinance working capital and existing liabilities.”

The TGS Baltic team included Partner Dalia Augaite, Associate Kotryna Visockyte, and Legal Assistant Gabija Sidlauskaite.

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

Walless has advised Iki Lietuva on its full acquisition of LastMile from UAB Startcap. TGS Baltic reportedly advised Startcap.

Iki Lietuva recently strengthened its role in food delivery by acquiring full ownership of the LastMile platform.  

Iki, operated by Palink, is a Lithuanian supermarket chain.

LastMile is an online grocery retail platform.

In 2021, Walless advised Iki on its acquisition of the initial 67% stake in LastMile (as reported by CEE Legal Matters on July 23, 2021).

The Walless team included Managing Partner Dovile Burgiene, Partners Alina Makovska, Simona Drukteiniene, and Darius Miniotas, Associate Partners Tomas Balciunas and Edita Dauksiene, Senior Associates Migle Jeremiciute and Mykolas Luksenas, and Junior Associate Adomas Saladzius.

TGS Baltic has advised InMedica Group on its acquisition of Druskininkai Pusynas Rehabilitation Clinic in Lithuania from Vytautas Dambrava.

According to TGS Baltic, “Integrating Druskininkai Pusynas Clinic into the InMedica Group will enable the network to meet patient expectations while ensuring the highest quality of healthcare services.”

Earlier this year, TGS Baltic advised on InMedica’s acquisition of Panevezio Odontologai Clinic (as reported by CEE Legal Matters on April 11, 2024). In 2022, TGS Baltic advised on InMedica’s acquisition of the Vilnius Implantology Center Clinic (as reported by CEE Legal Matters on September 29, 2022), on its merger with the MediCA Group (as reported by CEE Legal Matters on April 13, 2022) and the acquisition of Saulius Viksraitis’ Plastic Surgery Center (as reported by CEE Legal Matters on January 25, 2022).

The TGS Baltic team included Partner Dalia Tamasauskaite-Ziliene and Senior Associate Ruta Tikuisyte.

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

Fort has advised Bondora on entering the Lithuanian consumer credit market.

Bondora is an Estonian-based peer-to-peer lending platform.

According to Fort, the work entailed helping Bondora be inserted in the list of public consumer credit providers which allows the subject to carry out financial activities in Lithuania related to the issue of consumer credits.

The Fort team included Partner Andrius Mamontovas and Senior Associates Gytis Kuncevicius and Vadimas Maksimenka.

Former Ellex Associate Partner Gyte Maleckaite has joined Adon Legal as Counsel.

Maleckaite’s core areas of focus are finance and asset management. Before the move, she was a Senior Associate with Ellex Valiunas between 2019 and 2022 and an Associate Partner between 2022 and 2024. Earlier, she was a Lawyer with Lithuanian Airports between 2018 and 2019 and a Senior Consultant and Assistant Manager with EY between 2015 and 2018. Earlier still, she spent five years with Dovre Forvaltning as a Deputy CEO/CCO.

“Adon Legal’s specialized team, with its in-depth knowledge of financial regulations and clear market vision, offers the flexibility clients need to adapt in a rapidly evolving regulatory environment,” Maleckaite commented. “I am excited to contribute to the team’s mission to support clients in delivering innovative financial solutions.”

Ellex has advised the shareholder of UAB Umaras on the sale of the company to an unidentified Finnish company.

UAB Umaras is a producer of polyethylene films in the Baltic States.

The Ellex team included Partner Zilvinas Zinkevicius, Senior Associates Augustinas Macionis and Laura Paulaite, and Associate Ausra Abraityte-Gedmine.

Ellex did not respond to our inquiry on the matter.