Category: Lithuania

Dentons, reportedly working with TGS Baltic, has advised Siauliu Bankas on its EUR 50 million issuance of additional tier 1 notes with Goldman Sachs Bank Europe as the sole lead manager. Linklaters and Sorainen reportedly advised Goldman Sachs.

According to Dentons, this transaction marks the first AT1 issuance by a Lithuanian bank and follows Siauliu Bankas’ inaugural international bond issuance last month (as reported by CEE Legal Matters on September 9, 2024). “The EUR 50 million 8.750% fixed rate reset perpetual additional tier 1 temporary write down notes will be listed on the Global Exchange Market of Euronext Dublin.”

The Dentons team included London-based Partner Neil Dixon, Associates Thomas Breheny and Miriam Babarinde, and Trainee Nia Powell.

Cobalt has advised the 15min group on its placement of a EUR 16 million bond issue.

15min is a media company. 

According to Cobalt, the issuance attracted 713 investors from Lithuania, Latvia, and Estonia. ”Due to oversubscribed demand, the placement amount was increased to EUR 16 million, with the greatest focus on retail investors. The attracted financing will enable 15min to refinance the acquisition of M-1 Group and further develop its digital media services.”

The Cobalt team was led by Partner Eva Suduiko.

Cobalt did not respond to our inquiry on the matter.

Ellex and Taylor Wessing have advised Vinted on a EUR 340 million secondary sale of shares to new investors, raising the company’s valuation to EUR 5 billion.

According to Taylor Wessing, the “transaction was led by TPG, a leading global alternative asset manager, and included other major investment funds including Hedosophia, Baillie Gifford, Invus Opportunities, and Moore Strategic Ventures. All of Vinted’s existing institutional investors remain invested in the company.”

Vinted is a Lithuania-based online marketplace for second-hand clothing and accessories. 

The Ellex team included Partners Ruta Armone and Giedrius Stasevicius, Expert Gintaras Balcius, and Senior Associate Augustinas Macionis.

The Taylor Wessing team in London was led by Partner Ian Moore alongside Partners Paul Thorpe and Elinor Picton.

Cobalt has advised the Devbridge Foundation on the completion and transfer of the Kaunas Sobor lighting project to the Kaunas City Municipality.

According to Cobalt, the Devbridge Foundation was established by eight founders of Devbridge, a software developer, “who donated EUR 8 million to its statutory capital. The fund aims to nurture and inspire the next generation of leaders, focusing on economic growth, access to knowledge, and the promotion of entrepreneurship.”

The Cobalt team included Specialist Counsel Rasa Mikutiene and Senior Associate Viktorija Varnaite.

Walless has advised Biomapas on a partnership with Carbyne Equity Partners. TGS Baltic advised Carbyne Equity Partners.

Biomapas is a Lithuania-based provider of clinical research, pharmacovigilance, regulatory affairs, and quality assurance services across Europe. According to Walless, the partnership with Carbyne Equity Partners aims to strengthen Biomapas’ position in the life sciences industry and support its expansion.

The Walless team included Managing Partner Dovile Burgiene, Partners Alina Makovska and Mindaugas Lukas, Associate Partner Domas Sileika, and Senior Associate Migle Jeremiciute.

The TGS Baltic team included Partners Marius Matonis and Dalia Tamasauskiene-Ziliene, Senior Associates Indre Vickaite-Liatuke, Ruta Tikuisyte, Rokas Kazakevicius, and Indre Mazeikaite, Associates Domantas Vilys, Evelina Savickaite, and Violeta Maciulyte, Junior Associates Neda Baublyte and Viktorija Janciuraite, and Legal Assistants Meda Stankute, Domantas Mazrimas, Morta Putaite, Renaldas Paskevicius, Egle Miksyte, and Inesa Grybova.

Walless has advised I Asset Management on the European Investment Fund’s EUR 50 million investment into the CEE Student Housing Fund, increasing the fund’s capacity to EUR 112 million.

I Asset Management is a management company licensed by the Bank of Lithuania.

The CEE Student Housing Fund focuses on developing sustainable student housing across Central and Eastern Europe. 

The Walless team included Partners Andrius Ivanauskas, Mindaugas Lukas, and Laurynas Narvydas, Associate Partners Sarunas Basijokas and Enrika Tamasauskaite, and Junior Associates Ugne Grigaityte and Adomas Saladzius.

Walless did not respond to our inquiry on the matter.

Cobalt has advised Sugihara House Museum on setting up the Tangible Capital Fund.

According to Cobalt, “the untouchable capital (endowment) fund will aim to create an independent passive income stream that will contribute to the future of the museum and enable sharing the stories and values of Chiune Sugihara, Jan Zwartendijk, and other diplomats who saved lives during World War II. The fund will invest accumulated assets and use stable returns to maintain and expand the Sugihara House Museum and to finance social projects.”

“The establishment of this untouchable capital (endowment) fund is an investment in the museum’s future, and we aim to ensure that the funds donated by our supporters will not only help the museum to survive but will also contribute to the creation of a sustainable funding system in the long term,” commented Chairman of the Board of the newly established fund Saulius Garbaravicius.

According to the firm, the Sugihara House Museum features a “variety of exhibitions that tell the personal stories of those who were rescued, the daily lives of refugees, and the help by diplomats.”

The Cobalt team included Partner Eva Suduiko and Senior Associate Giedre Burdulyte.

Cobalt has advised the EBRD on a EUR 100 million investment in Green Genius.

Green Genius is a renewable energy company that is part of the Modus Group. According to Cobalt, “once approved by competition regulators in several countries, the EBRD will become a minority shareholder in the company. This investment will support Green Genius’ European growth strategy, which includes the development of more than 2 gigawatts of renewable energy. It will also contribute to diversifying the energy supply and boosting energy security in Europe. Green Genius will use the funds to expand in the renewable energy sector, build its own energy-generating portfolio, ensure stability, and reduce reliance on external financing.”

The Cobalt team included Partners Elijus Burgis and Rasa Zasciurinskaite and Managing Associates Zygintas Voronavicius and Managing Associate Justinas Sileika.

Cobalt did not respond to our inquiry on the matter.

Walless has advised Quaero Capital on its sale of the 21.5-megawatt Veju Spektras wind farm to EB-SIM.

Quaero Capital is an independent private equity fund management company based in Geneva with offices in Zurich, Luxembourg, Paris, and London.

EB-SIM is a German asset manager.

Quaero Capital-managed Quaero European Infrastructure bought Veju Spektras in 2019 (as reported by CEE Legal Matters on June 25, 2019).

The Walless team included Partners Gediminas Dominas, Andrius Ivanauskas, and Vaidotas Puklevicius, Senior Associates Miglr Jeremiciute and Simona Miliauskaite–Gintute, and Associate Monika Bucinskaite.

Walless did not respond to our inquiry on the matter.

Editor’s Note: After this article was published, Ellex announced that it advised EB-SIM. The firm’s team included Partner Paulius Gruodis, Associate Partner Aleksandr Asovskij, Head of Tax Gintaras Balcius, and Associate Andrej Jemeljanov.

Fort Legal has advised Longo Group on its acquisition of a real estate complex in Panevezys, Lithuania. Leadell reportedly advised the undisclosed sellers.

Longo Group is a used car dealer in the Baltics.

According to Fort Legal, the real estate complex in question is located in Panevezys and “spans 3,500 square meters of commercial space and will soon house one of the most advanced repair services in Europe.”

The Fort Legal team Partner Ruta Radzeviciute-Meizeraite and Senior Associate Aurelija Grigoraviciute.

Fort Legal did not respond to our inquiry on the matter.