Category: Lithuania

Sorainen has helped CBI Money obtain an e-money license from the Bank of Lithuania.

CBI Money is part of the China Binary New Fintech Group – a China-based company providing online transaction services and listed on the Hong Kong stock exchange.

According to Sorainen, “CBI Money will be administering payment systems that allow rapid and inexpensive money transfers from Europe to China and vice versa, which will enable opening electronic accounts, issuing e-money, saving money, and providing payment services.”

The Sorainen team included Partner Tomas Kontautas and Senior Associate Laura Matukaityte. 

Sorainen has advised the Baltic Horizon Fund on private placements of fund units, which raised a total of EUR 16.5 million.

According to Sorainen, the private placements were arranged in relation to the latest property acquisition of the fund – the North Star Business Center in Vilnius, Lithuania (reported by CEE Legal Matters on September 11, 2019). As part of the transaction the seller of North Star Business Centre, UAB Prosperus Strategic RE Fund, agreed to subscribe to fund units in the amount of EUR 5 million.

The Sorainen team was led by Partner Reimo Hammerberg and Senior Associate Katlin Krisak. 

Walless has helped Revolut Payments UAB get on the Bank of Lithuania’s official List of Insurance Brokers, allowing Revolut to engage in insurance distribution activities.

According to Walless, Revolut Payments “is the first company in Lithuania [to take] advantage of the recent amendments of the Lithuanian Law on Insurance, allowing market participants providing other financial services to also register as Insurance Brokers.”

Revolut Payments plans to provide insurance distribution services related to travel and mobile device insurance through its app.

The Walless team was led by Associate Partner Laurynas Narvydas.

TGS Baltic has advised Schage Eiendom AS on its EUR 156 million sale of the Quadrum Business City in Vilnius to German real estate manager Deka Immobilien. Deka Immobilien was advised by Sorainen on the deal, which is expected to close within two months, subject to competition authority approval.

The Quadrum Business City is located in Vilnius in the central business district. It has over 44,000 square meters of net leasable area and three levels of underground parking with some 700 parking spaces. Just this past summer TGS Baltic advised Schage on its lease of space in Quadrum to Revolut Ltd. (as reported by CEE Legal Matters on August 5, 2019 https://ceelegalmatters.com/lithuania/11340-walless-advises-revolut-on-lease-of-vilnius-office).

The TGS Baltic team included Partners Dainius Stasiulis and Dalia Tamasauskaite-Ziliene, Associate Rugile Siaulyte, and Junior Associate Paulius Dabulskis.

The Sorainen team included Partner Kestutis Adamonis, Counsel Asta Augutyte-Rapkeviciene, Senior Associates Karolis Kunigelis and Edita Dauksiene, and Associate Lukas Vaisvila. 

Sorainen has helped money transfer platform Opal Transfer obtain an electronic money institution license in Lithuania.

Opal Transfer was established in 2003 in the UK and was one of the first fintech companies in the money transfer market. The company currently provides international money transfer services to over 300,000 customers and is active in 38 countries.

According to Sorainen, Opal plans to “expand its operations in Lithuania and the EU offering users a full range of features of their digital wallets including the possibility to deposit money and to make withdrawals from their wallet account.”

The Sorainen team included Partner Augustas Klezys and Senior Associate Laura Matukaityte. 

Ellex Valiunas has advised US financial services firm Moody’s on a lease agreement with the SBA Group for office space in the Green Hall 3, a class A building developed by Urban Inventors in Vilnius. The agreement is for approximately 1,600 square meters. Sorainen reportedly advised SBA on the deal.

Moody’s provides credit ratings, research, and tools that contribute to transparent and integrated financial markets. Moody’s is owned by Moody’s Investors Service, a provider of credit ratings and research related to debt instruments and securities, and Moody’s Analytics, which provides software, consulting services, and research for credit and economic and financial risk management. 

The SBA Group is a Lithuanian company operating in the real estate, textile, and furniture manufacturing sectors.

The Ellex team was led by Associate Partner Dovile Stancikaite. 

Primus Derling in Lithuania has advised JNG Investments Estonia on the acquisition by its VIA 3L subsidiary — a third-party logistics service provider in Estonia and Latvia — of fellow third party logistics company Terminal LT from GIRTEKA. The sellers were advised by the Marger Law Firm.

JNG Investments is a holding company for the JUNGENT Group in Estonia, and according to Primus Derling it “is a professional partner for more than 60 outstanding international and national suppliers and producers.” According to the firm, its purchase of Terminal LT was executed by means of a closed tender from Lithuania’s GIRTEKA, which the firm describes as “the biggest transport and logistics services provider in the region and one of the biggest in Europe.”

The transaction is expected to close in January 2020.

The Primus Derling team was led by Partner Giedre Dailidenaite and included Partners Ernesta Ziogiene, Tomas Venckus, and Robert Juodka, Senior Associates Vilma Rakleviciene, Greta Bagdanaviciute, Petras Pinevicius, Sarune Prankonyte-Segen, and Jaroslav Pavlovskij, Associates Aneta Ladys, Ingrida Maciute, and Karolis Diska, and Junior Associate Gerda Gapsyte.

The Marger team was led by Partner Ramunas Kontrauskas and included Attorney Julius Petrulionis and Assistant Kazimieras Vasiliauskas.

Ellex Valiunas has helped US medical equipment manufacturer Hollister Incorporated open a factory in the Kaunas Free Economic Zone in Lithuania.

The company will invest USD 50 million in a new plant for the production of medical equipment. The factory covers an area of 30,000 square meters.

The Ellex Valiunas team was led by Attorney Nijole Vaiciunaite. 

Walless has represented the Kaunas City Municipality in the European Court of Justice in a case involving the compatibility of additional requirements for in-house contracts stipulated in Lithuanian national law with EU law.

According to Walless, “the essence of the decision is that a member state may stipulate such additional requirements as long as they are specific, clear, and accessible to a sufficient degree.”

The Walless team was led by Partner Laura Ziferman and Associate Partner Marius Dobilas.

Ellex Valiunas and CMS have advised German private equity firm Halder on its acquisition of Drumag Fluidtechnik and EPH Elektronik from Ulrich Ziegler.

Halder was established in Frankfurt in 1991. Since then the company has provided about 40 small and medium-sized companies with equity capital. Halder supports its portfolio companies in international expansion, development of their strategies, and business models.

Drumag Fluidtechnik and EPH Elektronik produce electronics, pneumatics, hydraulics, and other industrial systems. The companies operate in Germany, Switzerland, and Lithuania. Drumag Fluidtechnik has over 100 years of experience in pneumatics, hydropneumatics, hydraulics, and other application-specific systems in the areas of power, control, and motion. EPH Elektronik specializes in power and control electronics in various designs including rotary drive units with motors and geared motors.

The Ellex Valiunas team advising on Lithuanian matters was led by Partner Paulius Gruodis, supported by Senior Associate Mantas Juska and Associate Arvydas Gruseckas.

The CMS team serving as global counsel was led Frankfurt-based Partner Oliver Wolfgramm. He was supported by Partners Jorg Schrade, Johanna Hofmann, Yvonne Wolfgramm, Markus Pfaff, Rolf Hempel, and Ulrich Becker, Counsels Navid Anderson, Laura Matarrelli, Dirk Smielick, and Dirk Baukholt, Senior Associates Ayleen Gorisch and Martin Cholewa, and Associates Isabella Denninger, Kathrin Kussnik, Benjamin Hermes, Sarah Rafiqpur, and Christopher Heckel in Germany, and by Partners Stephan Werlen and Mark Cagienard, Counsel Simone Brauchbar Birkhauser, and Associates Pascal Stocker, Simone Brauchbar Birkhauser, Ferdinand Blezinger, Katja Bertsche, and Sarah Keller in Switzerland.