Category: Lithuania

Sorainen has advised Barclays Group Operations Lithuania on the transfer of the Rise Vilnius startup hub to Swedbank.

Since its establishment in the summer of 2016, the Rise Vilnius hub has been assisting startups and organizing hackathons, creativity workshops, and other events. The startup hub has 64 members and covers 34 companies. 

The Sorainen team consisted of Partner Laimonas Skibarka and Senior Associates Vytautas Sabalys, Jonas Kiauleikis, and Gerda Skirbutiene.

Sorainen informed CEE Legal Matters that it cannot provide any additional information about the deal. 

Motieka & Audzevicius has advised Orion Private Equity Fund I on the acquisition of a stake in Lithuania’s Alna Business Solutions, Alna Software, and DocLogix IT companies. Cobalt advised Alna Group, the seller.

The Motieka & Audzevicius team was led by Partner Giedrius Kolesnikovas and included Senior Associate Michail Parchimovic and Associates Rokas Jankus, Martynas Bendikas, and Aivaras Grigas.

Cobalt’s team consisted of Partner Elijus Burgis and Associate Julija Timoscenko.

Cobalt Vilnius has advised Interactio, a Lithuanian start-up that developed a smart interpretation system, on attracting an investment of EUR 435,000 from business angels and the Co-Investment Fund.

The start-up attracted EUR 174,000 from business angels and EUR 261,000 from Lithuania’s Co-Investment Fund. 

According to Cobalt, the intelligent interpretation app developed by Interactio is on the top 40 list of the world’s best mobile solutions and has been used in 38 countries for several years. Business giants such as Microsoft, Google, and Amazon are among the company’s clients.

This mobile system replaces simultaneous interpretation equipment used during conferences. According to Cobalt, “In addition, this solution enables a conference interpreter to work from any part of the world. During an event, it is sufficient for a participant to have a smart device: mobile phone, computer or tablet, headphones, and access to the Internet. This saves the time and money spent in distributing and collecting conference equipment during events.”

The Cobalt team consisted of Associate Partner Eva Suduiko and Associate Viktorija Dusajeva. 

Marius Liatukas has been elected Managing Partner at Magnusson in Lithuania, taking over from Ligita Ramanauskaite, who managed the firm since 2010.

According to Magnusson, Ramanauskaite will continue to head the firm’s Corporate Law practice in Lithuania and will “have an active role in the Management Committee of the Magnusson International network.“

Liatukas says that “the key task will be consolidating the firm’s position among market leaders in the areas of dispute resolution, public procurement and corporate law” and adds that “an increased focus will also be given to employment law, customs, real estate and corporate law practice which are consistently pursued by the firm.”

Liatukas graduated from the Vilnius University with a Masters degree in Law, andhas worked at Nordia Baublys & Partners before joining Magnusson in 2013.

Sorainen is advising AB NEO Finance on its public share offer, as well as on its entrance to the First North alternative securities market in Lithuania.

NEO Finance is a Lithuanian Fintech startup. The company administers the peer-to-peer lending platform Paskolu Klubas and provides the Neopay payment initiation service.

According to Sorainen, this is the first time that a Lithuanian Fintech startup will be offering its shares publicly and will seek a listing for them on the First North alternative securities market in Lithuania. The initial public offering will begin on May 15, 2019. 

Shares will be offered in three countries simultaneously: in Lithuania, Estonia, and the Netherlands (where the company recently opened as NEO Finance B.V. for further development in Europe). NEO Finance plans to attract EUR 0.5 – 2.5 million through the IPO and intends to use the funds for expanding the Paskolu Klubas business and payment initiation services in Lithuania. 

Sorainen reports that shares will be distributed using the Dutch auction method, in which investors place a bid for the amount they are willing to buy in terms of quantity and price. The earlier the bid is offered, and the higher it is offered to, the greater the possibility that the bid will be successful. The minimum selling price is EUR 3.14 per share.

The Sorainen team consisted of Partner Augustas Klezys and Senior Associate Dalia Augaite.   

Sorainen has advised Volfas Engelman on the acquisition of shares in Lamate, a Lithuanian company engaged in the extraction of mineral water, and the completion of the construction of the Uniqa mineral water plant in Druskininkai, southern Lithuania.

Volfas Engelman, a producer and distributor of alcoholic and soft drinks, belongs to the Olvi group of companies. 

According to Sorainen, the acquisition and the opening of a modern mineral water plant is “an important step in the expansion of Volfas Engelman in the mineral water market both in Lithuania and abroad.”

Marius Horbacauskas, the head of both Volfas Engelman and the new factory, explained that, “this is a strategic investment, as we are planning to expand in the mineral water segment. We are anticipating that the acquired unique borehole will supply both Lithuanian and foreign markets. Water will be sold under the new Uniqa brand, which means ‘unique aqua.’”

Sorainen’s team consisted of Partner Algirdas Peksys, Senior Associate Asta Augutyte-Rapkeviciene, and Associate Laura Matuizaite. 

Sorainen informed CEE Legal Matters that it was unable to provide further details on the deal.

Adon Legal has assisted UAB IBS Lithuania with the revision of its electronic money institution license.

According to Adon Legal, the revised license will enable IBS Lithuania to offer Internet merchants the option of accepting payments from Chinese digital wallets such as WeChat Pay and Alipay, issue debit cards, allow its clients to transfer and receive funds from China, and deposit cash into their accounts. 

IBS Lithuania is a subsidiary of International Business Settlement Holdings Limited, a global FinTech company that develops banking services for global customers. IBS is listed on the Hong Kong Stock Exchange. 

The Adon Legal team was led by Managing Partner Donatas Sliora.

Motieka & Audzevicius has advised YNOT Media on the acquisition of FCR Media Lietuva, the Lithuanian division of the FCR Media Group, a company owned by BaltCap which operates in the market of advertising services and business information dissemination through digital channels. SPC Legal advised the sellers on the deal.

The Motieka & Audzavecius team consisted of Senior Associates Edvinas Lenkauskas, Sigita Adomaityte, and Michail Parhimovic, and Associates Martynas Bendikas, Aivaras Grigas, and Rokas Jankus.

SPC Legal’s team consisted of Partner Mindaugas Rimkus and Senior Associate Audrius Slazinskas.

Ellex Valiunas has assisted Baltic Sea Properties in obtaining a EUR 23.4 million refinancing loan from the Luminor bank to refinance 23 stores in Lithuania leased by the Norfa retail chain and logistics center.

Based on the signed agreement, Luminor will refinance the financial liabilities of Baltic Sea Properties held in another bank in Lithuania and will provide financing for other business needs. Baltic Sea Properties’ portfolio consists of 101,000 square meters of commercial premises and is listed on Merkur Market of the Oslo Stock Exchange.

Earlier this year Ellex Valiunas advised Baltic Sea Properties on its 12-year lease of a 6500 square meter space in a logistics terminal to be built in Lithuania by the Oribalt Group (as reported by CEE Legal Matters on March 22, 2019).

The Ellex team was led by Associate Partner Julija Nikitaraviciene.

Sorainen has successfully represented Topo Grupe in a trademark registration dispute.

Topo Grupe went to court to defend its “Tech Top” trademark and sought to have a trademark by Avitelos Prekyba, that had the same dominant element, declared invalid. The Lithuanian Court of Appeal upheld Topo Grupe’s claim.

According to Sorainen, the court took into account that Topo Grupe was the first to start using the “Tech Top” element and actively invested in introducing the trademark to the market. “Even though Avitelos Prekyba knew about Topo Grupe activity,” the firm reports, “after half a year it filed an application to register a similar trademark and later protested against its competitor’s actions to register their trademark. The court took into account this circumstance proving the unfair intent of Avitelos Prekyba and ruled that Avitelos Prekyba’s trademark registration was invalid.”

Sorainen’s team consisted of Counsel Stasys Drazdauskas and Legal Assistant Tomas Stundys.