Category: Lithuania

Sorainen has advised Elektrobalt and the Wurth Group on the acquisition of Gaudre, a company in the lighting solutions market in Lithuania, from Practica Venture Capital. Cobalt advised the seller on the deal.  

Elektrobalt — together with W.EG. Eesti in Estonia and Baltikelektro in Latvia — represents the Wurth Electrical Wholesale Group (W.EG) in the Baltic States. Serving customers in the residential, infrastructure and industrial markets, Elektrobalt offers a range of electrical products, services, and consultancy.

Ulrich Liedtke, Executive Vice President of the Wurth Group responsible for W.EG in Central and Eastern Europe, comments: “Based on its strong appreciation of local entrepreneurship, the W.EG consists of companies which are strong regional or national players. In this tradition, Gaudre will continue its operations while enjoying the benefit of drawing on central resources and joining hands for co-operation with existing W.EG companies in these countries.”

Sorainen assisted Elektrobalt and the Wurth Group on all legal matters related to the acquisition of Gaudre. The firm’s team was led by Partner Sergej Butov and included Senior Associate Deimante Pagiriene, Associates Laura Ryzgelyte and Juliana Pavilovska, and others.

Cobalt’s Lithuania team included Partner and Head of Corporate Transactions Department Elijus Burgis and Managing Associate Eva Suduiko.

Former Associate Partner Dalia Tamasauskaite-Ziliene has become a full partner at TGS Baltic in Lithuania, while lawyers Albertas Sekstelo, Darius Miniotas, Ieva Povilaitiene, Marius Brasiunas, and Paulius Zapolskis were promoted to Associate Partner.

Tamasauskaite-Ziliene specializes in Corporate/M&A, with additional experience in Banking/Finance, Pharma, and Health Care law.

“I am proud that Dalia, working in the law firm for a number of years, has grown to be an outstanding professional highly appreciated both by clients and colleagues,” commented TGS Baltic Managing Partner Eugenija Sutkiene. “She meets all requirements for a partner of the law firm – she perfectly understands our mission and values, [and she] is loyal to the law firm and its team. Dalia enjoys her work and is very self-demanding. It is delightful that we have such a generation of professionals growing in the firm.”

Sorainen has advised Trustcom Financial on its obtaining of an e-money institution license from the Bank of Lithuania.

According to Sorainen, with this license Trustcom Financial will now be able to provide electronic money and payment services and its customers will be able to open electronic money accounts.

Sorainen advised Trustcom Financial on licensing, business model structuring, and other issues. The firm’s team included Partner Tomas Kontautas, Associate Laura Matukaityte, and Legal Assistant Paulius Sadauskas.

Cobalt advised UAB GlobalNetint on obtaining an electronic money institution license for non-limited activity.

According to Cobalt, this is the 23rd time that the Bank of Lithuania has issued this type of electronic money institution license, which “will enable the company to issue and/or accept payment instruments, to provide services enabling cash to be placed on a payment account and cash withdrawals from a payment account, as well as all the operations required for operating a payment account and to carry out money remittances, to issue, distribute and redeem electronic money.”

Cobalt’s team advising UAB GlobalNetint was led by Partner and Head of the Banking and Finance Practice Group Akvile Bosaite, supported by Senior Associate Justina Milasauskiene.

Ellex Valiunas has announced that Paulius Gruodis will be joining the firm on January 1, 2018, as a partner in the Lithuanian firm’s M&A team.

Gruodis joins from Glimstedt, where he led the Corporate and M&A Practice Group in Lithuania. “He has unrivaled experience working in complex international business acquisitions projects that will be very valuable to our clients,” states Ellex Valiunas Partner Dovile Burgiene, the Head of Corporate Law and M&A at the firm.

Valiunas Ellex is announcing the creation of a new and separate Tax Practice Group at the firm.

The new group, led by Partner Aiste Medeliene, will consist of eight lawyers and tax consultants and is, according to the firm, “the largest tax practice of any law firm in Lithuania.” According to a statement by the firm, “tax matters are fast becoming some of the most crucial issues for businesses in Lithuania.” 

Glimstedt has promoted Ausra Maliauskaite-Embrekte and Solveiga Paleviciene to partners and Karolina Baronaite Birmonte to Associate Partner.

Ausra Maliauskaite-Embrekte, who leads the firm’s Employment Law practice, has been working with Glimstedt for over 14 years. According to the firm, in her time with the firm, “she has accumulated a vast experience in the field of business acquisitions and mergers, business sale deals, and employment law. “Partnership is a very important acknowledgment and the best display of appreciation for my work,” she said. “These changes will allow me to continue to strive for the success of our clients and the success of our firm in creating new possibilities for businesses.”

Glimstedt describes Solveiga Paleviciene, the head of the firm’s Dispute Resolution practice group, as “one of the most skilled experts in the field of dispute resolution and arbitration in Lithuania, whose extensive experience comes from working in state institutions where she worked as Advisor to the Judge of the Supreme Court of Lithuania, Chief Advisor to the Chairman of the Supreme Court, as well as Advisor to the President of Lithuania on Legal Matters. She is also a conciliator listed on the Panel of Conciliators and Arbitrators of the International Centre for Settlement of Investment Disputes (ICSID), and a member of the Lithuanian Bar Association.”

“The businesses of today face continuous changes and the necessity to take up new challenges every day,” said Paleviciene. “This results in a variety of business disputes and the need to provide new, fast, innovative, and integrated solutions. The ambitious Glimstedt Dispute Resolution and Arbitration team can offer every client the most profitable long term strategic solution. I am grateful to the partners and the entire Glimstedt team for the trust they have shown me and for their belief that the main goal in business disputes is not burning bridges, but helping businesses discover new possibilities, and create new relationships that bring more value added. I am well aware that the offer to accept partnership brings with it even bigger expectations. I am happy and ready to work together with my team to strengthen the firm’s values, and help our clients find the easiest and most effective way to tackle crisis and accept the challenges of globalization.”  

Finally, according to Glimstedt, new Associate Partner Karolina Baronaite-Birmonte, “is a corporate law expert who is highly regarded by clients, and has over ten years of experience in consulting on issues of business acquisitions and employment law. She heads Glimstedt’s team in providing consultations to clients on deals involving different jurisdictions. Karolina has authored many articles on various issues of corporate and employment law.”

“We form and strengthen our team first and foremost by creating future leaders inside our firm,” says Egidijus Bernotas, Managing Partner of Glimstedt, of the promotions. “The new partners are acknowledged experts in their fields: their competence, far-sightedness, diverse experience, and ability to form teams will allow us to justify our client’s confidence in us and provide the services of the highest quality while always looking ahead and thinking about the future of their businesses.”

Cobalt has successfully acted for UAB Haltex in proceedings regarding the dismissal of a mid-level executive.

According to Cobalt, “the employee was terminated due to infringement of the constitutional rights of the other employees by degrading treatment and causing them to suffer constant stress and tension. After being dismissed for a gross breach of job duties, the employee brought a lawsuit against the employer. The court of first instance however sided with the employer, holding that the employee was terminated lawfully and dismissed the lawsuit for lack of substantiation. The appellate court dismissed the appeal of the employee and upheld the ruling of the court of first instance.”

“This case is one of the first of its kind in the history of Lithuanian courts, with the employer as the prevailing party,” said Cobalt Lithuania Legal Counsel Dalia Foigt-Norvaisiene, Head of Employment Law at the firm. “This recent victory shows that the provisions of the new Labor Code prohibiting humiliation and psychological violence against employees are already recognized in Lithuanian case-law. We believe that it will help to promote such values as mutual respect, co-operation and partnership between the employer and employees in employment relations in Lithuania. This case is significant for improving workplace culture in Lithuania.”

UAB Haltex is a manufacturer of sportswear with a team of 340 employees. Its product range includes garments for rugby, football, ice hockey, basketball, cricket, athletics, tennis, volleyball, skiing, and cycling.

The Cobalt team consisted of Foigt-Norvaisiene and Senior Associate Giedrius Abromavicius.

Sorainen has advised Via Payments, part of the VIA SMS Group, on obtaining an e-money institution license from the Bank of Lithuania.

The company will provide e-money and payment services and will enable its customers to open electronic money accounts. Via Payments belongs to the Latvia-based VIA SMS Group of companies, which specializes in consumer loans and for the last seven years has been operating through its subsidiaries in Latvia, Poland, Sweden, Spain, and the Czech Republic.

Sorainen advised Via Payments on establishment, licensing, and other issues. The firm’s team included Partner Tomas Kontautas, and Associates Urte Armonaite, Laura Matuizaite, and Legal Assistant Liutauras Vasiliauskas.

Cobalt represented the UAB EIKA real estate development and construction company on the sale of Business Centre 135 in Vilnius to UAB Capitalica Baltic Real Estate Fund I, represented by the UAB Capitalica Asset Management management company. Ellex Valiunas advised the buyers on the deal.

According to Cobalt, “Business Centre 135 is a high-quality, modern office building with unconventional fit-out solutions, occupying a total area of over 8,400 square meters. It accommodates market leaders in their specific areas and world-famous brands, such as Devbridge Group, Bo Concept, ACME Group, Studija Moderna, and others.

The Cobalt team included Partner and Head of Real Estate and Infrastructure Simona Oliskeviciute-Ciceniene, Managing Associate Arturas Kojala, and Associate Liucija Bitinaite.

The Ellex Valiunas team was led by Associate Partner Indre Jonaityte-Grice.

Image Source: inreal.lt