Category: Deals and Cases

CMS has advised Alpla on forming a EUR 7.5 million joint venture together with Romania’s Ecohelp and Switzerland’s United Polymer Trading. Reportedly, Cabinet Costea advised Ecohelp and Furer Partner Advocaten advised UPT.

Alpla is an international company active in plastic packaging solutions.

According to CMS, “the three partner companies are investing equally in the plant, with a combined total of EUR 7.5 million. Importantly, Alpla, Ecohelp, and UPT will all contribute their own special expertise to the joint venture PET Recycling Team Targu Mures and create new jobs at the joint site.” Production is scheduled to start as early as the middle of next year.

The CMS team was led by Vienna-based Partner Alexander Rakosi and included Vienna-based Partners Dieter Zandler, Attorney Georg Gutfleisch, and Associate Vanessa Horacek and Bucharest-based Managing Partner Horea Popescu, Senior Counsel Mihai Jiganie-Serban, Counsel Claudia Nagy, and Associates Cosmin Cretu and Cristina Ciomos.

Allen & Overy has advised the EBRD and the Asian Development Bank on a USD 105 million financing for Electric Networks of Armenia.

According to Allen & Overy, the funding will be used to modernize electricity distribution networks and ensure reliable electricity supply in Armenia, especially in its provinces. The ENA Investment Program started in 2016. Phase 1 was completed in 2020, while Phase 2 aims to reconstruct the distribution network and cable lines, upgrade outdated substation equipment, repair ENA’s facilities, and install new customer connections.

“Energy efficiency and security rely on strong infrastructure investment. ADB continues to support Armenia in achieving this goal by providing long-term financing for the private sector that is not readily available in the country,” commented the Infrastructure Finance Division Director for Central and West Asia and South Asia of ADB’s Private Sector Operations Department, Shantanu Chakraborty. “The project will fund the second phase of ENA’s long-term investment program, which aims to further expand electricity access in Armenia’s provinces.”

Allen & Overy’s team was led by Warsaw-based Partner Dan Cocker and included Prague-based Senior Associate Jana Marsalkova and Junior Lawyer Tereza Veverkova.

Sayenko Kharenko has advised joint lead managers and joint bookrunners Citigroup, ING, and Renaissance Capital on the second USD 50 million tap issuance of 8.45% secured notes due 2026 by the Trans-Oil Group.

The Trans-Oil Group is a vertically integrated agro-industrial holding with operating facilities in Moldova, Ukraine, Romania, and Serbia. According to Sayenko Kharenko, the “additional notes will be consolidated with the existing USD 450 million notes that originally were issued in 2021, which will bring the size of the eurobond to a total of USD 500 million.” The firm also advised on Trans-Oil’s original USD 400 million issuance (as reported by CEE Legal Matters on June 25, 2021) and on its first tap issuance (as reported on August 05, 2021 ).

Sayenko Kharenko’s team was led by Partner Igor Lozenko and included Associates Oles Trachuk and Vladyslava Mitsai and Junior Associate Oleksandr Motin.

The firm did not reply to our inquiry on the matter.

Deloitte Legal has advised Elbrus Capital Fund III on its investment into TransferGo during the USD 50 million series C funding round.

TransferGo is a money transfer service with 3.5 million customers. The Elbrus Capital Funds are private equity funds focused on investments in Russia and the CIS. Black River Ventures is focused on innovative companies at the growth and later stages across the European and US technology space, with a particular interest in Financial Services, Data Analytics/AI, Software/Services, and IoT.

According to Deloitte, “this latest fundraise, led by Elbrus Capital Fund III and Black River Ventures, follows [a] consistent 80% year-on-year growth for the fintech company since its launch, and brings the total raised to-date for TransferGo to USD 77 million. The round also includes funding from new investor Unlimint, and continued backing from existing investors that include Hard Yaka, VEF, SmartHub, and Milano Investments.” According to the firm, “the funding will be used to help expand TransferGo’s customer base, helping more migrants send and receive money across Europe, and develop its product offering in support of its ambitious goal to grow five times in the next 3-4 years.”

Deloitte Legal’s team in Lithuania included Partner Tomas Davidonis, Managing Associate Tomas Mieliauskas, and Lawyers Gintare Stoniene, Ieva Bindokaite, Agne Vanagiene, Stela Andriuskaite, Ginte Simkeviciute, Greta Lebednykaite, and Urte Grigaityte. In Russia, the team consisted of Lawyers Nikita Korobeinikov, Ildar Zverev, and Ruslan Makhmudov.

CMS has advised Teda-MM and LDS Plast on the sale of a majority stake to CEECAT Capital.

Teda-MM and LDS Plast are manufacturers of thermoformed rigid food packaging in the Balkan region. 

CEECAT Capital is a private equity investor in Central and Eastern Europe, Central Asia, and Turkey.

CMS’s team was led by Vienna-based Partner Alexander Rakosi and Associate Florian Mayer and Bulgaria-based Co-Managing Partner Gentscho Pavlov, Partner Dimitar Zwiatov, and Senior Associate Ivan Gergov. CMS teams in Luxembourg and the Netherlands also provided support.

CMS did not reply to our inquiry on the matter.

Editor’s note: After this article was published, CEE Legal Matters learned that Jordanov, Valkov & Partners advised CEECAT Capital. The firm’s team included Managing Partner Jordan Jordanov and Partners Deyan Savov and Hristo Mihaylov.

Rymarz Zdort and Sayenko Kharenko have advised Poland’s PGNiG on the acquisition of a controlling stake in Ukrainian Karpatgazvydobuvannya from Energy Resources of Ukraine Management Services.

According to Rymarz Zdort, Karpatgazvydobuvannya is the sole owner of the Byblivska license, which covers an area located in Western Ukraine near the border with Poland. The company also holds a hydrocarbon exploration and production license covering an area in the western part of the Lviv region.

PGNiG operates in the Polish natural gas market. With equity interests in 30 subsidiaries, PGNiG is active in the area of production of natural gas and crude oil, as well as import, storage, sale, and distribution of gas and liquid fuels, and heat and electricity generation.

ERU is a foreign investment-backed group of companies specializing in the implementation of projects in the Ukrainian energy industry, operating since 2014.

The Rymarz Zdort team included Partners Marek Durski and Iwona Her, Counsel Jakub Krzemien, Senior Associates Lukasz Lech and Antonina Falandysz-Ziecik, and Associate Andrzej Granat.

Sayenko Kharenko’s team consisted of Partners Nazar Chernyavsky, Maksym Nazarenko, and Sergiy Smirnov, Counsels Maryna Hritsyshyna, Ario Dehghani, Zlata Simonenko, Oleksiy Koltok, and Iryna Bakina, Senior Associates Natalia Hutarevych, Mykhailo Grynyshyn, Igor Pomaz, Kateryna Utiralova, and Sergey Protyven, as well as Associates Zarina Khalimon, Kateryna Mytsykova, Yuliia Brusko, and Zhanna Zayets.

Moskwa, Jarmul, Haladyj i Partnerzy has advised Lagardere Travel Retail on its acquisition of the companies operating coffee shops under the Costa Coffee brand in Poland and Latvia from Costa Coffee.

Costa Coffee was founded in London by Italian brothers Sergio and Bruno Costa, in 1971. It now operates in 41 countries worldwide and has over 2,700 coffee shops in the UK and 1,100 in other countries.

Lagardere Travel Retail manages 4,800 stores across three business lines – travel essentials, duty-free & fashion, and foodservice – specifically in airports and railroad stations in nearly forty countries.

The MJH team included Partners Pawel Moskwa, Jan Jarmul, and Lukasz Blazejczyk.

The firm did not respond to our inquiry on the matter.

Walless has advised Lithuanian-UK private healthcare provider Northway on its acquisition of Latvian fertility and reproductive health clinic Your Doctors. Reihmanis & Partners reportedly advised the seller.

Northway is a private medical institution controlled by the UK-based company Northway Holdings Limited, providing medical, surgical, and rehabilitation services in Lithuania and the United Kingdom.

Your Doctors is a private clinic that has been operating in the field of reproductive health and infertility treatment for 15 years and holds an FDA quality certificate in the Baltic States.

The Walless team was lead by Partners Dovile Burgiene and Sintija Radionova and included Latvia-based Senior Associates Andis Ozolins, Laura Tumina, and Kristine Sakarne and Legal Assistant Krists Karins, as well as Lithuania-based Senior Associates Guoda Sileikyte and Domas Sileika.

Editor’s note: After this article was published, Reihmanis & Partners confirmed its involvement in the deal. The firm’s team included Partners Velga Celmina and Karlis Reihmanis.

Dentons has advised SPI International shareholders Loni Farhi and Berk Uziyel on the sale of a 70% stake in the company to Canal+. Rymarz Zdort advised the buyer.

The transaction remains contingent on regulatory approval. According to SPI, as a result of the deal, “SPI’s current owners Loni Farhi and Berk Uziyel will continue to manage and develop SPI’s business with the support of their executive committee, while the parties will be able to generate reciprocal synergies to further strengthen the two groups’ presence in the international markets.”

SPI International is a global media company operating 42 TV channels, multiple digital products across six continents, and a player in content distribution and broadcasting worldwide. Founded 28 years ago, the company operates multiple free-to-air and pay-TV channels in the CEE, Western Europe, and CIS regions including key European markets such as Poland, the Czech Republic, Romania, Serbia, the Netherlands, and Russia. It also owns a suite of legacy brands such as FilmBox, Film1, Kino Polska, Stopklatka, Dizi along with different thematic channels and streaming services. Canal+ is a world pay-TV operator and major player in free-to-air television in France. Its international footprint includes 40 countries in Europe, Sub-Saharan Africa, and Asia.

“The acquisition of SPI International is part of the strategy we have been implementing for several years,” commented Canal+ Group CEO Maxime Saada. “Canal+ currently has 22 million subscribers in over 40 countries, including 15 in Europe. We have set ourselves the goal of reaching a minimum of 30 million subscribers by 2025, and SPI International will certainly be a key asset in achieving this ambition.”

The Dentons team included Budapest-based Partner Rob Irving and Associates Kamran Pirani and Sebastian Ishiguro, Warsaw-based Partners Jakub Celinski and Karol Laskowski, Managing Counsel Arkadiusz Wierzbicki, and Senior Associates Tomasz Kordala and Agata Sokolowska, and Amsterdam-based Partner Kuif Klein Wassink and Associate Nick de Rooij.

The Rymarz Zdort team was led by Partner Marek Maciag with the assistance of Associate Monika Michalowska. It included Partners Monika Kierepa and Iwona Her, Counsel Marek Kanczew, Senior Associate Antonina Falandysz-Ziecik, and Associates Hubert Bracichowicz, Aleksandra Pietrzak, Piotr Krolinski, and Karolina Chudy.

CMS and Sorainen have advised the Greco Group on its acquisition of MAI CEE Insurance Brokers.

The Greco Group is an insurance broker operating in 16 countries. MAI CEE Insurance Brokers is a risk, insurance, and employee benefits consultant in the CEE region.

CMS’s team included Partners Mateusz Stepien, Slawomir Czerwinski, and Graham Conlon, Senior Associate Antoni Wandzilak, and Lawyers Natalia Szurnicka and Magdalena Mentrak, with further support from CMS teams in the Czech Republic, Romania, Hungary, Russia, Oman, and the UAE.

Sorainen’s team included Partners Sergej Butov, Piret Jesse, Eva Berlaus, Asta Augutyte-Rapkeviciene, and Kestutis Svirinas, Counsels Janis Bite, Pirkko-Liis Harkmaa, Jurgita Karvele, Kazimieras Karpickis, and Stasys Drazdauskas, Senior Associates Vaiva Masidlauskiene, Triin Ploomipuu, Mirjam Vichmann, Zanda Frisfelde, Linda Reneslace, Aukse Trapnauskaite, Vitalija Impoleviciene, Svetlana Rudaja, and Julija Kirkiliene, Associates Laura Matuizaite, Liisa Maria Kuuskmaa, Marcus Niin, Andra Grunberg, Maris Simulis, Agneta Rumpa, Liva Aleksejeva, Goda Drasute, Juliana Pavilovska, Gabriele Raizyte, Sidas Sokolovas, Sandra Aleksandraviciene, Erikas Linkevicius, Barbora Bernatonyte, and Simonas Slitas, and Assistant Lawyer Eva Lennuk.

CMS could not provide additional information on the deal.