Category: Deals and Cases

CMS has advised Thor Impex – the project company for the Bogoslovec 36 Megawatt wind farm in North Macedonia – on a EUR 51 million financing from a club of banks led by the Erste Bank. White & Case advised the lenders.

Recently, the Green for Growth Fund made a EUR 3.5 million equity investment in Thor Impex to partially fund the construction and operation of the wind farm (as reported by CEE Legal Matters on June 29, 2021).

The CMS team was led by Prague-based Senior Associate Pavel Srb and included Bucharest-based Partner Ana Radnev.

White & Case’s team consisted of Partner Jonathan Weinberg and Associates Petr Smerkl, Radek Kraus, and Chris Norris.

The Moscow and Istanbul offices of Dentons have advised the Black Sea Trade and Development Bank on its provision of a seven-year EUR 75 million loan to the Hayat Kimya Group for the construction of a new hygienic tissue and paper towel factory in Kaluga, Russia.

According to Dentons, the total value of the construction project is EUR 134.5 million and, upon completion, the project will constitute the group’s third production facility in Russia. 

The BSTDB is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey, and Ukraine. 

Hayat Kimya is a producer of detergent, hygiene, and tissue products. 

The Dentons team included Moscow-based Partner Timothy Stubbs, Counsel Dennis Montgomery, and Associate Arsen Safaryan, and Istanbul-based Partners Tamsyn Mileham and Burcu Boso and Associate Canberk Varis.

Boyanov & Co and Kalo & Associates have advised Albania Telecom Invest Bulgaria and One Telecommunications SHA Albania on a refinancing loan made by a club of banks including OTP Bank Hungary, DSK Bank Bulgaria, and Banka OTP Albania, for a principal amount of EUR 37 million with a maturity of 10 years. Wolf Theiss advised the lenders on the deal.

According to Boyanov & Co, the initial loan of EUR 48.5 million, from First Investment Bank, was used by ATI in 2019 to acquire a controlling stake in One, previously Telekom Albania, from OTE.

Boyanov & Co’s team was led by Partner Damian Simeonov.

Kalo & Associates’ team was led by Co-Managing Partner Aigest Milo.

Wolf Theiss’ team included Albania-based Partner Sokol Nako and Associate Kristaq Profkola and in Bulgaria-based Partner Katerina Kraeva.

Greenberg Traurig has advised Canadian Dream Industrial Real Estate Investment Trust on the acquisition of a corporate group holding a portfolio of 31 logistics properties in Europe, from Clarion Europe for EUR 882 million. Goodwin’s London office advised the seller.

The portfolio consists of properties in Germany, France, Spain, the Netherlands, the Czech Republic, and Slovakia. According to Dream, this acquisition is consistent with its strategy to add high-quality assets in strong European industrial markets, while improving portfolio quality, scale, and diversification.

Greenberg Traurig’s team was led by Partner Christian Schede.

Sorainen has advised Baltic media company Ekspress Grupp on the sale of Printall to Trukitung.

Financial details were not disclosed. 

The Printall printing house, established in 1971, has been a part of Ekspress Grupp since 1998. According to Sorainen, with the sale of Printall, Ekspress Grupp will exit the printing services market and will become a media company with an almost entirely digital revenue base.

Sorainen’s team included Partner Toomas Prangli, Senior Associate Robin Teever, and Associate Nele Suurmets.

Sorainen did not reply to our inquiry on the matter.

Editor’s note: After this article was published, Ellex announced that it had advised Trukitung, majority-owned by private individual Hans H. Luik, on the acquisition of Printall. The firm’s team was led by Partner Sven Papp.

Vulic Law has advised dairy product company Mlekara Sabac on the construction of a factory in Russia.

According to the firm, this represents “one of the biggest investments of a Serbian company in Russia.” Construction of the factory is set to start in the Moscow region next year, with the site meant to produce soft cheese and yogurts. “The Chamber of Commerce and Industry of the Russian Federation and the Government of the Moscow region will support the construction of the factory of Mlekara Sabac and projects of other Serbian companies that want to expand their business on the Russian market,” the firm further informed.

“This investment in Russia further strengthens Mlekara Sabac’s business and represents a significant step in the further development of economic relations between the Russian Federation and Serbia and we are proud to be part of it,” commented Vulic Law Managing Partner, Milos Vulic, who led the team working on the matter.

Cobalt has advised Estonian Peranto OU on the sale of UAB Mockavos Terminalas to AB Orlen Lietuva.

The terminal in Mockava was built in 2017 and occupies an area of 40 hectares. According to Cobalt, “its product storage capacity is 19,000 cubic meters, and its loading capacity amounts to 1.2 million tons of liquid petroleum products a year.”

According to the firm, “with this acquisition, AB Orlen Lietuva, a company owned by the Polish Oil Concern Orlen, has taken over control of the only liquid products loading terminal operated at Lithuania-Poland border.”

Cobalt’s team included Managing Partner Irmantas Norkus and Managing Associate Deimante Pagiriene.

Cobalt did not reply to our inquiry on the matter.

Walless has advised Mandatum Life on the sale of its life insurance business in the Baltics to the Lithuanian Invalda INVL group. 

According to Mandatum Life, the agreement signed on June 15, 2021 is estimated to be completed during the first half of 2022. The Baltic operations consist of three branch operations totaling 83 employees: Mandatum Life Estonia, Mandatum Life Latvia, and Mandatum Life Lithuania. 

“In the past year, Mandatum has reviewed its business strategies,” said Petri Niemisvirta, CEO of Mandatum Group. “The focus will be on the Finnish market and on wealth management in Finland and abroad with institutional clients. That is how we will provide our stakeholders with the greatest value. Our business in the Baltics has shown good results both financially and in great personnel and customer satisfaction numbers after its re-organization. Invalda INVL’s offer came at the right time for the company’s strategic changes.”

Walless did not reply to our inquiry on the matter.

Editor’s note: After this article was published, Sorainen informed CEE Legal Matters that it had advised Invalda INVL on the deal. The firm’s team included Partners Mantas Petkevicius and Tomas Kontautas, Counsels Janis Bite, Piibe Lehtsaar, and Monika Malisauskaite-Vaupsiene, Senior Associates Mindaugas Baniulis, Agne Sovaite, and Vitalija Impoleviciene, and Associate Nele Suurmets.

Walless subsequently informed us that their team included Partners Sintija Radionova, Hannes Vallikivi, Rolan Jankelevitsh, Gediminas Reciunas, and Aiste Medeliene, Associated Partners Alina Makovska and Darius Miniotas, Senior Associates Kaisa Uksik and Enrika Tamasauskaite, and Associates Greta Liutkute, Baiba Krievina Sutora, and Kaisa Saarmann.

Karanovic & Partners and Dentons have advised the Green for Growth Fund on its EUR 3.5 million equity investment in Thor Impex Skopje, partially funding the construction and operation of a 36-megawatt wind farm near Bogoslovec in North Macedonia.

According to Karanovic & Partners, the Bogoslovec project is directly aligned with the GGF’s sustainable investment objective and should directly contribute to the implementation of North Macedonia’s Renewable Energy Action Plan, which aims to reach a 50% share of renewable energy in electricity production by 2024.

Dentons’ team included Partner Nadia Cansun and Senior Associate Merve Akkus.

Glatzova & Co, working with global counsel Hengeler Mueller, has advised Chinese tool manufacturer Greatstar Group on its acquisition of the Behrens Group. According to Hengeler Mueller, Alrud, Soltysinski Kawecki & Szlezak, and Wolf Theiss advised the buyer on the Russian, Polish, and Austrian aspects of the deal and Barnes & Thornburg, Bonelli Erede Lombardi Pappalardo, Bruun & Hjejle, Corrs Chambers Westgarth, Jeantet, Macfarlanes, Mattos Filho, Niederer Kraft Frey, Schjodt, Uria Menendez, and Van Bael & Bellis advised the buyer in various other jurisdictions.

The Behrens Group is a German manufacturer and retailer of tools and fasteners.

Hengeler Mueller’s team consisted of Berlin-based Partners Martin Tasma, Jens Wenzel, Daniel Kress, Fabian Quast, and Jan Bonhage, Counsel Fabian Seip, Senior Associates Erasmus Hoffmann, Cornelia Gersch, and Michael Schramm, and Associates Fabian Berdin, Moritz Muller-Leibenger, Nicolas Kutscher, and Jasper Bothe; Munich-based Partner Markus Ernst and Senior Associates Tobias Schwab and Carolin Raspe; Dusseldorf-based Partner Alf-Henrik Bischke and Senior Associate Tobias Bieber; and Frankfurt-based Partner Hendrik Bockenheimer.

Glatzova & Co’s team included Managing Partner Vladimira Glatzova and Partner Veronika Pazmanyova. The firm did not reply to our inquiry about the deal.