Category: Deals and Cases

Sorainen and Greenberg Traurig have advised Allianz SE on its acquisition of life and non-life insurance operations and the pension and asset management business in Poland and Lithuania — including Lithuanian subsidiary Aviva Lithuania — from the Aviva Group. The Aviva Poland business also includes Aviva’s 51% shareholding in life and general insurance joint ventures with Santander: Santander-Aviva Towarzystwo Ubezpieczen Na Zycie S.A. and Santander-Aviva Towarzystwo Ubezpieczen S.A. Wiercinski, Kwiecinski, Baehr, working with lead counsel Slaughter and May, advised Aviva on the deal in Poland, and Cobalt advised Aviva on Lithuanian aspects. Rymarz Zdort advised Santander.

The transaction, which remains subject to required regulatory approvals, is expected to complete within the next twelve months, and is valued at EUR 2.7 billion.

Sorainen’s team in Lithuania was led by Senior Associates Agne Sovaite and Inga Macijauskaite and Partners Tomas Kontautas and Mantas Petkevicius and included Senior Associates Indre Peledaite, Aurelija Daubaraite, Monika Malisauskaite-Vaupsiene and associate Simona Vaicekauskaite.

Slaughter and May’s team included Corporate Partners Claire Jackson, Richard Smith, and Nick Pacheco, Tax Partner William Watson, IP/IT Partner Rob Sumroy, and Competition Partner Anna Lyle-Smythe, as well as Associates Chris Tolley, Olivia Hosker, Charles Osborne, Nicola Dinan, Oliver Howley, Ben Allen, and Kadambari Chinoy, and Trainees Yan Lai, Elizabeth Oladunni, and Sophia Russell.

WKB’s team included Partners Jakub Jedrzejak, Jakub Pokrzywniak, Marcin Smolarek, Ben Davey, and Aleksander Stawicki, Counsels Agata Szczepanczyk-Piwek and Krzysztof Wawrzyniak, Senior Associates Tomasz Maslak, Aleksandra Przybysz, Monika Obieglo, and Wojciech Kulczyk, and Associates Katarzyna Stefaniak, Konrad Kropiwnicki, and Sebastian Lys.

Greenberg Traurig’s team included Senior Partner Lejb Fogelman, Partners Stephen Horvath, Lukasz Pawlak, and Robert Gago, Local Partners Maciej Pietrzak, Michal Bobrzynski, Anna Halas‑Krawczyk, and Maciej Kacymirow, Senior Associates Ewa Tabor, Anna Celejewska-Rajchert, Magdalena Medynska, Anna Wisniewska, Marek Kleczek, Agnieszka Stopinska, Magdalena Bachleda-Ksiedzularz, and Associates Filip Drgas, Marta Kownacka, Angelika Makar, Julia Gontarska, Aleksandra Staromiejska, and Adam Andula, and London-based Partner Graham Iversen and Associate Kathryn Jones.

Cobalt’s team in Vilnius included Partners Juozas Rimas and Akvile Bosaite, Managing Associate Deimante Pagiriene, and Senior Associate Inga Mazvilaite.

Rymarz Zdort’s team included Partners Lukasz Gasinski and Jacek Zawadzki and Associates Marzena Iskierka and Aleksander Jakubisiak.

Editor’s note: After this article was published, Hogan Lovells informed CEE Legal Matters that it had advised the Aviva Group on the deal. The firm’s team consisted of Warsaw Office Managing Partner Beata Balas-Noszczyk, Counsels Tomasz Grygorczuk and Bartosz Romanowski, and Senior Associate Maryla Surowiec.

In August 2021 Greenberg Traurig informed CEE Legal Matters that it had advised the Allianz Group on obtaining the European Commission’s merger control clearance for the acquisition. The firm’s team was led by Partner Robert Gago and included Senior Associates Ewa Tabor and Anna Celejewska-Rajchert and Associates Filip Drgas and Marta Kownacka.

In November 2021, Greenberg Traurig announced that the deal had closed successfully and provided additional details as to the firm’s team composition. Further team members included also Of Counsel Adam Opalski, Senior Associates Natalia Wolkowycka and Joanna Kuc, and Associates Agata Izyk, Maciej Jablonski, Dawid Malinowski, Michal Baldowski, and Marta Poplawska.

Turunc, working with JPP Law, has advised Turkish/British digital employee-experience platform Sorwe on financing it received from Estonia-based Startup Wise Guys and Turkey-based TechOne. BTS Partners advised TechOne on the deal.

According to Turunc, Sorwe is a SaaS platform that gathers all strategic-people-management and company-specific intranet applications for a better employee experience and real-time people analytics. It is valued at USD 3.2 million.

Turunc’s team included Partner Kerem Turunc and Associate Yasemin Kerestecioglu.

The BTS Partners team was led by Partner Okan Arican and included Associate Yeseren Sozuer.

Schoenherr has advised the Liechtenstein Group on an unspecified investment in PV-Invest, a renewable energy company active in Austria and Southern and Southeastern Europe.

The Liechtenstein Group, which is owned by the Princely House of Liechtenstein, manages a portfolio of companies operating in the agribusiness and food, forestry, renewable energy, and real estate sectors.

PV-Invest is a producer of electricity from photovoltaic and small hydropower plants. Its subsidiaries in Austria and Southern and Southeastern Europe currently operate a 54 megawatt portfolio.

According to Schoenherr, “the equity investment is intended to enable PV-Invest to accelerate its expansion in the currently rapidly growing market for the construction and operation of photovoltaic power plants.” According to the firm, he deal is expected to close in the third quarter of 2021.

Schoenherr’s team included, in Austria, Partners Alexander Popp, Constantin Benes, Franz Urlesberger, and Bernd Rajal, Counsel Teresa Waidmann, Attorney-at-Law Alfred Amann, and Associates Anna Diensthuber, Irina Hanin, Tobias Hayden, Philipp Staudigl, Anna Visontai, and Nina Zafoschnig; in Slovenia, Partners Marko Frantar and Vid Kobe and Associate Lea Avsenik; in Serbia, Partner Milos Lakovic and Associate Andrea Lazarevska; and in Bulgaria, Partner Stefana Tsekova and Attorneys-at-Law Silvia Ribanchova and Dimitar Vlaevsky. The firm did not reply to an inquiry about the deal.

Cobalt has advised private equity firm Levine Leichtman Capital Partners on the acquisition of the Creditinfo Group in partnership with Creditinfo’s founder and management team.

Established in 1997 and headquartered in Reykjavik, Iceland, Creditinfo is a provider of credit information and risk management solutions. Creditinfo facilitates access to finance through intelligent information, software, and decision analytics solutions.

Cobalt’s team included, in Estonia, Partners Martin Simovart and Karina Paatsi, Senior Associate liina Saaremets, and Associates Stella Raudsepp and Kerli Paasoja; in Latvia, Partner Guntars Zile, Senior Associate Elina Locmele, and Associate Vadims Zvicevics; and in Lithuania, Partner Juozas Rimas and Managing Associate Deimante Pagiriene.

Cobalt did not reply to our inquiry on the matter.

Kinstellar has helped the Business Lease Group B.V. and its CEE subsidiaries obtain a EUR 242 million refinancing loan in the Czech Republic, Hungary, Romania, and Slovakia from a syndicate of ABN Amro Bank N.V., ING Bank N.V., and Cooperatieve Rabobank U.A. Clifford Chance reportedly advised the lenders.

According to Kinstellar, “the refinancing loan, which was granted based on a multi-currency term and revolving facilities agreement, will be used for company operations.”

Business Lease Group B.V., a part of the AutoBinck Group, is a provider of operational leasing, car fleet management, and smart mobility consulting, among other services.

Kinstellar’s team included Prague-based Counsel Martina Brezinova and Junior Associate Igor Sebo; Budapest-based Of Counsel Dalma Ordogh and Junior Associate Veronika Heiszer; Bucharest-based Partner Zsuzsa Csiki, Senior Associate Smaranda Vacaru, and Associate Razvan Constantinescu; and Bratislava-based Managing Associate Tomas Melisek and Associate Dasa Labasova.

Paksoy has advised Migros Ticaret AS on the sale of 99% of its subsidiary Ramstore Macedonia DOO to City Plaza DOO Skopje, which was reportedly advised by Debarliev, Dameski & Kelesoska. The transaction is expected to close in the second quarter of 2021, subject to customary closing conditions and regulatory approval.

Ramstore Macedonia DOO is a supermarket chain operating in seven different cities in North Macedonia and owns a shopping mall. Migros will sell its shares in Ramstore Macedonia DOO through its 100% subsidiary, Ramstore Bulgaria EAD. 

Paksoy’s team included Partners Sera Somay and Nazli Bezirci and Associate Gozde Zorlu.

Sorainen has advised the Fortum energy company on the sale of its district heating business in the Baltics to the Partners Group, a global private markets firm, acting on behalf of its clients. Ellex advised the Partners Group on the transaction.

Fortum provides district heating in five cities in the Baltics – Tartu and Parnu in Estonia, Daugavpils and Jelgava in Latvia, and Klaipeda in Lithuania. In those cities Fortum also owns four combined heating and power plants as well as a 49% share of the Kaunas combined heating and power plant, in Lithuania, through a joint venture.

According to Sorainen, the transaction, subject to customary closing conditions, is expected to be completed in the second quarter of 2021. According to the firm, “with a total consideration of EUR 800 million on a debt- and cash-free basis, this will most likely be the biggest M&A transaction in the Baltics in 2021. The transaction is a continuation of Fortum’s strategy execution, whereby Fortum continuously reviews its businesses to optimize its portfolio for value creation.”

Sorainen’s team was led by Counsel Isabella Barbara Tisenhusen and Partner Toomas Prangli and also included, in Estonia, Senior Associates Britta Retel, Mirjam Vichmann, Kaspar Endrikson, Piibe Lehtsaar, and Lise-Lotte Laane, Associate Andra Grunberg, and Legal Assistant Nils-Gregory Aer, in Latvia, Partner Eva Berlaus and Senior Associates Renate Purvinska, Viktorija Smirnova-Cerkasa, and Zanda Frisfelde, and in Lithuania, Partner Sergej Butov, Senior Associates Jonas Kiauleikis, Aurimas Banys, Julija Kirkiliene, Monika Malisauskaite-Vaupsiene, and Aurelija Daubaraite, and Associates Lukas Vaisvila and Sidas Sokolovas.

Ellex’s team was led by Vilnius-based Partner Paulius Gruodis and included, in Estonia, Partner Gerli Kivisoo, Counsel Triin Frosch, Senior Associates Anneli Krunks and Hanna Pahk, and Associates Karin Tartu, Liisbeth Lillo, and Karl Kreevald; in Latvia, Senior Partner Filips Klavins, Senior Counsel Iveta Ceple, Senior Associates Beata Plocina, Edvijs Zandars, and Inese Freivalde, and Associates Eduards Dzintars, Ints Skaldis, Kristers Losans and Marats Golovkins; and in Lithuania, Partners Paulius Gruodis, Giedrius Stasevicius, and Karolis Kacerauskas, Expert Ema Buteniene, Senior Associates Mantas Juska, Edvinas Beikauskas, Gintare Skroliene, and Nerijus Patlabys, and Associate Laura Paulaite.

Havel & Partners has advised Gi International on its acquisition of 100% of the shares of Work Service Czech and Work Service Slovakia.

Financial details of the transaction were not disclosed.

Gi Group is a Milan-based provider of HR services, including temporary, permanent, and professional staffing services, search and selection and executive search, as well as outsourcing, training, outplacement and HR consultancy. The company, which is present in more than 57 countries around the world, employs more than 4,000 people.

Work Service is a Polish HR company that provides permanent placement and temporary staffing, outplacement, and outsourcing services.

Havel & Partners’ team included Partner Jan Koval, Counsel Petr Dohnal, and Associate Josef Bouchal.

Cobalt has advised venture capital fund Karma Ventures on its follow-on investment in Vilnius-based CGTrader, which was advised by Sorainen. Evli Growth Partners, Karma Ventures, and LVV Group participated in the round, in which CGTrader raised USD 9.5 million.

CGTrader, founded in 2011 in Vilnius, provides 3D models for professionals in computer graphics, gaming, video production, advertising, VR/AR, and other industries.

Cobalt’s team included Partner Kristel Raidla-Talur, Senior Associates Greete-Kristiine Kuru and Sven Bottcher, and Assistant Lawyer Johanna Lumiste.

Sorainen’s team included Partner Mantas Petkevicius, Counsel Indre Sceponiene, and Senior Associate Vytautas Sabalys.

Mitroi, Damian, Serbu & Associates and Ireland’s Crowley Millar Solicitors have successfully represented Romanian airline Just-Us Air in arbitration with Air Moldova, the largest Moldovan airline.

According to MDS Legal, “following an arbitration ruling in December of 2020 favorable to Just-Us Air, one of Air Moldova’s aircraft was seized [at the] Dublin airport for an unpaid debt of EUR 4.2 million. As a result of the negotiations, the Airbus A319 aircraft operated by Air Moldova has taken off back to Chisinau. At the time of the seizure, Just-Us Air ensured that all 20 passengers on board were accommodated in Dublin and were safely transported back to Chisinau three days later.”

MDS Legal’s team included Managing Partner Claudiu Damian, Partner Tudor Mitroi, and Counsel Ana Mirea.