Category: Deals and Cases

Kambourov & Partners has advised Bulgartransgaz EAD on its acquisition of a 20% stake in Gastrade S.A.

Financial aspects of the acquisition were not disclosed.

Gastrade operates natural gas systems in Greece. It is the developer of the liquid natural gas terminal near Alexandroupolis, in Greece.

Bulgarian national gas transmission operator, Bulgartransgaz, entered the Greek market after a recent agreement was signed between the governments of the two countries. According to Kambourov & Partners, “Bulgartransgaz EAD became a shareholder of the Alexandroupolis LNG terminal which is identified as a project of common interest by the European Commission, and is expected to begin operations in 2022.”

Kambourov & Partners’ team included Managing Partner Vladimir Rangeloff, Partners Ivo Alexandrov and Veronika Hadjieva, and Senior Associate Angel Rizov.

Ellex has advised Quaero European Infrastructure Fund II on the acquisition of 100% of the shares of Digitalas Ekonomikas Attistibas Centrs from Solo Investments SIA, Astondesmit Astoni SIA, Duo Investicijas SIA, and KFP SIA. Triniti advised the sellers on the transaction.

Financial details were not disclosed. 

According to Ellex, “QEIF II is a EUR 500 million-infrastructure fund managed by Quaero Capital, an independent asset management company. QEIF II invests across Europe in essential infrastructure projects in sectors such as energy & renewable, social infrastructure, telecom, utilities, and transport. As a new shareholder, QEIF II will consolidate DEAC business model, strengthen the company’s financial resources, and accelerate its development in the coming years.”

Digitalas Ekonomikas Attistibas Centrs is a carrier-neutral data center operator in CEE.

Ellex previously advised Quaero on its June 2020 acquisition of UAB Duomenu Logistikos Centras from the Ignitis Group and Litgrid (as reported by CEE Legal Matters on June 15, 2020). 

The Ellex Valiunas team in Lithuania included Partner Paulius Gruodis, Senior Associate Mantas Juska, and Associates Arvydas Gruseckas and Augustinas Macionis, while the Ellex Klavins team in Latvia included Senior Partner Raimonds Slaidins and Senior Associate Reinis Sokolovs.

Triniti’s team included Latvian Partner Ugis Treilons and Senior Associate Krista Punta.

Studnicki, Pleszka, Cwiakalski, Gorski has advised the Oriens Bijou Group on the sale of the network to the Tous group. Garrigues advised Tous on the deal.

According to SPCG the Tous brand has been present in Poland for over ten years, during which period Orens Bijou operated and grew its franchise-based retail sales of Tous products in Poland, the Czech Republic, and Slovakia. “The Tous Group has decided to start an independent retail sale of Tous products in Poland, the Czech Republic, and Slovakia,” SPCG reports. “The fastest way to achieve this was to take over the operations of the Oriens Bijou Group.” 

SPCG’s team included Partners Zbigniew Cwiakalski, Wawrzyniec Rajchel, and Adam Kostrzewa, Senior Associate Lukasz Przyborowski, and Associates Ewelina Rumak, Grzegorz Keler, and Marcin Balicki.

Garrigues’ team included Senior Associates Mateusz Przygodzki, Marek Karasiewicz, Eliza Gluszko, Filip Raubo, and Dariusz Nowak.

Rymarz Zdort and Prica & Partners have advised Innova Capital on the sale of 100% of the shares of subsidiary Trimo d.o.o. to Kingspan Group plc. Jadek & Pensa reportedly also advised Innova Capital on the deal, which remains subject to regulatory approvals and is expected to be completed in the fourth quarter of 2020.

Financial details were not disclosed.

Slovenian company Trimo provides fireproof solutions for the construction of facades and roofs, with a sales network across 30 countries and production facilities in Slovenia and Serbia. According to Rymarz Zdort, “the acquisition is a good strategic fit for Kingspan in respect of its product portfolio, positioning and geographic coverage. Once acquired by Kingspan, Trimo will be able to leverage its potential using Kingspan’s large international distribution network.” 

The Kingspan Group is a building materials manufacturer founded in Ireland in 1965 that operates in more than 70 countries around the world.

Rymarz Zdort’s team consisted of Managing Partner Pawel Zdort, Partners Iwona Her and Jakub Zagrajek, Counsel Irmina Watly, and Senior Associates Aleksandra Kabac and Leszek Cyganiewicz.

The Prica & Partners’ team providing Serbian advice included Partner Darija Ognjenovic and Associate Veljko Nesic.

Hillmont Partners has obtained an award for interim measures for client Komaksavia Airport Invest Ltd in arbitration against the Republic of Moldova related to the concession agreement for the Chisinau International Airport. 

According to Hillmont Partners, “despite transformational investments into the airport since 2013, the investor’s business has recently come under huge political pressure that seeks to force it to breach its obligations under the concession agreement with the Agency of Public Property of the Republic of Moldova through a campaign openly and publicly admitted by Moldovan state officials. In order to protect the investor’s rights … arbitration at the Arbitration Institute of the Stockholm Chamber of Commerce [was] initiated. On August 2, 2020, Hillmont Partners successfully obtained an arbitral award for interim measures against the Republic of Moldova that explicitly prohibits the state from performing certain actions to terminate the concession agreement.”

The Hillmont Partners team included Co-Managing Partner James Hart, Counsel Andrii Chornous, and Senior Associate Sergii Regeliuk. 

CMS has advised KEXIM, the Export-Import Bank of Korea, on a USD 36 million financing deal with Grain Terminal Holdings — a Singapore-based joint venture between Posco International and the Orexim Group. Posco International was advised by South Korea’s Jipyong law firm, and the Orexim Group was advised by Harneys’ Cyprus office.

CMS’s multi-office team included Bulgarian Partner Elitsa Ivanova and Associate Katerina Hristova, Ukrainian Partner Ihor Olekhov, Counsel Kateryna Chechulina, Senior Associate Orest Matviychuk, and Associates Ivan Pshyk and Iryna Kravchenko, and Singaporean Partner Toby Grainger, Senior Associate Sam Ng, and Associate Eric Lai.

Editor’s Note: After this article was published, Sayenko Kharenko informed CEE Legal Matters that it had advised the Orexim Group on the deal. The firm’s team consisted of Partners Igor Lozenko and Oleksandr Nikolaichyk and Associates Denis Nakonechnyi and Ilhar Hakhramanov.

Subsequently, Aequo announced that it had advised Posco International on the deal. Aequo’s team included Partner Anna Babych, Of Counsel Maria Tsabal, and Associate Olesia Mashtaler.

Lawyers from Deloitte Legal’s Lithuanian and Estonian offices have advised Lonas UAB, a manufacturer of mattresses and beds, on its acquisition of Estonia’s Dreamland Home OU, a retailer and wholesaler of bedroom products, from ITIS Holding OU. Kaevando & Partnerid advised the sellers on the deal.

According to Deloitte Legal, “this transaction enables Lonas UAB to enter Estonian market through acquisition of a competitor. It is a first cross-border acquisition completed by Lonas UAB.”

Deloitte Legal’s team included Lithuanian Partner Tomas Davidonis and Managing Associate Tomas Mieliauskas and Estonian Partner Marko Pikani.

The Kaevando & Partnerid team included Partners Madis Saar and Marko Kaevando.

Sorainen has advised the Bite Group on a EUR 700 million bond issuance and refinancing. Latham & Watkins and Ellex reportedly advised initial bond purchasers and mandated lead arrangers Citigroup Global Markets Limited, Deutsche Bank AG, London Branch, ING Bank N.V., London Branch, and UniCredit Bank AG.

Bite Group is a telecommunications and media group based in the Baltics that is controlled by international asset management company Providence Equity Partners.

“The proceeds from the bond offering, together with cash in hand, will be used to repay Bite Group‘s existing financial debt and to return capital to shareholders,” Sorainen reported. “To secure the financing the issuer’s group will provide collateral packages in Lithuania, Latvia, and Luxemburg.”

According to Sorainen, the transaction consisted of two parts: First, “a bond issue by PLT VII Finance S.a.r.l., the parent company of Bite Group, which borrowed EUR 650 million in the international capital markets by issuing floating and fixed-rate notes due 2026,” of which “EUR 400 million of senior secured fixed rate notes and EUR 250 million of senior secured floating rate notes;” and second, “a EUR 50 million revolving syndicated financing transaction.”

Sorainen’s team included Partner Augustas Klezys, Rudolfs Engelis, and Saule Dagilyte, Counsel Stasys Drazdauskas, and Senior Associates Lina Ragainyte, Dalia Augaite, Rasa Mikutiene, Inese Heinacka, Jane Eespold, and Kaido Kunnapas.

The pan-Baltic team of Ellex included, in Estonia, Partner Ermo Kosk, Counsel Rain Raa, and Senior Associates Kadi Sink and Sandra Vark; in Latvia. included Associate Partner Valters Diure, Counsel Zinta Jansons, Senior Associate Beata Plocina, and Associate Marta Cera; and in Lithuania, Partner Giedrius Stasevicius, Associate Partner Migle Petkeviciene, Senior Associate Gintare Skroliene, Associates Dovydas Gudziunas, Paulius Vaitkevicius, and Edita Sinickaite, and Junior Associate Ainis Augustas Petrulis.

Sorainen has advised the Vienna Insurance Group on consolidating the businesses of its group non-life insurance companies Compensa and Seesam in Lithuania, Latvia, and Estonia. 

As a result of the transaction, VIG consolidated the businesses of Lithuania’s Compensa with branches in Latvia and Estonia, Estonia’s Seesam with branches in Lithuania and Latvia, and Compensa’s subsidiaries in Lithuania and Latvia – both insurance intermediaries.

“The aim of the merger is to optimize and simplify group structure,” Sorainen reports, adding that “all rights and obligations of Seesam Insurance have been taken over by Compensa Vienna Insurance Group, which will execute all contracts concluded between Seesam Insurance and its customers without changes.”

Sorainen’s team was led by Vilnius-based Partner Mantas Petkevicius and Senior Associates Agne Sovaite and Inga Macijauskaite. The firm’s team included, in Lithuania, Partners Tomas Kontautas and Saule Dagilyte, Senior Associates Rasa Mikutiene and Irma Kirklyte, and Associate Aurelija Daubaraite; in Latvia, Partners Eva Berlaus and Rudolfs Engelis and Senior Associates Zane Paeglite, Santa Rubina, and Aija Lasmane; and in Estonia, Partners Karin Madisson and Reimo Hammerberg, Counsel Isabella Barbara Aavik, Senior Associates Monika Tomberg and Tanel Molok, and Associate Nele Suurmets.

Cerha Hempel has advised MK Group Global Limited on the acquisition of a loan portfolio from Heta Asset Resolution AG and the acquisition of the direct and indirect shareholdings of HETA in three Slovenian wind-down entities that manage receivables from non-performing loans granted by the former Hypo Alpe-Adria-Bank International AG and its subsidiaries to customers in Slovenia. Schoenherr advised the Republic of Austria as the owner of HETA. 

HETA is a wind-down company owned by the Republic of Austria set to dispose of the remaining assets of Hypo Alpe-Adria-International AG, which was nationalized in 2009. According to Cerha Hempel, “the buyer was found as part of a complex, multi-stage bidding process that lasted several months, at the end of which the Republic of Austria … finally selected MKG as the best bidder.”

MKG is a Cypriot holding company. The group consists of a number of  service companies active in the agricultural, wholesale, real estate, and banking sectors. 

Cerha Hempel’s team included Managing Partner Albert Birkner and Counsel Wolfgang Sindelar.

Schoenherr’s team in Vienna included Partner Sascha Hoedl, Attorney Clemens Gaugusch, and Associate Alexander Gruber, while its team in Ljubljana included Partners Vid Kobe and Eva Skufca, Attorney Peter Grose, and Associate Lea Avesnik.