Category: Deals and Cases

GIde and Ellex, working with Ashurst, have advised Rivage Investment, Copenhagen Infrastructure Partners, and Norway’s Kommunal Landspensjonskasse on a EUR 300 million IPP financing for the construction of 1.3-gigawatt of solar PV, wind, storage, and hybrid parks in the Baltics and Poland, provided to Sunly. CMS and reportedly White & Case and Sorainen advised Sunly.

Sunly is an Estonian renewable energy producer.

The Gide team included Partner Pawel Grzeskowiak, Of Counsel Marta Karminska, Counsel Mateusz Gronau, Assocaite Szymon Rydzewski, and Paralegal Mateusz Glaz.

The CMS team included Counsel Martyna Markiewicz, Senior Associate Kamila Singer, and Associate Maciej Lorenz.

The Ellex team included Partners Ermo Kosk and Liis Konn and Counsels Toomas Kasesalu and Dmitri Rozenblat.

Dentons has advised the State Oil Company of the Azerbaijan Republic on an addendum to the existing production sharing agreement with BP, MOL, INPEX, Equinor, ExxonMobil, TPAO, ITOCHU, and ONGC Videsh for the development of the non-associated natural gas reservoirs in the Azeri-Chirag-Deepwater Gunashli field.

According to Dentons, “located approximately 100 kilometers east of Baku, ACG is the largest oilfield in the Azerbaijan sector of the Caspian Sea basin. The addendum amends the ACG PSA to enable the parties to explore, appraise, develop, and produce from the ACG field’s NAG reservoirs of up to 4 trillion cubic feet of gas. The addendum is effective until the end of the existing ACG PSA in 2049. The deal could result in the investment of billions of dollars into the development of NAG reservoirs of the ACG field over the next 25 years.”

Prague-based Senior Counsel Jon Hines was one of the lawyers leading the Dentons team which also included team members in London and Baku.

White & Case, working with Bondoc si Asociatii, has advised a club of eight commercial banks and international financial institutions on the up-to-EUR 291 million financing of the construction of the 461-megawatt Rezolv Energy’s Vifor wind farm in Romania.

The White & Case team in Prague included Partners Jonathan Weinberg and Vit Stehlik, Local Partners Radek Kraus and David Wilhelm, and Associates Katerina Hudeckova, Magdalena Lajdova, Vinh Ngo The, and Martin Vorisek.

White & Case did not respond to our inquiry on the matter.

Editor’s Note: After this article was published, Bondoc si Asociatii announced that its team included Partners Simona Petrisor, Monica Iancu, Diana Ispas, and Cosmin Stavaru and Lawyers Florin Sandu, Silviu Vasiliu, Oana Danila, Yasmina Pascale, Ionel Macovei, Matei Vilcov, Raluca Catargiu, Andrei Pruna, Vasile Soltan, and Rares Iacob.

Dentons has advised Yanmar Group on its acquisition of Tedom from the Jet Investment fund. DRV Legal advised Jet Investment Fund.

The transaction remains contingent on regulatory approval.

The Yanmar Group is a Japanese-headquartered engine and machinery manufacturer.

Tedom is a Czech-based energy engineering company. According to Dentons, “with operations in the Czech Republic, Germany, Poland, Slovakia, the United States, the United Kingdom, and Kazakhstan, Tedom Group is expected to generate approximately EUR 315 million in revenue in 2024.”

The Dentons’ team included Prague-based Partners Petr Zakoucky and David Simek, Counsel Lukas Vymola, Senior Associates Jan Gerych, Adam Prerovsky, Tomas Pavelka, and Michael Mracek, Associate Krystof Vrtek, Michal Vik, Katerina Kucerova, and Jan Sedlak, and Junior Associates Arne Delong, Robert Kveton, and Jana Dudychova, Bratislava-based Partner Juraj Gyarfas, Senior Associate Tatiana Jevcakova, and Junior Associate Roman Kettner, Warsaw-based Partner Agnieszka Stefanowicz-Baranska, Managing Counsel Marcin Paliwoda, Counsel Maciej Marek, Senior Associate Beata Blaz, Associate Martyna Oziembala, and Junior Associate Karolina Gerula, as well as further team members in Amsterdam, Berlin, Duesseldorf, Milton Keynes, New York, and Almaty.

The DRV Legal team included Partners Tomas Rada and Tomas Antal, Attorney at Law Matej Urbanek, and Junior Lawyer Magdalena Rozlivkova.

Dentons has advised Resource Partners on its acquisition of an 80% stake in Interactive Travel Holdings, the parent company of the Romanian brand Vola.ro and Polish brand FRU.pl, which also operates in Bulgaria and Moldova, from 3TS Capital Partners and the Polish co-founders of FRU.pl. CMS and DLA Piper reportedly advised the sellers.

Resource Partners is a CEE-focused independent private equity firm.

According to Dentons, “the transaction is aimed at the company’s further development and expansion into new international markets, as well as at strengthening its position in the online travel industry.” Moreover, the transaction is “supporting a management buyout led by the Romanian management team. Daniel Truica will continue in his role as Group CEO of ITH, with a substantial minority stake. Furthermore, Resource Partners has chosen to retain the entire management team, a decision that reflects their confidence in the team’s ability to drive the company’s continued success and growth.”

The Dentons team included Warsaw-based Partners Piotr Dulewicz and Michal Wasiak, Counsels Natalia Lawniczak-Koziol and Maciej Marek, Senior Associate Marcin Przybysz, and Associates Marcin Urbanski, Aleksandra Redzisz, Weronika Urbszys, Barbara Domanska, and Karolina Gerula and Bucharest-based Partners Cristian Popescu and Raul Mihu, Senior Associates Cosmin Roman and Simona Moisa, and Associates Ruxandra Ronea, Mihut Radu, and Iulia Titirisca.

Cobalt has advised Linas Agro on its acquisition of Elagro Trade for a preliminary amount of EUR 22 million.

The transaction remains contingent on regulatory approval.

Linas Agro is indirectly controlled by the agricultural and food production company Akola Group.

Elagro Trade is a Latvian grain exporter. 

“The target company is a strong grain trader, supplier of goods to farmers, and a competitor of Linas Agro in Latvia,” Akola Group CFO & Board Member Mazvydas Sileika commented. “The acquisition will increase the efficiency of the services provided to Latvian farmers and will help the company to compete more actively in the grain export business and improve the infrastructure in Latvia.”

In 2023, Cobalt advised on Linas Agro Group’s acquisition of Grybai LT (as reported by CEE Legal Matters on June 12, 2023) and, in 2021, Cobalt helped the Linas Agro Group obtain clearance in Latvia for its acquisition of the Kauno Grudai Group (as reported by CEE Legal Matters on March 4, 2021).

The Cobalt team included Managing Partner Irmantas Norkus, Partners Guntars Zile and Ugis Zeltins, Specialist Counsel Sandra Juozaitiene, Senior Associates Elina Locmele, Diana Zepa, Inga Tenisa, Ivo Maskalans, and Agnese Gerharde, and Associates Vadims Zvicevics, Maira Puzule, and Toms Dreika.

Cobalt did not respond to our inquiry on the matter.

Dentons has advised AniCura on the acquisition of VetCare Group in Slovakia and the Czech Republic from HardWood Investments. Acres reportedly advised HardWood Investments.

AniCura operates in the veterinary care industry. Headquartered in Sweden, it operates nearly 500 specialized veterinary clinics, which treat up to 4.5 million pets annually across 15 European countries. AniCura belongs to Mars Veterinary Health, which is active in Europe, America, and Asia and has close to 3,000 clinics around the world employing a total of 70,000 people.

According to Dentons, “with the purchase of VetCare, AniCura acquires a total of 10 clinics – three in the Czech Republic and seven in Slovakia.”

The Dentons team included Prague-based Partner Tomas Bilek, Counsel Jana Malkova Zelechovska, and Senior Associate Adam Prerovsky as well as Bratislava-based Partner Stanislav Durica, Senior Associate Drahomir Siroky, and Associate Erik Kozurik.

TGS Baltic, working with Gernandt & Danielsson and Lupp + Partner, has advised TUV SUD on its acquisition of Carspect Group Holding and its subsidiaries in Sweden, Estonia, and Latvia from IK Partners group company Arwen International and minority sellers. Sorainen reportedly advised IK Partners.

TUV SUD is a provider of testing, inspections, and certification solutions.

The Stockholm-based Carspect Group operates more than 150 test centers for periodic technical inspections of vehicles and other associated vehicle-related inspection services in Sweden, Latvia, and Estonia. 

According to TGS Baltic, “with the acquisition of Carspect, TUV SUD now has a presence in the PTI market in nine countries. In addition to its home market of Germany, TUV SUD’s testing and inspection experts are already providing PTI services in Turkiye, Spain, Austria, Slovakia, and South Africa.”

The TGS Baltic team included Estonia-based Partners Kadri Kallas and Kirsti Pent, Associate Partner Triinu Jarviste, Senior Associates Mirko Kikkamagi, Liisa Levandi, Siret Saks, Olger Kaelep, and Mari Anne Rohtla, Lawyer Aleksander Pajuri, and Associate Ingeri-Helena Kakko and Latvia-based Partner Andra Rubene, Senior Associates Anna Vaivade, Aija Kreicberga, and Mara Stabulniece, and Associate Ance Pavasare.

Potamits Vekris has advised Fourlis on the license rights for the Foot Locker network in eight countries in Southeast Europe and the acquisition of the existing Foot Locker network in Greece and Romania.

Headquartered in Athens, Fourlis Group has over 70 years of experience in the retail sector in Southeast Europe.

The Potamits Vekris team included Partner Alexandros Kortesis, Senior Associate Eleana Baya, and Junior Associate Dimitra Anagnostopoulou.

Potamitis Vekris did not respond to our inquiry on the matter.

A&O Shearman has advised Tatry Mountain Resorts on its EUR 120 million offering which was simultaneously conducted in Slovakia, the Czech Republic, and Poland.

J&T Banka and mBank acted as lead managers and joint bookrunners.

Tatry Mountain Resorts is a Slovakia-based operator of mountain resorts, water and amusement parks, golf resorts, and hotels.

The A&O Shearman team included Bratislava-based Partner Renatus Kollar, Counsel Peter Jedinak, Specialist Igor Havlicek, and Associate Marek Bojkovsky, Warsaw-based Counsel Lukasz Walczyna and Associates Alicja Urbanska and Mateusz Oldak, and Prague-based Partner Petr Vybiral, Senior Associate Jana Chwascz, and Junior Lawyer Jan Vlcek.