Category: News

TGS Baltic has successfully represented Vilnius CHP in front of the Stockholm Chamber of Commerce arbitral tribunal on a contract termination dispute with Polish boiler maker Rafako.

According to TGS, the Vilnius CHP is responsible for the construction of the new combined heat and power plant in Vilnius – the Lithuanian government has declared this construction to be a project of national economic importance. The project is co-financed by the Cohesion Fund of the European Union. Upon completion, the Vilnius CHP will be among the most modern power plants of its type in Europe. When the Vilnius CHP project is fully implemented, the plant is planned to have a total electric capacity of just over 90 megawatts (including about 70 megawatts from biomass) and a thermal capacity of approximately 230 megawatts (including about 170 megawatts from biomass).

In terms of the dispute, according to the firm, “Rafako, as one of two contractors taking part in the CHP construction project, was responsible for the design and construction of the biomass unit. From the start of the project, however, Rafako struggled to meet its commitments and ultimately, in October 2020, withdrew from the project without completing its work. In its decision, the arbitral tribunal held that Rafako’s actions, which not only delayed the completion of the project but also made further construction more difficult, were unlawful.” It further announced that the Vilnius CHP is entitled to claim compensation for all the damages suffered. The specific size of the damages will be decided in another phase of the arbitration case.

The TGS Baltic team included Partners Vilius Bernatonis and Dainius Stasiulis, Senior Associates Tadas Varapnickas, Patricija Rukstelyte, Simas Paukstys, and Rugile Siaulyte, Associates Egle Masyte, Beatrice Stiopinaite, and Berta Kasetaite, and Junior Associate Emilija Valentinaite.

Schoenherr has advised the KKCG Group and its portfolio company Aricoma Group International on the acquisition of Bulgarian software company Musala Soft and its subsidiaries. CMS reportedly advised the sellers.

The transaction remains contingent on regulatory approval.

The KKCG Group, managed by Karel Komarek, is an investment company with a total book value of more than EUR 9 billion.

The Aricoma Group is a Central European IT services provider with a presence in Scandinavia. Through its portfolio companies, it provides end-to-end digital transformation solutions, including UX design and consulting, custom software development, IT infrastructure and IT operations management, cloud operations, and cloud security services.

Musala Soft is a provider of high-end software engineering services in AI, big data, IoT, analytics, cloud, and integration.

According to Schoenherr, “Musala Soft’s management team will stay on board in the long term and will support building Aricoma’s future.”

Schoenherr’s team included Bulgaria-based Partners Ilko Stoyanov and Stefana Tsekova, Attorneys at Law Katerina Kaloyanova-Toshkova, Ivelina Vasileva, and Ventsislav Tomov, and Associate Gergana Roussinova-Ivanova as well as North Macedonia-based Partner Andrea Radonjanin, Attorney at Law Andrea Lazarevska, and Associates Magdalena Petreska, Martin Ivanov, and Sofijana Markovska.

Walless has advised sales and distribution holding JNG Investments on its acquisition of wholesaler Balt-Hellin.

The transaction remains contingent on regulatory approval.

Tartu-based Balt-Hellin specializes in supplying raw materials to companies involved in food production and processing. The company’s clients include cafes, restaurants, bakeries and confectioneries, food companies, petrol stations, and retail chains in all three Baltic countries. According to Walless, Balt-Hellin’s turnover in the previous financial year was EUR 12.9 million.

The Tallinn-headquartered JNG Investments Group is a holding company that owns a sales and distribution network in Baltics.

The Walless team included Estonia-based Partner Karl-Erich Trisberg, Counsel Angela Kase, Senior Associates Kaisa Uksik and Piret Luiga, and Junior Associate Laura Melk, as well as Latvia-based Partner Zane Eglite-Fogele, Associate Partner Andis Ozolins, Head of Tax Inguna Abele, and Senior Associate Kristers Zalitis.

Walless did not respond to our inquiry on the matter.

Radu Taracila Padurari Retevoescu and TGS Baltic have advised GreenGroup on its acquisition of Lithuanian recycling company Ecso.

Private equity fund Abris Capital Partners portfolio company GreenGroup specializes in recyclable waste management, recycling, and waste recovery. Ecso is a Lithuanian low-density polyethylene recycling company.

“This latest acquisition consolidates GreenGroup’s recycling activities over the past 20 years and is a decisive step in the group’s strategy to become a key player in polyolefins recycling in the region,” Abris Romania Partner Adrian Stanculescu commented. “Furthermore, it is a strategic investment that reinforces the group’s commitment to sustainability and to tackling the most pressing environmental issues, such as plastic pollution and reducing carbon footprints.”

The RTPR team included Managing Partner Costin Taracila, Managing Associate Marina Fecheta-Giurgica, Senior Associates Vlad Druta and Ana Maria Barbu, and Junior Associates Miruna Tocileanu and Filip Marinau.

The TGS Baltic team included Partner Dalia Tamasauskaite-Ziliene, Senior Associate Simas Paukstys, and Associate Paulius Dabulskis.

Editor’s Note: After this article was published, Motieka & Audzevicius announced that it had advised Ecso’s founder and minority shareholder on their exit. The firm’s team included Partners Rokas Jankus and Giedrius Kolesnikovas and Senior Associate Aivaras Grigas.

Havel & Partners, Savoric & Partners, ODI Law, and Hillbridges have advised a syndicate of banks on the approximately EUR 196 million syndicated cross-border refinancing loan to the CCC Group. Linklaters, Lakatos Koves & Partners, and Filip & Company reportedly advised the lenders as well.

The syndicate of banks included Bank Handlowy w Warszawie, Bank Millennium, BNP Paribas Bank Polska, Bank Polska Kasa Opieki, mBank, Powszechna Kasa Oszczednosci Bank Polski, Santander Bank Polska, and Santander Factoring.

According to Havel & Partners, the refinancing loan covering Croatia, the Czech Republic, Hungary, Poland, Romania, Slovenia, and Slovakia was secured by a security package and will be used for the refinancing of CCC S.A. and its affiliates.

The Havel & Partners team was led by Partner Filip Cabart and Senior Associate Jakub Vojtech.

The Savoric & Partners team was led by Partner Mia Lazic and included Senior Associate Andrea Ruba and Associate Martin Hren.

The ODI Law team was led by Partner Suzana Boncina Jamsek and included Senior Associate Masa Drkusic and Associate Eva Hafnar.

The Hillbridges team included Partner Martin Cabak and Associate Patrik Giertl.

Editor’s Note: After this article was published, Kinstellar announced it had advised the CCC Group in Romania, Slovakia, Hungary, the Czech Republic, and Croatia.

Schoenherr, working with Pinsent Masons and Wenger Vieli, has advised Kontron on selling parts of Kontron Group’s IT services business to Vinci Energies during a competitive auction process, for approximately EUR 400 million. Reportedly, Baker McKenzie’s German office advised Vinci Energies. Loloci & Associates advised Kontron on Albanian matters.

The transaction remains contingent on regulatory approval.

Operations in eleven countries were included in the transaction. According to Schoenherr, “Vinci Energies, through its brand Axians, is a global information and communications technology group belonging to the listed French group Vinci. With the divestment of significant parts of Kontron Group’s IT services business, Kontron is following its growth strategy to becoming a pure IoT player and using its liquidity for further acquisitions.”

Kontron is an internet-of-things technology group, with about 6,000 employees and subsidiaries in 32 countries.

Schoenherr’s team included Austria-based Partners Christoph Moser, Christoph Haid, Roman Perner, Maximilian Lang, Guenther Leissler, Constantin Benes, and Michael Woller, Counsels Sascha Schulz, Johannes Stalzer, and Marco Thorbauer, Attorneys at Law Angelika Fischer and Michael Marschall, and Associates Verena Krikler, Lukas Pirringer, Irina Hanin, Michael Kern, Michael Sturmair, and Marie Hornyik; Croatia-based Attorneys at Law Dina Vlahov Buhin and Ksenija Sourek; Czech Republic-based Partner Vladimir Cizek and Attorney at Law Michal Jendzelovsky; Moldova-based Managing Partner Vladimir Iurkovski and Attorney at Law Andrian Guzun; Montenegro-based Attorney at Law Jovan Barovic and Associate Petar Vucinic; Poland-based Managing Partner Pawel Halwa; Serbia-based Partner Luka Lopicic and Attorney at Law Djordje Trifunovic; Slovakia-based Partner Sona Hekelova and Attorney at Law Jan Farbiak; and North Macedonia-based Partner Andrea Radonjanin and Attorney at Law Andrea Lazarevska. 

The Loloci & Associates team included Partners Krenar Loloci and Vera Batalli.

Kinstellar and its Turkish affiliate Gen Temizer Ozer have advised Baskent Dogalgaz Dagitim and Torunlar Enerji on their acquisition of CEZ Group’s 50% stake in Akcez Enerji. Skils and, reportedly, Norton Rose Fulbright Turkish affiliate Pekin Bayar Mizrahi advised the CEZ Group on the sale.

The transaction remains contingent on regulatory approval.

According to Kinstellar, Akcez, a joint venture of the CEZ Group and Akkok Group, “owns the electricity distribution, sale, and services businesses Sakarya Elektrik Dagitim and Sakarya Elektrik Perakende Satis, which together serve two million customers and operate 60,000 kilometers of distribution networks in the Sakarya province. Following final closure of the deal, [the CEZ Group] will exit its existing joint venture with the Akkok Group.”

Baskent Dogalgaz Dagitim Gayrimenkul Yatirim Ortakligi is the second-largest gas distributor in Turkey. Torunlar Enerji Sanayi ve Ticaret is a Turkish investment holding company and the majority owner of Baskentgaz.

The CEZ Group, headquartered in the Czech Republic, is a utility company.

Kinstellar’s team in the Czech Republic included Partner Kamil Blazek and Associate Matej Vecera. Gen Temizer Ozer’s team included Partners Edmund Emre Ozer and Mufit Arapoglu, Senior Associate Seyma Olgun, and Associates Nazli Kardesler and Ege Erol.

The Skils team included Partners Karel Drevinek and Vladimir Kykal and Senior Associate Tomas Bayer.

BNT Attorneys in CEE has advised Aros Marine on the insolvency proceedings of Germany’s MV Werften group.

Lithuanian company Aros Marine operates in the marine industry and specializes in new build and refurbishment ship projects. MV Werften is a Hong-Kong-German shipbuilder that operated three shipyards in the eastern part of Germany, to construct cruise ships for its parent company Genting Hong Kong.

“MV Werften filed for insolvency in January 2022 and an administrator was appointed, first in provisional insolvency proceedings and, as of March 1, 2022, in regular insolvency proceedings,” BNT reported. “Aros Marine sought advice on German insolvency law to assess their position and minimize their risk exposure under certain contracts concluded with MV Werften for provision of works and materials for the construction of the mega cruiser Global Dream I, with approximately EUR 1 billion construction costs in the Germany shipyard.”

The BNT team was led by Vilnius-based Partner Frank Heemann.

Editor’s Note: After this article was published, Pohla & Hallmagi announced that it had advised LTH-Baas on MV Werften Wismar’s insolvency proceedings. The Pohla & Hallmagi team was led by Partners Asko Pohla and Martin Mannik.

Konieczny Wierzbicki & Partners has advised on the establishment of the Light and Love Home in Poland and the acquisition of a hostel to support Ukrainian refugees.

“Our law firm was approached by the founders of a foreign Catholic religious association, originating from Hong Kong, who wanted to acquire a hostel in Poland as part of their business to support refugees from Ukraine,” the firm informed. “From the beginning, they were interested in acquiring property in Zabrze – a city that is part of the Upper Silesian Metropolis. This industrial area is a strategic point on the map of Poland, as it concentrates most of the investments related to mining and metallurgical activities.”

According to KWKR, following the registration of the business in the National Court Register, the Light and Love Home in Poland and the Church of God foundation in Zabrze have been established, with the latter acquiring property in the city. “The founders of a Catholic religious association from Hong Kong will be able to offer support to refugees from Ukraine,” the firm added.

Dentons has advised private investment firm B-Flexion and the Affidea Group on the sale of Affidea to Groupe Bruxelles Lambert. Kirkland & Ellis reportedly advised the buyer.

Founded in 1991, Affidea is a European diagnostic imaging, outpatient, and cancer care services provider. The company has 320 centers in 15 European countries.

B-Flexion is a private investment firm with offices in Europe and the United States.

Groupe Bruxelles Lambert is a Euronext Brussels stock exchange-listed investment holding company.

The Dentons team was led by Budapest-based Partner Rob Irving and Senior Associate Kamran Pirani and included Associates Sebastian Ishiguro and Brigitta Kovacs, Prague-based Partner Petr Zakoucky and Senior Associate Adam Prerovsky, Warsaw-based Pharmaceutical Consulting Director Maria Samolinska-Hojda and Counsel Adam Odojewski, Bucharest-based Partner Perry Zizzi and Counsel Doru Postelnicu, Istanbul-based Partner Dogan Eymirlioglu, Counsel Cisem Altundemir, and Associate Denizhan Uslu, as well as lawyers from the firm’s Milan, Barcelona, Madrid, and Luxembourg offices.