Category: News

Volciuc-Ionescu, working with EY Law, has advised Mytilineos S.A. on the sale of two Romanian solar farms totaling 90 megawatts to Enel Group’s Enel Green Power Romania. Clifford Chance advised Enel Group on the deal.

The solar power projects are developed in co-operation with Renergy Power Plants, an engineering and renewable energy development company.

Volciuc-Ionescu’s team was led by Partner Ramona Volciuc.

Clifford Chance’s team included Bucharest-based Counsel Loredana Ralea and Senior Associates Andrei Caloian and Lavinia Dinoci and Prague-based Managing Partner Alex Cook.

Ellex has advised the BTA Baltic Insurance Company on establishing a EUR 120 million Baltic rental housing co-investment vehicle together with Finnish developer YIT. Hannes Snellman advised YIT on the deal.

According to Ellex, BTA is one of the leading insurance companies in the Baltics, offering the broadest range of non-life insurance services in Latvia, Lithuania, and Estonia.

YIT is a Finnish urban developer and construction company active in Northern Europe. According to Hannes Snellman, “YIT’s share of the co-investment is 30%. … YIT also agreed on the sale of five rental apartment buildings in Tallinn, Riga, and Vilnius to the co-investment vehicle with a value of EUR 65 million. The parties have agreed that Lumi Capital, an external partner, will be responsible for the operations of the company as well as for the leasing of the apartments.”

The Ellex team included Estonia-based Partners Ermo Kosk, Martin Maesalu, and Martin Kaerdi, Counsels Rain Raa and Jaanus Ikla, Senior Associate Sandra Vark, Associate Karin Tartu, and Lawyer Miikael Tuus, Latvia-based Partner Ilga Gudrenika-Krebs, Associate Partner Maris Brizgo, Senior Associates Anete Dimitrovska and Inese Freivalde, and Associates Ineta Kanepe and Kristers Losans, as well as Lithuania-based Partner Olga Petroseviciene and Senior Associate Dominykas Uzkurnys.

Hannes Snellman’s team consisted of Partner Tapio Terakivi, Counsel Toni Malminen, and Senior Associate Tuuli Pikkarainen.

Sorainen, working alongside Norwegian firm Wikborg Rein, has advised digital identity company Signicat on its acquisition of Baltic electronic signature solution provider Dokobit. Ellex Valiunas advised the seller.

According to Ellex, Dokobit provides SaaS solutions for businesses and the public sector for authentication, e-signature, and validation processes for signatures and stamps. Dokobit services are used by companies such as Luminor, Telia, and others. Signicat is a provider of verified digital identity solutions, mainly focused on the regulated financial services industry. Its revenue grew from EUR 24 million in 2019 up to EUR 42 million last year.

The Ellex team consisted of Partners Povilas Junevicius and Zilvinas Zinkevicius, Senior Associate Mantas Juska, Tax Expert Gintaras Balcius, Competition Expert Ilona Janciauskaite, and Junior Associate Ausra Abraityte.

The Sorainen team was led by Partner Laimonas Skibarka and Associate Laura Matuizaite.

CMS has advised the Export-Import Bank of Korea on a USD 36 million financing extension deal with Grain Terminal Holdings.

The extension is for a financing agreement from 2020 (as reported by CEE Legal Matters on August 11, 2020).

Grain Terminal Holdings is a Singapore-based joint venture between Posco International and the Orexim Group. According to CMS, Posco International is “Korea’s largest trading company” while the Orexim Group is “the leading agricultural trans-shipment and exporting company in Ukraine.”

“We are delighted to have supported our client KEXIM on the successful extension of its financing deal to Grain Terminal Holdings,” commented Sofia-based CMS Partner Elitsa Ivanova. “This transaction demonstrates our ability to apply innovative legal structures that enable our clients to offer optimal financing solutions to businesses, especially in the agriculture sector.”

The CMS team was led by Ivanova and Kyiv-based Senior Associate Orest Matviychuk on English law issues and by Partner Ihor Olekhov on Ukrainian law issues. It included Kyiv-based Associate Ivan Pshyk and Lawyer Iryna Kravchenko, Sofia-based Associate Katerina Hristova, and Singapore-based Director Daniel Tan and Associate Eric Lai.

DLA Piper Romania has advised Abris Capital Partners on the acquisition, through its subsidiary Dentotal, of Dentatechnica. Kambourov & Partners acted as Bulgarian counsel to the buyer and Schoenherr advised the seller.

The deal is contingent on competition authorities’ approval. Financial details of the transaction were not disclosed.

Abris Capital Partners is a Warsaw-based private equity firm that primarily invests in businesses in Central Europe. The firm currently holds EUR 1.3 billion under management. Dentatechnica is a Bulgarian distributor of dental care materials and digital equipment. Dentotal is an e-commerce retailer of products and equipment for dental clinics and dental technicians.

DLA Piper’s team consisted of Country Managing Partner Marian Dinu and Lawyers Oana Dutu-Buzura, Bogdan Buta, Denisa Achim-Posteam, and Sandra Cahu-Ionescu.

Kambourov & Partners team included Partner Veronika Hadjieva and Senior Associate Todor Vlaykov.

Schoenherr’s team consisted of Partner Alexandra Doytchinova and Attorney-at-Law Stela Pavlova-Kaneva.

Krehic & Partners, working alongside Deloitte Spain and Deloitte Legal Germany and Turkey, has advised Cementos Molins on the Croatian legal aspects of its EUR 150 million acquisition of Calucem from Private Equity Fund Ambienta SGR S.p.A. Cuatrecasas also reportedly advised the buyer. Porobija & Porobija reportedly acted as Croatian legal advisor to the seller.

The deal is expected to close in the last quarter of 2021, contingent on customary regulatory approval.

According to Krehic & Partners, the acquisition will “boost Cementos Molins’ growth and expand the offering of innovative solutions for the construction sector worldwide.”

Cementos Molins is a Spanish producer of cement that operates in Spain, Uruguay, Mexico, Bolivia, Colombia, Tunisia, and Bangladesh.

Calucem is a privately held calcium aluminate cement manufacturer. According to Krehic & Partners, the company operates a production plant in Pula, Croatia, and serves customers in more than 60 countries globally.

The Krehic & Partners team included Partner Matea Gospic Plazina, Attorney-at-Law Valerija Cerovski, and Associate Jelena Kraljevic.

Deloitte Legal Turkey’s team included Partner Lerzan Nalbantoglu, Legal Manager Burcu Tumer, Assistant Manager Zeynep Ozsoy, and Legal Associate Okan Karagoz.

Porobija & Porobija’s team was reportedly led by Zeljka Rostas Blazekovic.

AP Legal has advised the founder and sole shareholder of YU PD Express doo Belgrade Ljiljana Zivkovic Karaklajic on the sale of the company to Slovenia Broadbank S.a.r.l. Schonherr reportedly advised Slovenia Broadbank on the deal.

YU PD Express is a private provider of postal services. Slovenia Broadbank is a member of the United Group.

The AP legal team was lead by Partner Aleksandar Preradovic with the support of Consultant Maja Stojiljkovic.

Sorainen has advised Apollo Global Management on its acquisition of a majority stake in AS Graanul Invest. Ellex and White & Case advised the seller. Reportedly, Allen & Overy also advised the buyer.

Graanul is a producer of wood pellets, biomass, and bioenergy. The company employs more than 500 professionals across 12 pellets plants in the Baltics and U.S., as well as its six combined heat-and power plants in Estonia and Latvia.

Apollo is a New York-based investment management firm that holds approximately USD 461 billion of assets under management, as of March 31, 2021.

The Ellex team consisted of Estonia-based Partners Ermo Kosk, Marko Kairjak, Martin Maesalu, Martin Kaerdi, Counsels Dmitri Rozenblat, Rain Raa, Toomas Kasesalu, Jaanus Ikla, and Triin Frosch, Senior Associates Sandra Vark, Kaisa Laidvee, Liis Konn, and Hanna Pahk, Lawyer Karoli Tiirik, and Associates Karin Tartu, Merlin Liis-Toomela, and Liisbeth Lillo; Lithuania-based Partner Paulius Gruodis, Associate Partner Azuolas Cekanavicius, Senior Associates Mantas Juska, Nerijus Patlabys, Kristupas Spirgys, and Aiste Mikociuniene, Associates Arvydas Gruseckas, Paulius Vaitkevicius, and Domantas Gudonis, Junior Associates Vilius Norvaisas and Kotryna Seliutaite, and Associate Consultant Ruta Svedarauskiene; and Latvia-based Senior Partner Raimonds Slaidins and Senior Associate Reinis Sokolovs.

Sorainen’s team included, in Estonia, Partners Toomas Prangli and Piret Jesse, Counsels Piibe Lehtsaar and Pirkko-Liis Harkmaa, Senior Associates Robin Teever, Mirjam Vichmann, Triin Ploomipuu, Kaspar Endrikson, and Britta Retel, and Associates Liisa Maria Kuuskmaa, Kirsi Johanna Koistinen, Kadri Puu, Nele Suurmets, and Mirjam Metsik; in Lithuania, Partner Sergej Butov, Senior Associates Inga Macijauskaite, Aurelija Daubaraite, Vaiva Masidlauskiene, and Svetlana Rudaja, Associates Gabriele Raizyte, and Sidas Sokolovas, and Assistant Lawyer Goda Jakubauskaite; and in Latvia, Counsels Andis Burkevics and Renate Purvinska, Senior Associates Andris Vilisons, Natalija Sestakova, Zanda Frisfelde, and Associates Anna Bogdanova and Liva Aleksejeva.

The White & Case team consisted of U.K.-based Partner Ken Barry and associates Will Summers and Josephine Levick, Belgium-based Local Partner Thomas Glauden and Associate Edouard de Walque, and U.A.E.-based Associate Thomas Jacques.

TGS Baltic has advised the Akropolis Group on the acquisition of a ​​154,000 square-meter shopping center in Riga from Norway-based AMD Holding. Ellex Klavins advised the seller on the deal.

The Akropolis Group is a Lithuanian shopping and entertainment center development and management company in the Baltic States.

TGS Baltic’s Lithuania-based team included Partner Dalia Tamasauskaite-Ziliene, Senior Associate Indre Vickaite-Liatuke, and Associate Paulius Dabulskis. In Latvia, the team included Partners Andra Rubene and Linda Strause, Senior Associate Mara Stabulniece-Veldruma, Associates Aija Kreicberga and Kaspars Treilibs, Tax Advisor Rudolfs Vilsons, and Legal Assistant Martins Galzons. 

Ellex’s team included Latvia-based Senior Partner Filips Klavins, Associate Partner Martins Gailis, Senior Counsel Iveta Cpele, and Senior Associates Anna Misneva and Anete Dimitrovska. 

CMS has advised the ING Bank N.V. on its provision of a USD 100 million three-year syndicated loan to Nibulon SA.

According to CMS, “ING acted as one of the mandated lead arrangers and also as bookrunner, facility and security agent, the local and offshore account bank.”

Nibulon SA is a subsidiary of Ukraine’s agribusiness company Nibulon Group. According to CMS, “the loan will be used to finance seasonal working capital needs associated with Nibulon’s trading operations.”

The CMS team included Ukraine-based Partner Ihor Olekhov, Counsel Kateryna Chechulina, Associates Khrystyna Korpan and Ivan Pshyk, and Lawyers Iryna Kravchenko and Olga Stetsenko; Bulgaria-based Partner Elitsa Ivanova; and Switzerland-based Partners Kaspar Landolt and Mark Cagienard and Counsel Dominique Gemperli.