Category: News

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. 

Ketler & Partners, member of Karanovic, has advised ARX Equity Partners on its acquisition of Instrumentation Technologies and Red Pitaya, a handheld electronics lab, from its founders. The sellers were advised by Acuity Advisors.

Financial details were not disclosed, and the transaction remains contingent to customary closing conditions.

Founded in 1998 and headquartered in Solkan, Slovenia, I-Tech develops and assembles high-specification instrumentation for data acquisition and signal processing used in scientific particle accelerators. 

The Ketler & Partners team included Senior Partner Marko Ketler and Senior Associate Ziva Nucic.

Dentons has advised Kommunalkredit Austria AG on its provision of a EUR 23 senior term loan to Green Genius in Lithuania. Binder Groesswang and Glimstedt reportedly advised Kommunalkredit in Austria and Lithuania, respectively.

Kommunalkredit is an Austrian bank that specializes in infrastructure and energy financing, with a focus on sustainable infrastructure projects.

Green Genius, a subsidiary of Modus Group, is a renewable energy company developing solar energy and biogas projects across Europe. According to Dentons, Green Genius’s biogas portfolio in Lithuania reduces carbon dioxide emissions by 120 thousand tons every year and boasts one of the first biodegradable waste recycling lines in the Baltic States, installed at the power plant near Vievis.

According to Dentons, the loan will be used to refinance the existing indebtedness of 11 biogas power plants with a total capacity of 10.8 megawatts. In addition, the firm reported that the financing was granted by Kommunalkredit together with its Fidelio debt fund.

The Dentons team included Partner Piotr Nerwinski and Associate Jakub Walawski.

The Kapolyi law firm has helped Connecticut-based international brokerage company Interactive Brokers establish its Central European headquarters in Budapest.

Interactive Brokers Group provides automated trade execution and custody of securities, commodities, and foreign exchange services to individual investors, hedge funds, proprietary trading groups, financial advisors, and introducing brokers.

According to Kapolyi, the Hungarian National Bank authorized the company’s activity on December 12, 2020. The company now operates ten subsidiaries across the US, Australia, Asia, and Europe.

The Kapolyi team included Managing Partner Jozsef Kapolyi and Partner Viktor Krezinger.

Sorainen has advised Fenner Dunlop, a part of the Michelin Group, on its acquisition of Technobalt Estonia.

Financial details of the transaction, which remains subject to approval from the Estonian Competition Authority, were not disclosed.

Technobalt designs, operates, and maintains conveyor systems in Estonia, Latvia, and Lithuania.

Sorainen’s team included, in Estonia, Partner Piret Jesse, Counsels Lauri Liivat and Pirkko-Liis Harkmaa, Senior Associates Piibe Lehtsaar and Robin Teever, Associates Liisa Maria Kuuskmaa and Nele Suurmets; in Latvia, Partner Eva Berlaus, Counsel Andis Burkevics, and Senior Associates Natalija Sestakova and Marika Grunte; and in Lithuania, Senior Associates Monika Malisauskaite-Vaupsiene, Aurelija Daubaraite and Jonas Kiauleikis, Associates Lukas Vaisvila, Dobile Minkute, Jurgita Tekoriene, and Sidas Sokolova.

The firm did not reply to an inquiry about the deal.