Category: News

Cobalt has helped Swedbank on its internal restructuring in the Baltics, as a result of which the bank’s existing subsidiaries in Estonia, Latvia, and Lithuania will continue under the ownership of the bank’s new subsidiary, Swedbank AB.

Swedbank is a Nordic-Baltic banking group headquartered in Stockholm. According to Cobalt, the holding company will create a sub consolidated group within a single supervisory mechanism.

“The changes aim to ensure a simple and transparent governance structure with clear decision making that supports the bank’s long-term strategy in all four of Swedbank’s home markets – Estonia, Latvia, Lithuania, and Sweden,” said Jens Henriksson, President and CEO of Swedbank.

Cobalt’s team consisted of, in Estonia, Partners Kristel Raidla-Talur, Egon Talur, and Karina Paatsi, Managing Associate Monika Koolmeister, Senior Associates Karli Kutt, Heleri Tammiste, and Heili Haabu, Associate Peep Vahi, and Assistant Lawyer Julija Kostomarova; in Latvia, Partners Gatis Flinters, Sandija Novicka, and Toms Sulmanis, Specialist Counsel Andrejs Lielkalns, Senior Associate Ivo Cimdins, and Associate Krisjanis Buss; and in Lithuania, Partners Eva Suduiko, Akvile Bosaite, and Rokas Daugela, Senior Associate Jovita Valatkaite, and Associate Milda Vaznelyte.

Dentons has advised automotive supplier Brandl Industries on the sale of its operating subsidiaries in the Czech Republic and Romania and its German management service company to International Alexander Holding. Financial details were not disclosed.

Brandl Industries is an industrial manufacturer engaged in metal forming and the production of complex assemblies and tools.

Dentons’ team included Prague-based Partner Tomas Bilek, Senior Associate Adam Prerovsky, Associates Vojtech Novak, Michael Mracek, Bohuslav Hrdy, Jan Sedlak, Justina Bodlakova, and Petr Muller, and Honorary Member Petr Kotab, Bucharest-based Partners Perry Zizzi and Cristina Daianu, Counsel Oana Ionascu, Senior Associates Lawrence Florescu, Argentina Rafail, and Andreea Lepadatu, and Associate Andrei Vartires. The firm’s Berlin and Frankfurt worked on the deal as well.

Lawyers from Norton Rose Fulbright’s Moscow and Warsaw offices participated in the firm’s multi-jurisdictional team advising Sandvik AB on its EUR 943 million acquisition of DSI Underground, a multinational underground mining solutions company, from Triton Partners.

DSI Underground provides ground support and reinforcement technology for underground mines and tunnels and is active in over 70 countries. The transaction is expected to close by mid-2021 and is subject to relevant regulatory approvals.

Warsaw-based Partner Piotr Strawa ad Moscow-based Partner Julian Traill were on the firm’s team, which was led by London-based Partner Chris Grieves and included New York-based Partner Mara Rogers, Mexico City-based Partner Hernan Gonzalez, Toronto-based Partner Troy Ungerman, Shanghai-based Partner Justin Wilson, Munich-based Partner Frank Henkel, Luxembourg-based Partner Torsten Sauer, Brisbane-based Partner Keira Brennan in Brisbane, and Sydney-based Partners Nick McHugh and Shamim Razavi, as well as Johannesburg-based Consultant Georg Kahle and Director Amber Kardamilakis, and London-based Senior Associate Sam Morrey and Associates Victoria Morris and Florence Childs. Ian Giles, the firm’s London-based Head of Antitrust and Competition, Europe, Middle East and Asia, led on competition matters.

TGS Baltic has advised Latvian cars and light motor vehicles sales company SIA BRC’s Estonian subsidiaries Balti Realiseerimiskeskus OU and BR Merger OU on their internal merger into SIA BRC.

According to TGS Baltic, “SIA BRC, owned by OU United Partners Investments, is the largest used cars seller in the Baltic countries, with a turnover of EUR 9.7 million in 2019.

TGS Baltic’s team was led by Partner Sandis Petrovics.

Act Ban & Karika has helped Germany’s Bader Group reorganize within the framework of the cross-border insolvency proceeding of its Hungarian subsidiary.

According to Act Ban & Karika, “the multi-million euro transaction was the first cross-border insolvency proceeding in Hungary, in which a Hungarian company initiated its main reorganizational insolvency proceeding in another member state, but it was also a curiosity in Germany. The reorganization affected the Romanian subsidiary as well, thus the transaction required multinational cooperation of companies and professionals.”

Act Ban & Karika’s team included Managing Partner Marton Karika and Attorney Tibor Nyitrai.

Sorainen and Kirkland & Ellis have advised Vista Equity Partners an unspecified investment in Estonia’s Pipedrive, a cloud-based provider of customer relationship management services. Latham & Watkins reportedly advised Pipedrive on the deal.

Sorainen reported that “as a result of this deal, the Estonian-born startup is now valued at USD 1.5 billion and reaches unicorn status, being the fifth company in Estonia to do so.” In addition, the firm reported that “the deal at hand was Estonia’s second-biggest exit yet after Skype, which was acquired by eBay in 2005 for USD 2.6 billion.”

According to Sorainen, “Pipedrive’s existing investors Bessemer Venture Partners, Insight Partners, Atomico, DTCP, and Rembrandt Venture Partners will continue as minority investors in the company and will partner with Vista and the Pipedrive team to accelerate the company’s growth trajectory.” The firm also reported that Vista’s investment will help Pipedrive expand abroad, increase its customer base, and optimize its product portfolio.

Sorainen’s team consisted of, in Estonia, Partner Piret Jesse, Counsel Pirkko-Liis Harkmaa, Senior Associates Kaido Kunnapas, Tanel Molok, Robin Teever, Piibe Lehtsaar, and Maria Pihlak; and in Latvia, Managing Partner Eva Berlaus, Partner Janis Taukacs, Counsel Andis Burkevics, Senior Associate Aija Lasmane, and Legal Assistants Erika Buzinska and Kate Berlaua.

Cobalt has advised BaltCap Private Equity Fund III and its co-investor Sven Nuutmann on the acquisition of 100% of the shares in Baltic Ticket Holdings OU. Ellex reportedly advised the sellers on the transaction, which remains subject to competition clearance.

Baltic Ticket Holdings, founded in 1997, is the largest ticketing services provider in Estonia, Latvia, Lithuania, and Belarus, and it operates Piletilevi AS, Bilesu Serviss SIA, Nacionalinis Bilietu Platintojas UAB, and Kvitki Bel as its main platforms. 

According to Cobalt, Private Equity Fund III invests in “innovative companies in the Baltic and Nordic countries following buy-and-build strategy.” According to the firm, “BPEF III was established in co-operation with European Investment Fund, the European Bank for Reconstruction & Development, the Nordic Environment Finance Corporation, LHV pension funds, SEB pension funds from Estonia, Latvia, and Lithuania, eQ Asset Management and also family offices.”

Cobalt’s team included, in Estonia, Partners Peeter Kutman and Elo Tamm, Senior Associate Madis Reppo, and Associate Tiit-Gregor Mets; in Latvia, Partners Guntars Zīle and Ugis Zeltins and Associate Vadims Zvicevics; in Lithuania, Partner Elijus Burgis and Senior Associate Julija Aleska; and, in Belarus, Partner Darya Zhuk and Managing Associate Anastasia Bykowskaya.

Editor’s note: After this article was published, Ellex announced that its team had been led by Partner Martin Kaerdi.

Stetom has advised Slovak private equity group Eastfield on the restructuring and subsequent sale of the Raevskoe winery, together with vineyards and agricultural land plots in Anapa, in the Black Sea coast region, to the Krasnodarzernoprodukt Group.

The Krasnodarzernoprodukt Group, based in Krasnodar, Russia, produces and trades grains, oilseeds, pulse, and other agricultural commodities, provides grain storage, processing, and logistics, and invests in grain-producing assets. 

Stetom’s team included Partner Anastasia Tomashevskaya, Senior Associate Sergey Burlakov, and Junior Associate Nikita Moisheev.

Sajic and Kinstellar have advised NLB Bank on its take-over of the majority of shares in Komercijalna Banka a.d. Beograd.

The transaction was finalized in December of 2020, after regulatory approval was obtained from the European Central Bank, the National Bank of Serbia, the Banking Agency of the Republic of Srpska, and competition authorities.

NLB Bank is the main entity of the NLB Group, the largest banking and financial group in Slovenia. Komercijalna Bank a.d. Beograd is listed on the Belgrade Stock Exchange and offers retail and corporate banking services in Serbia, Bosnia and Herzegovina, and Montenegro.

Sajic’s team included Managing Partner Aleksandar Sajic, Partners Natasa Krejic and Sanja Djukic, and Senior Associates Natasa Skrbic and Milica Karadza.