Banking & Finance

Ellex Klavins represents major international and domestic banks, investment firms, insurance companies and other financial institutions. Our experts work on a range of complex financial transactions, particularly those in a cross-border context.  We have advised on some of the largest syndicated lending transactions that have taken place in Latvia and we have been part of many groundbreaking deals.
Key projects in the field

Key contacts

Egons Piķelis

Partner

Co-head of Banking & Finance Practice Group
+371 6781 4848
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Valters Diure

Associate Partner

Co-head of Banking & Finance Practice Group
+371 67350541
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Raivis Leimanis

Senior Counsel

+371 67847381
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What's new in field
Ellex and Allen & Overy advise Blackstone on the acquisition of a majority stake in Luminor for EUR one billion
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Key projects in the field

Deal closed: we advised Blackstone on completing the acquisition of a majority stake in Luminor bank for EUR 1 billion
30.09.2019
 
On September 30, 2019 after approvals from the Baltic regulators, the European Commission and the European Central Bank, the US private equity giant Blackstone Group has closed acquisition of a 60 % majority stake of Luminor shares, one of the leading banks in the Baltics, from its owners Nordea Bank and DNB bank for EUR 1 billion.
 
Nordea Bank and DNB bank will retain an equal 20 % equity stake in Luminor. Additionally, Blackstone has entered into an agreement with Nordea to purchase their remaining 20 % stake over the coming years.
 
Ellex together with the global law firm Allen & Overy advised Blackstone on the acquisition of bank Luminor. The Ellex team was led by partner Sven Papp and senior associate Alla Kuznetsova in Estonia. This deal is the largest M&A deal in Baltic history.
 
Luminor was created through a merger of Nordea bank and DNB bank in the Baltics in 2017. It is the third largest bank in the Baltic region.
 
Blackstone is one of the world’s leading investment firms founded in 1985. The firm has over 24 offices with 2 500 employees worldwide. The portfolio companies employ over 400 000 people across the globe.
 
Read more here.
We advised Avation PLC on aircraft lease financing to airBaltic
Ellex Klavins advised Avation PLC in negotiating an operating lease agreement for two Bombardier aircraft with airBaltic Corporation (airBaltic) which is the flag carrier of Latvia with current fleet of 39 aircrafts that continues to expand. Avation engaged a Latvian counsel to advise on matters relating to the lease of the aircrafts. In addition to be the local legal counsel, we assisted with the financing side for the lender and local security over the aircraft as well.
 
The client was advised by associate partner Valters Diure, partner Egons Pikelis and senior associate Beata Plocina.
We advised SG Capital Partners AIFP on raising investments in the amount of EUR 80 million
Ellex Klavins provided legal assistance to the alternative investment fund manager SIA SG Capital Partners AIFP with regard to raising investments in the commercial real estate fund SG Capital Partners Fund I KS managed by it. The overall amount of the investments of SG Capital Partners Fund I KS reaches 80 million euros.
 
SG Capital Partners AIFP is the manager of investments in commercial real estate in the Baltics, which invests in income-generating retail and office properties in Riga, Vilnius and Tallinn focusing on sustainability. Investors of SG Capital Partners Fund I KS are the leading institutional investors in the Baltic Region.