Corporate M&A

Ellex Klavins is an expert in various transactions, especially those that are sophisticated in nature and present unusual circumstances. We bring in 26 years of experience to craft innovative and practical solutions in order to close a deal.
Our team has advised on numerous deals of importance in the local market and globally, both as an independent advisor and by working closely with the best law firms in Europe and internationally.
We support our clients in the daily life of their business with corporate governance and compliance and liability advice, however, we are most heavily relied upon in the crucial moments – in business structuring and restructuring, strategic changes, new directions and crisis response.
Our corporate services are used by local and multinational companies with operations in the region. Our lawyers are proud of their role as trusted advisors to the key decision makers of our corporate clients.
Key projects in the field

Key contacts

Raimonds Slaidiņš

Senior Partner

Head of Corporate and M&A practice
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Filips Kļaviņš

Senior Partner

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Pēteris Dalderis

Partner

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Zinta Jansons

Foreign Counsel

Admitted to practice in New York and New Jersey, USA
Co-head of Finance & Tax Practice
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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

We advised Vilvi Group on the acquisition of a dairy manufacturing company in Latvia
AB Vilkyškių Pieninė, which belongs to Vilvi Group, has completed the procurement of 70% of the qualifying holding of SIA Baltic Dairy Board, which produces high value-added dairy ingredients.
 
SIA Baltic Dairy Board is a Latvian company, specialising in producing and selling high value-added dairy ingredients, and milk and whey separation. 
 
Investing into SIA Baltic Dairy Board, AB Vilkyškių Pieninė aims to strengthen and develop the assortment of the group’s high value-added dairy ingredients. The new Vilvi Group company in Latvia is one of the few Northern European companies, developing and manufacturing products, used for baby foods. Vilvi Group will make use of the newly forged synergy among the current group members and the SIA Baltic Dairy Board in the processes of whey separation and raw material procurement.
 
Partner Inita Jurka was leading the transaction in Latvia, the client was advised also by senior associate Zane Miglāne, associates Eduards Dzintars, Ineta Kanepe, Marats Golovkins and Kristers Losāns. In Lithuania, the client was consulted by senior associate Mantas Juška, partner Paulius Gruodis and associate Ieva Krivickaitė.
 
Vilvi Group is a TOP 5 dairy processor in Lithuania and has the newly built most modern whey processing plant in Northern Europe with fully automated processing process. As a result, the Group can offer consumers the highest quality whey products.
 
AB Vilkyškių pieninė is a listed company whose shares are traded on AB Nasdaq OMX Vilnius stock exchange.
Ellex advised on the acquisition of Fortum district heating business in the Baltics for EUR 800 million
15.03.2021
 
Partners Group, a leading global private markets firm, acting on behalf of its clients has signed an agreement to acquire the Fortum district heating business in the Baltics for the total consideration on a debt- and cash-free basis of EUR 800 million.
 
The transaction is subject to customary closing conditions and is expected to be completed in the second quarter of 2021. This will most likely be the biggest M&A transaction in the Baltics in 2021.
 
This investment reflects Partners Group's continuing commitment to transformational investing in assets that have meaningful impact on the communities in which they operate.
 
Fortum provides district heating in five cities in the Baltics – Tartu and Pärnu in Estonia, Daugavpils and Jelgava in Latvia and Klaipeda in Lithuania. Further, in those cities Fortum owns four CHP plants as well as a 49% share of the Kaunas CHP (commissioned in 2020) in Lithuania, through a joint venture.
 
Ellex was the local counsel for law firm Clifford & Chance in the transaction. M&A partner Paulius Gruodis from Ellex office in Vilnius was leading the transaction in the Baltic states. Partners Group was advised by Ellex experts in Estonia: partner Gerli Kivisoo, counsel Triin Frosch, senior associates Anneli Krunks and Hanna Pahk, 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, associates Eduards Dzintars, Ints Skaldis, Kristers Losans and Marats Golovkins; and in Lithuania by partners Paulius Gruodis, Giedrius Stasevičius and dr. Karolis Kačerauskas, expert Ema Būtėnienė, senior associates Mantas Juška, Edvinas Beikauskas, Gintarė Skrolienė, Nerijus Patlabys and associate Laura Paulaitė.
 
Partners Group is a leading global private markets investment manager. Since 1996, the firm has invested over USD 145 billion in private equity, private real estate, private debt, and private infrastructure on behalf of its clients globally.
 
Fortum is a European energy company with activities in more than 40 countries. It provides its customers with electricity, gas, heating and cooling as well as smart solutions to improve resource efficiency.
 
 
We advised Duke I S.à r.l. on acquiring a major stake in AS “VALMIERAS STIKLA ŠĶIEDRA”
On February 18th, 2021, the sale and purchase of 83.14% in share capital of AS “VALMIERAS STIKLA ŠĶIEDRA” (“VSS”) was completed between the company's controlling shareholder group and Duke I S.à r.l. In addition to the equity transaction, VSS debt was restructured with Duke I S.à r.l becoming the second largest secured creditor in place of Danske Bank A/S. The transaction was carried out subject to the terms of a court approved legal protection plan applicable to VSS.
 
This transaction will provide the opportunity to further expand the business model of VSS and make necessary investments in the company which have not been possible during the past years.
 
Ellex Klavins advised Duke I S.à r.l., on the equity transaction and debt restructuring process. The team included senior partner Raimonds Slaidins, foreign counsel Zinta Jansons, senior associate Marta Cera and associate partner Maris Brizgo.
 
Duke I S. à r.l. is a Luxembourg subsidiary of Warwick European Opportunities Fund III LP which is an alternative investment fund managed by Warwick Capital Partners LLP (“Warwick”). Warwick is a London based investment manager which focuses on European special situations and manages funds with aggregate assets under management in excess of USD 2 billion.
 
AS “VALMIERAS STIKLA SKIEDRA” and its subsidiaries is one of the leading glass fibre manufacturers in Europe, with more than 55 years of experience in the production of glass fibre.