Finance & Tax

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. Our expertise in tax is based on years of consulting, transactional, and advocacy experience in all areas of taxation, both domestically and internationally. Comprehensive knowledge of the complex and evolving nature of tax law plays a crucial role in corporate transactions, restructurings and other commercial matters. Our team provides clients with creative, strategic solutions that make sound business sense and are pragmatic commercially. We effectively assist in structuring a wide range of transactions, from private equity deals to corporate acquisitions and disposals.
Key projects in the field

Key contacts

Valters Diure

Associate Partner

Co-head of Finance & Tax Practice
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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 Danske Bank on the sale of its corporate portfolio to Luminor
04.02.2021
 
The Ellex team of Associate Partner Valters Diure, Senior Associate Roberts Rimša and Associate Eduards Dzintars advised Danske Bank on the sale of its corporate portfolio to Luminor. The portfolio consists of Latvian corporate customers of Danske Bank and includes loan, leasing and guarantee agreements.
 
This transaction is in line with Danske Bank’s 2019 announcement on the winding down of its banking activities in the Baltics in order to focus on its Nordic core markets. Danske Bank is a Nordic bank with strong local roots and bridges to the rest of the world with a history of more than 145 years. In addition to banking services, it provides services in the fields of life insurance and pensions, mortgage finance, asset management, real-estate and leasing.
 
Luminor is the third-largest provider of financial services in the Baltics, providing banking and financial services to help individuals, companies and institutions grow in its home markets of Estonia, Latvia and Lithuania.
Ellex advised on Bite Group’s EUR 700 million bond issuance and financing
We advised initial bond purchasers and mandated lead arrangers Citigroup Global Markets Limited, Deutsche Bank AG, London Branch, ING Bank N.V., London Branch and UniCredit Bank AG on Bite Group´s EUR 700 million bond issuance and financing.
 
Bite Group is a telecommunications and media group based in the Baltics that is controlled by international asset management company Providence Equity Partners.
 
The proceeds from the bond offering, together with cash in hand, will be used to repay Bite Group’s existing financial debt and to return capital to shareholders. To secure the financing the issuer’s group will provide collateral packages in Lithuania, Latvia, and Luxemburg.
 
It is the largest bond issue by a private Baltic company to date.
 
We advised the clients in cooperation with international law firm Latham & Watkins. The pan-Baltic team included partner Ermo Kosk, senior associates Kadi Sink and Sandra Värk, counsel Rain Raa, in Estonia, foreign counsel Zinta Jansons, associate partner Valters Diure, senior associate Beata Plociņa and associate Marta Cera in Latvia, partner Giedrius Stasevičius, senior associate Gintarė Skrolienė, junior associate Ainis Augustas Petrulis, associate partner Miglė Petkevičienė, associate Dovydas Gudžiūnas, associate Paulius Vaitkevičius and associate Edita Sinickaitė in Lithuania.
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.