a. SIA ITERA Sale of Stake in Conexus B.G. to AST

TGS Baltic, acting as part of a consortium led by Rothschild, advised Latvia's Ministry of Economics on the acquisition by Latvian electricity transmission system operator AS Augstsprieguma Tikls of 16.05% of the shares of the natural gas transmission and storage system operator AS Conexus Baltic Grid from SIA ITERA Latvija.

Deal parties (advisors)

  • Buyer: Latvian Ministry of Economics (TGS Baltic)
  • Seller: SIA ITERA Latvija (Aldis Pauniņs, Attorney at Law (Diligenta))


b. Baltcap International Fund Acquisition of 75% of Biogas Business of AS Augstsprieguma Tīkls

Eversheds Sutherland Bitans assisted BaltCap Infrastructure Fund in its EUR 9.45 million acquisition of 75% of the shares of SIA Anaerobic Holding, a joint-venture holding company which includes Latvian biogas businesses SIA AD Biogazes Stacija and SIA Aizkalnu Tehnika. Sorainen represented SIA Augstkalnu Druvas, the seller of the shares.

Deal parties (advisors)

  • Buyer/Investor: Baltcap Infrastructure Fund (Eversheds Sutherland Bitans)
  • Sellers: SIA Augstkalnu Druvas (Sorainen)


c. Uniper Sale of Stake in Conexus Baltic Grid to AST

Ellex Klavins and EY Latvia advised Uniper Ruhrgas International GmbH on the sale of its stake in AS Conexus Baltic Grid — Latvia’s unified natural gas transmission system operator and natural gas storage system operator. The buyer, AS Augstsprieguma Tikls, was advised by TGS Baltic.

Deal parties (advisors)

  • Seller: Uniper Ruhrgas International (Ellex Klavins)
  • Buyer: AS Augstsprieguma Tīkls (TGS Baltic)


d. Providence Equity Partners’ Acquisition of Baltic Subsidiaries of Modern Times Group

Working alongside global counsel Mannheimer Swartling, Sorainen has advised Providence Equity Partners on the acquisition of the Baltic businesses of Swedish media holdings Modern Times Group. Cobalt — working alongside Sweden's Hamilton law firm — advised the Modern Times Group on the deal. The total disclosed value of the acquisition in all three Baltic States is EUR 115 million — equivalent to 12 times FY 2016 EBIT.

Deal parties (advisors)

  • Seller: Modern Times Group (Cobalt; Fort Legal; Hamilton Law Firm; Skopiņa & Azanda (Latvia))
  • Buyer: Providence Equity Partners (Sorainen; Mannheimer Swartling)
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