Working on the Baltic aspects of global reorganisations by major multinational corporations and large M&A deals involving subsidiary companies in several jurisdictions, Cobalt is regularly engaged for complex work. The practice is also notable for its investment funds offering, with the firm overseeing sales of venture capital funds. Guntars Zile has a strong track record in the M&A area and leads the practice jointly with corporate restructuring expert Gatis Flinters. Dace Silava-Tomsone, with her experience in merger control, is another key name, providing advice on the competition aspects of deals. Senior associate Diāna Zepa provides additional support.
Commercial, corporate and M&A in Latvia
Cobalt
Practice head(s):
Guntars Zīle; Gatis Flinters
Other key lawyers:
Dace Silava-Tomsone; Diāna Zepa
Key clients
Altum
airBaltic
BaltCap
International Business Machines Corporation (IBM)
Lidl
Luminor Bank
Moller Baltic Import
Neste
Pfizer
Roche
SEB Bank
Work highlights
- Advised IBM in completing the global separation and reorganization of its managed infrastructure services business to Kyndryl across more than 65 jurisdictions worldwide including the Baltic States.
- Advised Syneos Health on the acquisition of a leading Latvian full-service contract research company AmberCRO and its subsidiaries in Armenia and Georgia.
- Advised BaltCap Latvia Venture Capital Fund on the sale of Vendon SIA to an international technology company Azkoyen.
Ellex
Ellex advises some of the most well-known multinational companies and major players in the Baltic markets. The firm advises on strategy for foreign investors and assists with the restructuring and M&A deals, including the competition implications of the latter, as well as private equity and venture capital funds matters. Practice head Raimonds Slaidiņš has vast experience of M&A deals and corporate strategy in Latvia. Filips Klavins also has an impressive track record in this area and his expertise includes cross-border mergers. Associate partner Maris Brizgo routinely advises on major transactions in the market and has been involved in many of the firm’s recent key matters. Zinta Jansons left the firm.
Practice head(s):
Raimonds Slaidiņš
Other key lawyers:
Filips Kļaviņš; Pēteris Dalderis; Māris Brizgo
Testimonials
‘This practice is very responsive, optimizing their service as much as possible.’
‘They are providing very fast legal analysis.’
‘I believe that the individuals at Ellex Klavins are very knowledgeable, hard-working and results oriented. Their approach is very business-oriented, but they always keep the legal issues and considerations at the forefront, allowing to make informed decisions.’
Key clients
IAC (Interactive corporation)
Whirlpool
Booking.com
Coca-Cola HBC
Nokia
AT&T
Accenture
Orkla
Intel
Livonia Partners
UnifiedPost
Greengold
Blackstone
Uniper
Eesti Energia
Schwenk Zement
Reganosa
Latour
Work highlights
- Advising GoCardless on the acquisition of Nordigen.
- Advising Telia Company on completing the sale of Telia Latvia to Tet.
- Advising the shareholders of AS Graanul Invest on the sale of 100% shareholding to Apollo Global Management Inc. investment funds.
Sorainen
Sorainen is regularly trusted for advice on acquisitions by foreign firms entering the Latvian market and by domestic companies and SOEs looking to enter new sectors. The high number of M&A deals overseen by the firm each year stands testimony to its lawyers’ expertise and level of activity in this field. The practice is jointly led by Eva Berlaus and Nauris Grigals, experienced corporate lawyers who are also able to advise on other areas such as employment and competition law. They are supported by a large team of lawyers, including counsels Renāte Purvinska and Jānis Bite.
Practice head(s):
Eva Berlaus; Nauris Grigals
Other key lawyers:
Renāte Purvinska; Janis Bite
Key clients
IPAS INDEXO
Nordigen
Bregal Sagemount
IK Partners and Renta Group
Tomra
Stockmann
Ignitis Group
JAS Worldwide
Certares
Primekss
Apollo Global Management
Domenikss
Work highlights
- Advised the state-owned energy company Ignitis Group on entering the Latvian renewable energy market.
- Advised Certares, a US-based investment specialist dedicated to the travel, tourism and hospitality sectors, on the acquisition of a stake in Avia Solutions Group (ASG)
- Advising IK Partners and Renta Group on its acquisition of Uprent Group as local counsel for the Baltics.
WALLESS
WALLESS is active in large M&A transactions both within Latvia and the wider Baltic region. The firm acts for a number of international clients and has a particularly strong relationship with clients from Finland. Sintija Radionova regularly acts on transactions for leading financial services companies, but also has expertise in the transport sector. Zane Eglīte-Fogele handles corporate restructuring alongside a sizeable intellectual property practice. Kristīne Gaigule-Šāvēja specialises in real estate M&A and has overseen a number of recent deals in this sector. Andis Ozoliņš is a further name to note.
Practice head(s):
Sintija Radionova; Zane Eglīte–Fogele
Other key lawyers:
Kristīne Gaigule-Šāvēja; Andis Ozoliņš
Key clients
KS Holding
OP Corporate Bank Plc
RhoWorld
Northway
KOOL Latvija SIA
Mandatum Life Insurance Company Limited
Pulsar Optics SIA
SIA “New Bumani Invest”
DEPO DIY
Lumi Capital
Frendy Oy
Edge Autonomy Riga, SIA
Uctam Baltics SIA
Skonto Group companies
SIA Korporācija Tjaņši
Work highlights
- Advised KS Holding on the sale of shopping centre OZOLS in a share deal.
- Advised OP Corporate Bank Plc on pan-Baltic corporate merger.
- Advised RhoWorld on the acquisition of a clinical research organisation.
Eversheds Sutherland Bitāns
Eversheds Sutherland Bitāns‘ corporate, commercial and M&A practice covers cross-border acquisitions and specialises chiefly in the telecoms and financial services sectors. The team, noted for its ‘one-stop-shop project management for all three Baltics and Poland‘, is led by Māris Vainovskis, who has over 20 years’ experience in M&A transactions and corporate restructuring in Latvia. Elīna Vilde is a well-regarded associate, notable particularly for her extensive work for the Usaldusfond BaltCap Infrastructure Fund. Elina Mucina is also recommended.
Practice head(s):
Māris Vainovskis
Other key lawyers:
Elina Mucina; Elīna Vilde
Testimonials
‘The only law firm with one-stop-shop project management for all 3 Baltics and Poland.’
‘The team was service minded, delivered on time and at the agreed cost.’
‘There is no discussion about whether they can or cannot solve the matter, the question is just about how fast.
‘Great cooperation and experience in everyday work.’
‘A team is only as strong as its leader and I’m happy to be serviced by one of the best teams and best practice leaders in the market.’
Key clients
Latvijas Mobilais Telefons SIA
IPAS “Indexo”
AS RB Rail
AS MADARA Cosmetics
EURONET 360 Finance
Vitol Group
AJ Power
Virši-A, AS
Usaldusfond BaltCap Infrastructure Fund
LatRosTrans
Work highlights
- Advised Latvijas Mobilais Telefons SIA on the acquisition of a data transmission network company in Latvia and Lithuania.
- Advised a licensed asset management company on matters related to its share capital structuring and IPO process.
TGS Baltic
TGS Baltic‘s corporate, commercial and M&A practice in Latvia covers a range of sectors including media, IT and retail, and the group regularly assists with high-value M&A deals. The team also specialises in private equity transactions. The practice is led by experienced corporate lawyer Andra Rubene. She is supported by two senior associates: energy sector M&A expert Armands Masulis and Anna Vaivade, who speaks Spanish, French and English as well as Latvian and oversees international deals. Associate Kaspars Treilibs provides additional support.
Practice head(s):
Andra Rubene
Other key lawyers:
Anna Vaivade; Armands Masulis; Kaspars Treilibs
Testimonials
‘Excellent capabilities in adapting their services according to the firm’s request and managing a complex foreign investment with all the bureaucratic work/papers precisely and on time.’
‘Anna Vaivade – engaged, and always available. Kaspars Treilibs – dedicated.’
‘The team offered the service within the corporate field that was required.’
‘We primarily worked with associate Anna Vaivade who was responsive.’
‘TGS Baltic is a long-term, active player in the corporate, commercial, and M&A legal advisory market that has accumulated loads of expertise and best practices over the years. The corporate, commercial, and M&A-focused firm has an excellent team of high-profile specialists who perfectly complement each other and work as a perfect team to accomplish the most complex and challenging transactions.’
‘Andra Rubene is a very experienced corporate, commercial, and M&A partner. She works very hard and fast and delivers results. Andra organizes M&A processes well and obtains input from all relevant parties in the due deadlines from the due diligence until the signing and closing of the transaction. She is very invested in ensuring of success of the transactions she is working on. Her team provides pragmatic solutions to complex legal issues.’
Key clients
Akropolis Group UAB
Tet SIA
OptiGroup / Papyrus
Expobank
Helix Kapital
Green Gateway Fund L.P. / Wermuth Asset Management GmbH
Squalio Group
Pax 8 / Resello B.V. / TVG
Lagercrantz Group
Naujoji Ringuva AB / Spodrība AS
INVL Baltic Sea Growth Fund
BlackSheep Ventures / BlackSheep MadTech Fund
GlaxoSmithKline
Work highlights
- Advised Akropolis Group on acquiring ALFA shopping centre in Riga, with a total area of 154,000 sq. m.
- Assisted the technology and entertainment company SIA Tet on acquiring 100% of the shares of SIA Telia Latvija.
- Assisted Swedish private equity company Helix Kapital with investment in the international sports media agency Spring Media in cooperation with Vinge.
VILGERTS
VILGERTS‘ corporate and M&A practice handles major acquisitions in several sectors including medicine and pharmaceuticals, IT and real estate. Gints Vilgerts handles restructuring as well as large transactions, drawing on experience working in multiple Eastern European jurisdictions. He jointly heads the team with associate Elīza Grīnvalde, who joined the firm from fintech company Twino in February 2022; she specialises in investments in the tech sector and is also a certified anti-money laundering specialist. IP expert Brigita Tērauda and banking sector-focused lawyer Aivars Lošmanis are other key names in the team.
Practice head(s):
Gints Vilgerts; Elīza Grīnvalde
Other key lawyers:
Brigita Tērauda; Aivars Lošmanis; Janis Kubilis; Diana Adamovica
Testimonials
‘Latvia’s best independent law firm.’
‘We recommend Gints Vilgerts, Diana Adamovica, Eliza Grinvalde and Janis Kubilis.’
Key clients
Air Baltic Corporation AS
Bauroc| SIA
BAO
Biļešu| |paradīze| SIA
BPM Capital OÜ
Capital AS
East Capital Real Estate AS
Ekspress| |Grupp| AS
Manitou Group
Metsa Forest Latvia SIA
Scania Latvia SIA
Stockmann| |Oyj| |Abp|
Sveaskog| |Baltfor| SIA
GroGlassw
Decathlon SA
Mikrotīkls| SIA
Summus| Capital OÜ
Skaal| LV SIA
Zenith Family Office |ÖU
Executive Search Baltics SIA
B|ü|rger-Glas|- und |Fasertechnic| GmbH
Stenders| SIA
Patollo| SIA
Longo Group AS
GIVEN Jewellery AS
FlaktGroup| Baltics UAB
Ekspress| |Grupp| AS
Work highlights
- Advised BPM Capital OÜ on its mezzanine loan financing to the leading Latvian IT company, Digital Mind AS, for the buy-out of the leading Lithuanian business software implementor Alna.
- Advised Dokumeds SIA on its acquisition by Rho, Inc., a US-based organisation, offering clinical and medical research services to pharmaceutical, biotechnology, and medical device companies.
- Advised Summus Capital OÜ, a Baltic real estate investment holding group, on its high-value acquisition of DEPO DIY’s store in Imanta, Riga.
BDO Law
BDO Law's Vita Liberte has 20 years of industry experience advising Latvian businesses on due diligence procedures, corporate reorganisations and private equity and M&A transactions. Janis Zelmenis has a particular focus on acting for high-net-worth individuals, including company executives. Clients include state institutions, listed companies, and local and international investors.
Practice head(s):
Vita Liberte; Jānis Zelmenis
Key clients
Getliņi EKO, SIA
Smiltenes novada pašvaldība
Mira-G, SIA
Deichmann Apavi, SIA
JP industries Latvia, SIA
Finup, SIA
Silver Star Entertainment Latvia, SIA
BT Latvia Limited, SIA
ASK.fm, SIA
Work highlights
- Advised on the refinancing of loans for Mira-G, SIA.
- Advising Getliņi EKO, SIA on the improvement of its internal control system for prevention of corruption risks and conflicts of interest.
- Assisting BT Latvia Limited, SIA with the evaluation of different methods for business transfer to a “no-presence” model in Latvia from a legal and tax perspective.
drill. Law Firm
The commercial, corporate and M&A practice at drill. Law Firm is led by the highly experienced Ieva Judinska-Bandeniece, an IP and IT specialist who also provides corporate advice. The practice offers day-to-day support for lenders and investment funds, as well as assisting with strategic transactions. Senior associate Edgars Turlajs specialises in providing corporate and commercial advice to clients in the fintech sector, and is a key name for work relating to venture capital funds.
Practice head(s):
Ieva Judinska-Bandeniece
Other key lawyers:
Edgars Turlajs; Uldis Judinskis
Key clients
DelfinGroup AS
L’Oreal Baltic SIA
Aioo Holding AS
L24 Finance SIA
Roibox SIA
Minute Clinic SIA
Flexidea SIA
Work highlights
- Advised the founder of Latakko on the sale of the business in all three Baltic countries.
- Provided day-to-day legal advice to major consumer lender DelfinGroup.
- Advised a Belgian fund on investment in Flexidea (an invoice financing solution)
FORT
FORT's team advises on corporate governance, restructuring, asset transfers, liquidations and cross-border M&A. The practice has particular specialisms in corporate matters in the retail and telecoms sectors, as well as in sustainable investments which involve acquisitions of forest and agricultural land. Practice head Jānis Līkops is an experienced corporate lawyer who also has expertise in real estate M&A; clients ‘value the great abilities, skills, and significant experience‘ he brings to the firm.
Practice head(s):
Janis Likops
Other key lawyers:
Laila Pudule; Ieva Balcere
Testimonials
‘FORT is one of the best law firms potential clients could look for in this practice area. FORT is well established, having a strong and professional team which bring its service at genuinely reasonable pricing.’
‘Comparing to other competitors, FORT is fast, affordable and success-driven. They have accumulated a lot of expertise and knowledge in the field, which allows them to react fast and provide professional and thought out opinion on any legal issue. Just to name a few individuals – Laila Pudule and Ieva Balcere are key lawyers in this practice.’
‘FORT’s team seems to be one of the best teams providing legal assistance in the commercial, corporate and M&A practice area in Latvia, since FORT lawyers have extensive experience, they understand our needs, they act fast and are easy to communicate with.’
Key clients
Baltijas Industriālais Parks
Capital Mill
Rotermann
Eika Asset Management
Krassky
Latvian Red Cross
LNK Properties
Piche
Sodra
Vastint
Work highlights
- Provided legal assistance to Eika Asset Management UAB in expanding its activities in Latvia by acquiring shares in an SPV, which owns a shopping centre in the centre of Riga.
- Assisted in the liquidation of SIA Centuria and its branch in Lithuania.
- Advised on the establishment of Dasos Sustainable Forest and Wood alternative investment fund in Finland, which included land acquisition and inheritance issues.
KPMG Law ZAB SIA
KPMG Law ZAB SIA is well-recognised for its tax and financial services expertise in addition to its legal advice. The team regularly assists with M&A and restructuring for Latvian companies operating abroad, primarily in Finland and Estonia. Corporate and M&A practice head Ieva Tillere-Tilnere has been involved in the structuring of numerous acquisitions during 2022. Uģis Ludiņš covers the commercial side of the practice, with particular experience in the transport and logistics sectors.
Practice head(s):
Ieva Tillere-Tilnere; Uģis Ludiņš
Key clients
Puumerkki Oy
BlackSheep MadTech Fund
SIA Timberex Group
Nidhog ApS
SIA APE Motors
SIA OSS Networks
UAB Vilpros Grupe
Ruukki Products AS
Adven BSS Oy
Entec Group AS
Nordtext SIA
Picanova GmbH
SIA IIZI Brokers
Dinair Filton SIA
Hackmotion SIA
Signet Bank AS
Work highlights
- Advised SIA APE Motors on a management buy-out transaction.
- Advised business telecoms solution service provider in Latvia OSS Networks on the sale of shares to strategic investor Enreach.
- Advised BlackSheep MadTech Fund on its acquisition of minority shares and investment in data and technology company SIA Roibox.
Kronbergs Cukste Levin
Kronbergs Cukste Levin advises on market entrance in Latvia for multinational companies, as well as corporate governance and M&A transactions for clients in sectors including technology to transport. Clients include Microsoft, Spar, Bridgestone and the state-owned Latvian Railways. Valters Kronbergs regularly advises on cross-border M&A and project financing. He is dual qualified in Latvia and Ontario, Canada, which has facilitated close links between the firm and Canadian companies. Vineta Cukste-Jurjeva focuses on shareholder agreements and restructuring matters.
Practice head(s):
Valters Kronbergs
Other key lawyers:
Vineta Cukste-Jurjeva
Key clients
Spar Latvija SIA
Kalceks AS
RB RIX Engineer PS
Gamma Baltic
Literature and Music Museum
Primus Law Firm
Spark Legal Network
Metasar Invest OU
Kandimed SIA
Avesco
DHL Logistics
Moller Auto
IKEA
Gulfstream Oil
Intertrust Technologies Inc.
RoboEatz Limited
Moller Group
GEMKOM Steel Company
Alfor
Private Shareholder and ex-CEO of SIA Arkolat
Ministry of Transportation, Republic of Latvia
Bridgestone Baltics
GEFCO Baltic SIA
DHL Global Forwarding & Supply Chain
Microsoft Latvia SIA and Microsoft Corporation
OTCF Latvia
Electrolux Latvia
Panasonic Marketing Europe GmbH
Suncrisp SIA
Avon Cosmetics SIA
ABLV bank, AS in liquidation
VAS Latvijas dzelzceļš (Latvian Railways)
Johnson & Johnson
OWBoost
Ezis Technologies SIA
Orkla Care
Reckitt Benckiser
Work highlights
- Serving as corporate counsel to SPAR entering the Latvian market in 2022. Providing legal support including agreements with companies joining the SPAR brand.
- Advising Latvian Railways on corporate governance and other legal aspects of participation in its subsidiaries, including issues concerning a merger with a daughter company.
- Advising an Ontario-based client on the acquisition of Latvian robotics company RoboEatz, which manufactures robots to prepare restaurant meals.
NJORD Law Firm
NJORD Law Firm chiefly advises investment holding companies and specialises in corporate restructuring, including assisting with the incorporation of subsidiary companies. The firm has a notable cross-border capability, advising on matters spanning multiple Baltic and Nordic jurisdictions. Practice head Dmitri Kolesnikov has a broad practice ranging across corporate and commercial law as well as banking and IT.
Practice head(s):
Dmitri Kolesnikov
Testimonials
‘Dmitri Kolsenikov and team in Latvia – efficient and thorough.’
‘I worked mostly with Dmitri Kolesnikov who listened first to what we were trying to achieve and then laid out various options for getting to the desired goal. We decided on a plan and his team began working diligently on the necessary procedures.’
Key clients
Ignitis renewables UAB
Train Factory Holding, SIA
X Infotech, SIA
Europ Assistance
Eterna International, SIA
Park Hotel Kemeri
Baltic Travel Group, SIA
3S Money Club
0G Baltics SIA
Basko Food Technologies, SIA
Vastly SIA
TKO Invest SIA
Httpool Latvia SIA
SG Jurmala Estate SIA
Overseas Liner Agency
T-development SIA
Work highlights
- Advised Eterna International SIA on corporate restructuring.
- Advised Ignitis renewables UAB on incorporating a subsidiary in Latvia and corporate matters.
- Advised shareholders of Train Factory Holding SIA on corporate matters and security documents during the sale of a Finnish subsidiary.
Rödl & Partner
Rödl & Partner is a go-to firm for international clients wishing to enter the Latvian market and commence business in the country, and uses its capability as part of a pan-European network in order to assist with this. Jens-Christian Pastille is based in Riga, but acts as managing partner for the entire Baltic and Nordic region; a key aspect of his work is advising German companies on making acquisitions in Latvia. Kristīne Zvejniece provides day-to-day corporate advice alongside assisting with the employment law aspects of M&A deals. Inese Lazdupe is another key name in the team.
Practice head(s):
Inese Lazdupe; Kristīne Zvejniece; Jens-Christian Pastille
Testimonials
‘Very strong and insightful understanding of the legal framework and specific rules applicable to the client’s situation. Ability to find a win-win situation while standing strongly for the client’s interests.’
‘Kristine Zvejniece is a remarkable deep digger and solution finder. Her passionate attitude towards a client’s case ensures an honourable winning situation.’
‘Inese Lazdupe has a strong and confident personality, takes on any challenges.’
Key clients
ili Ventures Limited
Premier Restaurants Latvia – McDonalds franchise
Ifm electronic gmbH/ifm Baltic SIA
Swisscom (Switzerland) Ltd./Swisscom DevOps Center Latvia SIA
Alarius GmbH
Lloyd Shoes GmbH
Bauer Specialtiefbau GmbH
Storch Group – Color Expert
VAN GRAAF Latia/ Peek & Cloppenburg
Arvato Systems
MIP Pharma GmbH
HSH Chemie GmbH
Stockholm School of Economics in Riga
Lufthansa German Airlines
Work highlights
- Advised Lloyd Shoes GmbH on the purchase of Lloyd Shoes Concept Stores in Latvia from SIA “Euroskor Latvia”. The transaction included transfer of assets and employees to the newly established company in Latvia.
- Advised SIA KM Consulting on commencing a trout farm business in Latvia.
- Assisted Bauer Spezialtiefbau GmbH with the establishment of its subsidiary in Latvia, as well as legal assistance with respect to procurements and cooperation matters in Rail Baltica (construction of Baltic railway) projects.