Commercial, corporate and M&A in Lithuania


Cobalt is one of biggest law firms in The Baltics region and has a sizeable corporate offering, handling major M&A, private equity and venture capital transactions. Managing partner Irmantas Norkus is a key name for cross-border M&A, with expertise in complementary areas such as competition and banking and finance. Elijus Burgis, who leads the corporate transactions team, is distinguished by his strong background in the energy and healthcare sectors. Žilvinas Kvietkus is noted for his expertise in the life sciences and pharmaceutical industries. Juozas Rimas heads up the M&A team, and is also strong in other areas, such as private equity and restructuring.

Practice head(s):

Juozas Rimas; Irmantas Norkus; Elijus Burgis; Žilvinas Kvietkus


‘As far as we have had to work with other law firms, we are most satisfied with COBALT for many reasons. In addition to having great legal knowledge, negotiation skills, and strategic thinking, they stand out for their client-oriented approach, responsiveness, practicality, creativity.’

‘I am happy to cooperate with Elijus Burgis – he always has a calm attitude in stressful situations and constant vision of the bigger picture.’

Key clients


Johnson & Johnson

Livonia Partners Fund


KJK Sports


INVL Baltic Sea Growth Fund

Danpower Baltics

Iron Wolf Capital

Moog Inc

STADA Arzneimittel


Avitelos prekyba


Lithuanian Railways

Work highlights

  • Advised the shareholders of Danpower Baltic on the sale of 50% of their shares to French renewable energy group Idex, managed by Europe’s major investment company Antin.
  • Advising KJK Sports on its acquisition of 100% of the shares in Baltic Bicycle Trade UAB, the parent company of Baltik Vairas based in Šiauliai, Lithuania.
  • Acted as local counsel in the Baltics to STADA Arzneimittel on the acquisition of Walmark, a leading manufacturer of consumer health products in Central Europe from Mid Europa Partners.


Ellex, which is an established leader in the Baltic region, has acted on some of the biggest deals in the market; in one recent highlight, it advised the European hotel group Orbis on its €1.06bn sale to AccorInvest. Managing partner Rolandas Valiunas, who advised on that deal, has longstanding experience of assisting international investors. Zilvinas Zinkevicius, whose practice has a strong emphasis in the energy sector, co-heads the team with Paulius Gruodis, who has a similarly significant interest in the energy sector and is also highly skilled in private equity transactions. Robertas ČiočysJaunius Gumbis and Dovile Greblikiene are also recommended.

Practice head(s):

Rolandas Valiunas; Zilvinas Zinkevicius; Paulius Gruodis; Jaunius Gumbis; Dovile Greblikiene; Ruta Armone

Other key lawyers:

Robertas Ciocys


‘On time delivery despite obstacles and high quality of services, which results in hassle-free cooperation with no legal disputes after M&A contract signage.’

‘Elllex’s corporate and M&A team is the largest and most experienced in Lithuania. We have worked with them for many years and carried out multiple acquisitions and corporate projects.’

‘This team consists of true professionals in their field, who are especially distinguished from other firms by their focus on their clients.’

‘Well-established law firm that has been holding leadership in the country for many years.’

‘Zilvinas Zinkevicius Trustworthy, reliable, down to earth approach, deep matter of the project and business environment in general.’

‘Robust, direct and keen strategists, they see possibilities in every situation and can act quickly on those possibilities. Work style is down-to-earth, assertive and persuasive.’

Key clients

Edenred SA

Brink’s Company

Marubeni Corporation

Maxima Group / VP Market (the largest Pan-Baltic retail chain, TOP 2 Lithuanian company)

Quaero Capital SA



Konekesko Oy

Lords LB Asset Management


Orlen Lietuva, AB / PKN Orlen S.A. [The largest company in Lithuania]


Work highlights

  • Advised Orbis S.A., the largest hotel group in Central and Eastern Europe, on €1.06bn sale of 85.8% of its shares to Accor Invest.
  • Advised Brink’s Company on the Lithuanian, Latvian and Estonian parts of its global acquisition of G4S.
  • Advised Edenred SA on the acquisition of 60% of shares in EBV Finance.


Sorainen, which is ‘a top law firm in Lithuania’, advises on high-end M&A, private equity and venture capital transactions. Its practice has a strong emphasis on mandates connected with the energy, financial services and TMT sectors. Team head Sergej Butov has a broad skill set, which includes M&A, joint ventures, corporate governance and reorganisations. Managing partner Laimonas Skibarka is another key name, and is most notably known for his work in the TMT sector. Algirdas Pekšys authored the first Corporate Governance Code in Lithuania back in 2004. Mantas Petkevičius, who leads the private equity and venture capital team, has expertise in investments and exits. Associate Mindaugas Baniulis joined from Magnusson.

Practice head(s):

Sergej Butov

Other key lawyers:

Laimonas Skibarka; Algirdas Pekšys; Mantas Petkevičius; Mindaugas Baniulis

Key clients


Bitė / All Media Baltics

Metso Corporation

Ignitis Group

Vienna Insurance Group

INVL Baltic Sea Growth Fund

HeidelbergCement Northern Europe

DHL Lietuva




Modus Group

Olympic Casino


Švaros broliai

Work highlights

  • Advising telecoms company Bitė on the implementation of a framework agreement with Tele2 to create a shared Radio Access Network (RAN) in Lithuania and Latvia.
  • Advising Vienna Insurance Group on a cross-border merger of the Lithuanian non-life insurer Compensa (with branches in Latvia and Estonia) with Estonian non-life insurer Seesam (with branches in Lithuania and Latvia) and Compensa subsidiaries in Lithuania and Latvia (both insurance intermediaries).
  • Advised Ignitis Group on the merger of its two subsidiaries VAC and IGPC.

TGS Baltic

At TGS BalticMarius Matonis has been instrumental in some of the biggest M&A and private equity transactions in the market, and counts major private equity house Baltcap as a key client. Agnius Pilipavičius has broad expertise in corporate and commercial law, with notable strengths in restructurings, corporate governance, shareholder disputes and securities matters. Matonis and Pilipavičius co-head the practice with Dalia Tamašauskaitė-Žilienė, who is experienced in matters involving highly regulated sectors, such as banking, energy and insurance. Another name to note is Vidmantas Drizga, who is a highly respected name in the manufacturing sector. Aurimas Pauliukevičius is a noted expert in private equity and venture capital transactions.

Practice head(s):

Marius Matonis; Agnius Pilipavičius; Dalia Tamašauskaitė-Žilienė

Other key lawyers:

Vidmantas Drizga; Aurimas Pauliukevičius


‘Easy to deal with, highly professional attitude, focus on problem-solving (very efficient in the latter).’

‘Great experience, versatile knowledge, flexible rate.’

‘Specialists are helpful, flexible, responsible in comparison with others – offer various solutions, look for a way out of the situation.’

‘TGS team is well-staffed, they have lawyers specialising in all the fields we needed.’

‘Our main contact in TGS is Agnius Pilipavičius . He has very good expertise in corporate law, that is proved not only by our experience we had last year, but also by our earlier cooperation. Agnius Pilipavičius has a good business mindset, strategic approach especially when it comes to the strategic business development issues.’

‘Consistently high-level advice from all departments of this law firm, including corporate, commercial, competition and employment law.’

‘A wide range of experiences solving cross-border and cross-industry legal problems. The depth of knowledge and proven experience in the area of law or type of matter relevant to our needs. Exceptional quality services.’

‘Very much business-oriented, practical and adequate approach to the cases/business issues my company was dealing with.’

Key clients


Philip Morris Baltic, UAB

Schage Group


Mars Group (Baltics)




Opera Limited


Maxima Group

AB Šiaulių bankas

Work highlights

  • Advised AB Šiaulių bankas on the acquisition of Danske Bank’s retail credit business line in Lithuania.
  • Advised BaltCap Private Equity Fund III on the acquisition of Krekenavos Agrofirma, the largest meat processing company in Lithuania.
  • Advised the Bank of Lithuania on designing and establishment of KŪB “Lietuvos pagalbos verslui fondas” (Lithuanian aid fund for business).


WALLESS hired a number of partners from Ellex in 2019, and in addition, expanded its presence in the Baltic region in 2020 by merging with Latvia’s Primus Derling and Estonia’s Derling Primus. Povilas Zukauskas, who leads the corporate team, is highly experienced in M&A, joint ventures and restructurings. Laura Ziferman heads up the commercial side of the practice, and is also prominent in complementary areas such as regulatory and competition law. Managing partner Dovile Burgiene has been instructed on some of the biggest deals seen in the Baltic region and is most notably active in the TMT, biotech and manufacturing sectors.

Practice head(s):

Povilas Zukauskas; Laura Ziferman

Other key lawyers:

Dovile Burgiene


‘Fast reply with clear resume of matter concerned.’

‘Ability to quickly find creative solutions.’

‘In-depth knowledge, feel of the market conditions, professionalism.’

‘Professional and reliable partner ’

‘Quality of service and efficiency is an exceptional feature’

‘Are very into the field that we are working on, always very responsive and helpful’

‘Excellent knowledge, great explanatory and presentation skills. Good solution finding.’

‘The main advantage would be that WALLESS’ commercial, corporate and M&A team mainly consists of excellent lawyers with not only best knowledge of the law, but also the market itself. It is highly appreciated to always work directly with firms’

Key clients

Vilnius City Municipality Administration

Kaunas City Municipality Administration


LNK Group – Latvijas tilti

Affidea Group




Thermo Fisher Scientific Baltics

Lords LB Asset Management

UAB “TOPO Centras”


Ms Austeja Landsbergiene– owner of chain of prestigious kindergartens (Vaikystes Sodas) and schools in Lithuania (Karalienes Mortos Mokykla)

Yukon Advanced Optics Worldwide UAB

Baltic Horizon Fund



tesa tape, UAB

Tututis, UAB

OTCF Lithuania, UAB

UAB Sapiegos klinika

UAB “Alna Business Solutions”

KINZE Manufacturing, Inc.



Elfa Distrelec, UAB

Secure Nordic Payments

VK Turtas


Huracán Coffee

Baltic Fert

Avesco AG

Credit union “Amber”

UAB Menerga

DAO Family


Practica Capital


World Courier

SAI Global

Juvare Lithuania

Modus Group

MEAG Munich Ergo

Imlitex Holdings

Lideta AB

Work highlights

  • Assisted Blackstone Group with the acquisition of a 60% stake in Luminor from Nordea bank AB and DNB Bank ASA for €1bn.
  • Advised UAB Yukon Advanced Optics Worldwide on the creation of one of the biggest private investment vehicles in the market worth €30m.
  • Acted as the leading law firm on the cross-border merger of Lithuanian Mokilizingas into Estonian Inbank and establishment of Inbank branch in Lithuania.

GLIMSTEDT Bernotas & Partners

GLIMSTEDT Bernotas & Partners is highly proficient in private equity and venture capital work, and its client roster includes major houses such as Apollo Group and Centrebridge Partners. Andrius Ivanauskas' private equity and venture capital expertise is complemented by his knowledge of other areas, such as M&A, commercial law and competition. He jointly leads the team with Aušra Maliauskaitė-Embrektė.

Practice head(s):

Andrius Ivanauskas; Aušra Maliauskaitė-Embrektė

Key clients

Precia Molen


Centerbridge Partners



Iron Wolf Capital

Apollo Group



Startup Wise Guys



Devold of Norway

Business Angels Fund

Eiffel Investment Group

Linstow AS

Elinta Charge

Work highlights

  • Advised Centerbridge Partners on the carve-out and acquisition of IBM’s marketing business previously known as IBM Watson (renamed to Acoustic after acquisition).

Motieka & Audzevicius

Motieka & Audzevicius' practice is led by Giedrius Kolesnikovas, who is ‘becoming one of the best M&A lawyers in Lithuania’, according to a client. He has advised on deals in both a local and CEE-wide context, and recent work has spanned multiple industries, including real estate, sports and entertainment. Kolesnikovas works with newly-promoted senior associate Rokas Jankus, ‘whose prominence in the market is rising rapidly’.

Practice head(s):

Giedrius Kolesnikovas

Other key lawyers:

Rokas Jankus


‘I have worked with Motieka & Audzevicius team on an M&A project, firm’s team was focused and proactive, aiming to find proper solutions to identified commercial risks and move the project towards its successful closing. ’

‘Giedrius Kolesnikovas is a great negotiator, capable of staying confident and respectful in most heated negotiations. ’

‘The team has great chemistry and worked together for some time now. We know what to expect from them during deals and always receive fast responses when required. They are tough not only in legal stuff, project management, but negotiations as well.’

‘We have worked with Giedrius Kolesnikovas for a long time. We had the opportunity to see his growth and becoming one of the best M&A lawyers in Lithuania. Giedrius is well-educated, has strong business acumen, has knowledge of business disciplines such as project management, corporate finance, negotiations, which helps us a lot doing deals. We feel safe when his team is taking matters to their hands.’

For the past several years senior associate Rokas Jankus has been the lead lawyer in all the transactions where we worked with the firm. Rokas has established himself as a start in M&A field in Lithuania and often participates in negotiations against other top firms and their partner-level lawyers. This might be one of the reasons why his growth and prominence in the market is rising rapidly. Rokas is trustworthy and advises only then when he is sure of the topic, he is quick in drafting transaction documents and is always available.’

Key clients

Avia Solutions Group PLC (Cyprus)

My Fitness AS (Estonia)

Eneba Holdings Limited (UK)

In Balance Grid, UAB (Lithuania)

ZSC RE Management, UAB (Lithuania)

Linas Agro Group, AB (Lithuania)

Veta, UAB

Work highlights

  • Advised Avia Solutions Group  on its cross-border acquisition of Bluebird Nordic.
  • Advised My Fitness AS on acquisition of Gym Plius.
  • Assisted with receiving an investment of circa €2.5m from the United Kingdom-based venture capital fund InReach Ventures.

bnt attorneys in CEE

bnt attorneys in CEE has offices across all 11 CEE countries and its team in Lithuania is particularly strong in restructurings. Frank Heemann heads up the corporate practice and he also leads the firm’s insolvency and restructuring team across all offices. M&A, joint ventures and privatisations are other areas of interest, and he is very active in sectors such as agriculture, hospitality, logistics, energy and real estate.

Practice head(s):

Frank Heemann

Key clients

Accor Services Poland Sp. z o.o.

Amscan Europe GmbH

ArrMaz Chemicals SAS

Bolle Holding GmbH

CAT Automobillogistik GmbH & Co. KG

GRE-Gauff Rail Engineering GmbH & Co. KG

WFC Investment Deutschland GmbH & Co. KG

Hekon, UAB

Industras UAB

Ceres Agrar UAB

M+H FarmConsult international, UAB

Seca Vilnius UAB

Alexander Soloperto

Transdana UAB

Altechna UAB

Henrik Jensen

EGO Spedition GmbH

Kurt König Maschinenbau GmbH

MediLink A/S

Nord Via UAB

WWTAI Airopco (Fortress investment group) re Small Planet group (airline)



Stengel GmbH and related companies, including Stengel Transport LT UAB

Aalto Capital GmbH

BRL Boege Rohde Luebbehuesen Rechtsanwälte

Klaipedos nafta AB

Lufthansa Technik AG

VIVAT Multitalent AG, VIVAT Verwaltungs GmbH, Multitalent AG and other “group” companies

Undritz, Sven Holger as insolvency administrator of the German Tief- und Rohrleitungsbau Meyer & John GmbH & Co. KG

White & Case Insolvenz GbR

Comintes SARL and relate

Work highlights

  • Rendering transaction-related support as well as liquidation and related services for GRE-Gauff Rail Engineering.
  • Supporting ArrMaz Chemicals SAS with restructuring proceedings of its Lithuanian business partner Iviltra RUAB.
  • Advised M+H Farm Consult UAB on the acquisition of 100% of shares in a Lithuanian target company (Ceres Agrar UAB) in the agro/farming sector.


Magnusson is an established name in the market with strengths in commercial law, M&A, restructurings and corporate governance work. Managing partner Ligita Ramanauskaitė, who heads up the practice, acts for corporates, SMEs and state-owned enterprises. The firm generates mandates from entities operating in areas such as aerospace, healthcare, engineering and logistics. Mindaugas Baniulis joined Sorainen.

Practice head(s):

Ligita Ramanauskaitė

Key clients

Yara International

Movere (Hankkija group)

CGP Management

Ortopedijos technika

Inter Cars Lithuania

Clinic DPC







Work highlights

  • Advised NanoAvionics, a Lithuanian start-up in the field of design, development and manufacturing of small satellites systems, on multiple high-value deals.
  • Advised Baltic Film Services on a merger of a company with a film creation turnover exceeding €2m.
  • Provided full legal assistance to a Latvian DIY retailer, SIA DEPO, and Varanas UAB in entering into joint activities agreement for their co-investment project for development of a shopping centre in Kaunas.


Primus Derling generates a steady stream of work such as M&A, restructurings and corporate governance. It is notably active in sectors such as energy, IT, construction, aviation and fintech. The team is jointly led by Giedrė Dailidėnaitė and Robert Juodka, both of whom have a shared interest in assisting new entrants to the Lithuanian market through M&A and regulatory compliance.

Practice head(s):

Giedrė Dailidėnaitė; Robert Juodka


‘Over the past 12 months, with the help of the company’s specialists of PRIMUS DERLING, we have been defending our positions in controversial issues with some companies. In addition, the specialists of PRIMUS DERLING prepared the necessary documents for the implementation of legal relations between the shareholders of our company. Provided legal support on many issues.’

‘From our point of view, PRIMUS DERLING’s specialists are professional, competent, reliable and attentive. For all our questions, we always receive specific, understandable and detailed comments. PRIMUS DERLING specialists collect as much information and facts about the current situation as possible, clarify and concretize the goals that need to be achieved. Based on the results of the analysis of the data obtained and the required goals, they offer several options for solutions, indicate possible risks and form a roadmap to achieve the goal with possible options for the development of the situation.’

‘The PRIMUS DERLING team consistently sought and implemented business-oriented, practical solutions to very complex issues. They learned our company’s products and services quickly, enabling them to identify relevant issues and present options under applicable local laws. They also were extremely responsive to our needs, including many communications late at night and on weekends.’

‘I have experienced strong support among each team-member towards to answer questions of clients ’

‘The team at Primus Derling is experienced and trusted adviser but also commercially forward-thinking and responds to client needs in a prompt manner, always making themselves available and willing to help. I also found them more approachable then other firms in Lithuania and they are very friendly.’

‘Robert Judoka – M&A Beside his multi-linguistic talent, he has strong commercial knowledge of wide sector and deliver advice that suits individual clients. I refer a number of my clients to him (M&A, commercial mainly) and he studies the client’s business deeply in order to give advice that stands out.’

Work highlights

  • Advised GrECo International Holding on acquisition of majority stake of insurance brokerage company Sagauta and merging of local operations.
  • Acquisition of 3PL business in Lithuania from Girteka group.
  • Acquisition of various target companies via share deals FOR DIFF Fund I.

Eversheds Saladžius (a member of Eversheds Sutherland)

Eversheds Saladžius (a member of Eversheds Sutherland) is the only international law firm based in Lithuania and runs the gamut of corporate and commercial work. Managing partner Jonas Saladžius leads the practice and is notably active in the energy, food and beverage and construction sectors.

Practice head(s):

Jonas Saladžius


‘The answers are straightforward, naming all the risks and possibilities. It is exactly what I require when I apply for the support.’

‘ The communication and real interest in my problem. The care and attitude they are solving the issues we are meeting is really great.’

‘The team at Eversheds is excellent.’

‘Rimtis Puisys is an outstanding individual we are lucky to work with’

‘We have been working with this law firm for many years know. They have always performed an excellent service in due time, with remarkable promptness, going straight to the point, focusing on our needs/requests and providing high qualified consultation.’

‘They are highly qualified, they are prompt in consultancies and actions, they provide good advice, they understand our needs.’


FORT's practice operates under the leadership of Mindaugas Žolynas, who is noted for his ‘deep knowledge of corporate legislation’.  His workload primarily entails M&A, MBOs, capital increases, as well as share buybacks and redemptions. His clients include domestic and international companies, and is particularly strong in handling issues surrounding family businesses.

Practice head(s):

Mindaugas Žolynas


‘Agile, in-depth understanding of projects as well as all business’

‘Value for money, understanding of the big picture and then easy in projects’

‘Their quality is outstanding – straight to the point, no excessive comments, meetings or descriptions, creative solutions, very client-oriented. They put really big effort to solve issues and to find solutions in any even most desperate situations rather than just to consult.’

‘Mindaugas Zolynas – deep knowledge of corporate legislation, huge experience, fast reaction, precise and user-friendly reporting, global view but also consideration of every single detail, if you call Mindaugas just for quick feedback on any issue you get back few alternatives to consider right away.’

Key clients

EfTEN Capital

mogo LT UAB

DPD Lithuania

Libra Group

Baltic Amadeus UAB

Devold AMT UAB

Švykai UAB


Capital Mill OU

Elgamos Group



Elmoris UAB

Litcargus UAB


Work highlights

  • Advised Litcargus UAB, the first private ground aircraft handling unit in Lithuania, on senior management buyout (MBO).
  • Advised EIKA group company on acquisition of the business centre “Highway” situated in Vilnius.
  • Advised Mogo Finance and mogo LT in placing €25m tap on existing €75m corporate bond.

LEADELL Balciunas ir Grajauskas

LEADELL Balciunas ir Grajauskas attracts praise for its ‘extensive knowledge of each industry sector’ and is currently very active in the energy sector, as well as financial services and TMT. Managing partner Marius Grajauskas, who heads up the practice, works with Gintaras Balčiūnas, who is adept in handling M&A and corporate governance matters.

Practice head(s):

Marius Grajauskas; Gintaras Balčiūnas

Other key lawyers:

Vaidas Radvila


‘Extensive knowledge of each industry sector and huge experience. ’

‘Vaidas Radvila is extremely professional and delivers exceptional results at any situation.’

Key clients

UAB „Roche Lietuva“

UAB “Renerga”

UAB Concern “Achemos grupė”

AB “Klaipėdos jūrų krovinių kompanija” (KLASCO)


UAB “Agrochema”

Info S, UAB

UAB Leksinova


UAB Kogus

Work highlights

  • Acting as the main legal adviser in Lithuania to UAB Roche Lietuva, providing legal consultations regarding all corporate issues including advising on the client’s distribution network optimization.
  • Advising Achema Group on restructuring, payments of residual compensation, payments regarding the contracts, merging and incorporating acquired business to the client’s group and business system.
  • Advised UAB Renerga on acquiring a company that is developing a 300 MW onshore wind farm. The wind farm in question is one of the largest wind energy projects in Lithuania and the Baltic States.

PwC Legal

PwC Legal has a strong offering in relation to M&A, corporate governance and regulatory assistance. Rokas Bukauskas, who leads the team, focuses on M&A, with a particular emphasis on the financial services and insurance sectors. Ina Muckienė, who is an expert in M&A and restructurings, is also recommended.

Practice head(s):

Rokas Bukauskas

Other key lawyers:

Ina Muckienė

SPC Legal

SPC Legal, which was founded in 2015, is a growing name in the Lithuanian market, largely owing to its consistent workload for major domestic companies such as Tele 2 and BaltCap. Founding partner Mindaugas Rimkus leads the practice.

Practice head(s):

Mindaugas Rimkus

Key clients

Modus Group


UAB “Kauno LEZ infrastruktura”

AMG Property

Panevezio stiklas UAB and Kauno stiklas UAB


Capital City Group UAB

Tele2 UAB

Festo UAB

Hili Properties p.l.c.

Silva Macienė (

UAB “Šiaulių plentas” UAB

UAB “Letėja”

UAB “Esama”

Practica Capital, UAB

SL investments and Wood Line Titnagas



UAB “Dotnuva Baltic” (controlled by Linas Agro Group)

Metalistas LT

Amberlo UAB


Skyways Technics