Commercial, corporate and M&A in Lithuania


Cobalt advises domestic and international clients on public and private M&A, joint ventures and restructuring matters. Managing partner Irmantas Norkus and Akvilė Bosaitė are notable practitioners at the firm, which also advises on the formation of corporate entities, the devising of corporate governance structures and commercial contracts.

Practice head(s):

Irmantas Norkus


Ellex's team has experience of working on public M&A, shareholders' disputes and corporate restructurings, among other matters. The 'commercial and result-oriented' Zilvinas Zinkevicius leads the advice to Circle K on all of its legal matters, which recently included its internal restructuring and the acquisitions of several new petrol stations. Zinkevicius jointly heads up the team with Paulius Gruodis, who has a standout reputation in large and complex Lithuanian M&A, and also handles various other corporate matters. Robertas Čiočys, who joined the firm's management team in January 2019, recently acted on energy sector M&A and on private capital investment projects.


‘I have been working with Ellex for more than 15 years. Its team has a high level of knowledge, an understanding of clients’ needs, is extremely business minded and has an ability to manage large-scale international projects and perfect work ethics – these features makes them top professionals. And of course the best legal competence in the area.’

‘The team is always very fast responding, discusses all of any action taken, fully co operational and open discussion with the client, always extremely confidential and loyal to the client.’

‘Very commercial and result oriented way of working combining in-depth legal knowledge, local business practices and the needs of the client. Excellent service with quick turnaround times. Outstanding local contacts and networks were also very helpful.’

‘Zilvinas Zinkevicius is one of the most experienced lawyers on the market, with perfect performance in most complex situations. He is exceptionally strong in strategic understanding and has excellent entrepreneurial approach.’

‘Zilvinas Zinkevicius – On all actions we take or consultancy we need, we approach him directly. He always recommends the best suitable member of the team, but also always looks personally at how the topic is managed.’

Key clients


VICI Group

Heidelberg Cement Northern Europe

Inter Rao Lietuva

IKEA Group

Work highlights

  • Assisted The Blackstone Group with the acquisition of a majority stake in Luminor for €1bn.
  • Advised Visa on the indirect acquisition of 100 % of shares of UAB Earthport Payment Services, a payment institution licensed in Lithuania.
  • Advised Lietuvos Energija on the acquisition of three wind power plants operating in Lithuania with a total capacity of 34MW from Stemma Group.


The 'very strong team' at Sorainen acts on domestic and cross border M&A transactions as well as private equity investments. The firm is active in the real estate, healthcare and energy sectors. Managing partner Laimonas Skibarka is notable in the TMT sector in private equity and M&A matters. 'Stand out partner' Sergej Butov handles the firm's cross border work. He advised Inchcape on the acquisition of BMW's distribution business in Lithuania. Algirdas Pekšys has experience advising foreign companies on investments and acquisitions in Lithuania. Mantas Petkevičius, leading the private equity and venture capital team, possesses 'superb professional skills.' 


‘Can make impossible things happen, always helpful.’

‘Sergej Butov and Agniete Venckiene are extremely professional and deliver exceptional results.’

‘The stand-out partner is Sergej Butov. Intelligent, experienced, and an easy to work with professional, who can do it all from start to finish. There is no need for oversight from the client. A pleasure to work with.’

‘Mantas Petkevičius offers easy and friendly communication, attention to detail, superb professional skills, insights and know-how.’

Key clients

Western Union

Hewlett-Packard Enterprise


Vienna Insurance Group

Volfas Engelman

Work highlights

  • Assisted medical imaging startup Oxipit with raising €1.5m in a seed round, co-led by Practica Capital, Koinvesticinis fondas and angel investors.
  • Assisted Volfas Engelman with acquiring shares in Lamate and completing construction of the Uniqa mineral water plant in Druskininkai.
  • Advising Open Circle Capital on a number of investments into technology startups.

TGS Baltic

TGS Baltic is 'absolutely a leading firm for corporate matters'. The team includes Marius Matonis, whose wide-ranging expertise includes M&A, private equity investments, privatisations and corporate restructurings. Agnius Pilipavičius assists state-owned enterprises (SOEs) and listed companies with corporate governance issues, and is also active in securities matters and shareholder disputes. Dalia Tamašauskaitė-Žilienė advised the owners of Proplastik in Estonia, Latvia and Lithuania on selling their business to Europe's largest semi-finished plastics distributor Vink Group. Matonis, Pilipavičius and Tamašauskaitė-Žilienė co-head the group. Another key figure is Vidmantas Drizga, who acted for organic food company AUGA group on a secondary offering of shares.


‘TGS Baltic team we have been working with was very client-oriented. They always make special efforts to understand the needs of our company and suggests business oriented solutions. Probably it was one of the key elements ensuring our smooth work. In addition to that, internally they did great teamwork which contributed both to the quality and efficiency of the service.’

‘The team is unique in terms of responsiveness, quality of work, finding solution and value for money.’

‘Agnius Pilipavičius 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. He has good business mindset, strategic long term approach and very importantly he is honest and trustworthy person.’

‘Sonata Krasauskienė — is TGS lawyer practicing in corporate law, I very appreciated her approach when dealing with the shareholders agreement. Other TGS Baltic team members we were in regular touch with were Mindaugas Civilka and Greta Bujutė, involved in GDPR compliance and related matters as well as general commercial, contractual matters. Both are dedicated, professional, experienced and helpful lawyers, who provided quality support.’

‘The team headed by Agnius regularly handles strategic corporate governance projects. Agnius is recommended for company law, group governance structures, implementation of listed companies requirements.’

‘Marius Matonis is one of the best M&A practitioners in the Baltic States. Vidmantas Drizga is one of the leading practitioners in capital markets.’

Key clients


Credit Value Investment

Enterprise Investors

BaltCap Infrastructure Fund


Work highlights

  • Advised LitCapital (private equity fund management company) and Jūratė Dambravienė on the sale of Medicinos paslaugų grupė (Medical Services Group) to Affidea Lietuva, a company providing radiological diagnostic services.
  • Advised AB Avia Solutions Group on a cross-border merger with a subsidiary in Cyprus.
  • Advising Amber Grid on commercial and public procurement law issues concerning one of the key public procurements (steel pipes) of the Gas Interconnection Poland-Lithuania (GIPL) project.

GLIMSTEDT Bernotas & Partners

GLIMSTEDT Bernotas & Partners' practice has a strong presence in the Lithuanian and wider Baltic markets. It is highly active in the private equity arena, and also advises clients on other matters, including foreign direct investments and joint ventures. Andrius Ivanauskas and Aušra Maliauskaitė-Embrektė jointly lead the team. Ivanauskas advised Whatagraph on an investment by venture capital fund Open Circle Capital. Maliauskaitė-Embrektė assists Grigeo (a major company in the paper and wood industry) with all investment-related matters, which recently included an investment from INVL Baltic Sea Growth Fund. Senior associate Jurgita Zakarauskienė is another notable individual.


‘GLIMSTEDT is a professional and highly qualified law firm.’

‘GLIMSTEDT was always available with qualified replies and comments.’

Key clients


APL Restaurants

State Forestry Enterprise

Elinta Charge


Work highlights

  • Advised European Investment Fund (EIF) on its investment in INVL Baltic Sea Growth Fund, which is the biggest Baltic Sea region closed-end fund intended for professional investors.
  • Assisted Elinta Charge with the sale of shares to new investors.
  • Advised APL Restaurants on the acquisition of Ozo Boulingas from the Akropolis Group.

Motieka & Audzevicius

Motieka & Audzevicius advises on cross border M&A and is particularly active in transactions connected with the TMT sector. Team head Giedrius Kolesnikovas, who is 'the go-to lawyer in complex legal situations', acted for Publicum Group on the creation of a joint venture with worldwide communications group HAVAS. Another recommended individual is associate Rokas Jankus, who has over seven years of M&A experience.

Practice head(s):

Giedrius Kolesnikovas


‘We rely on Motieka’s corporate team because of its result-focused approach, which drives it to always find a way to successfully represent our interests, irrespective of whether it is a day-to-day corporate issue or the structuring of a critically-important investment.’

‘Motieka & Audzevicius is unlike any other boutique law firm in Lithuania in the way that their lawyers are well-trained, ready to battle with big law firms and provide the same level of quality. This is why it is the first choice in any acquisitions we make.’

‘The corporate team is well-familiar not only with legal issues but also is capable of advising regarding business issues and structuring of business framework. This team does not restrict itself with being able to advise on 1 or 2 legal fields. It assists in drawing road maps for legal and business structure.’

‘It is important for a foreign company to have trusted lawyers – partners when entering a local market and acquiring a local business. Motieka & Audzevicius team helped us feel confident that all local nuances would be taken into account.’

‘We see Giedrius as a go-to lawyer in complex legal situations, particularly when a dead-end situation needs a successful closing. Rokas Jankus (who is usually our case manager) takes care of legal services we need and is often proactive in managing projects, which leads to us saving a load of time from our side and getting the best result within the shortest possible time. Giedrius and Rokas team is our first choice when it comes to transactions or any other corporate issues.’

‘Giedrius Kolesnikovas stands out from any other partner-level lawyers in Lithuania. He has business acumen and is a complete M&A lawyer, possessing deep knowledge of corporate law, taxation, competition law and anti-money laundering regulations. These competences and qualities of Giedrius help save us time and give us a one-stop-shop service, which we greatly admire.’

‘Associate Rokas Jankus is the right-hand man of Giedrius and provides us with comfort in the implementation of our projects on a daily basis. Rokas is experienced for his age, particularly compared with other lawyers in Lithuania. He is well-disciplined, always available and ready to go the extra mile; this is what we expect from our legal advisors.’

‘Partner Giedrius Kolesnikovas and Associate Rokas Jankus are always the team which guides us through complex transactions. They have shown us time after time that it is not always necessary to have a large team to deliver the best quality within the shortest possible time limits. They are cost-efficient and conduct hard (yet reasonable) negotiations with counterparties. They also ensure that unnecessary stages of acquisitions are skipped and focus on the substance.’

Key clients

Run Investment

Orion Securities

Brolis Semiconductors


My Fitness

Work highlights

  • Acted for Kesko Senukai Digital on the acquisition of pan-Baltic e-commerce business 1A group.
  • Assisted ZIP7 with the buyout of a 50% stake in Eksmos Investicija from one of the shareholders of the high-tech company group.
  • Advised Orion Private Equity Fund I on the acquisition of a 35% stake in Alna Group.


WALLESS, which was established in 2018 by five former partners from Ellex, works on cross border transactions, which includes public and private M&A. Povilas Zukauskas and Laura Ziferman lead the team, which also assists clients with private equity and venture capital investments, and corporate governance issues, among other matters. Zukauskas and Ziferman assisted Yukon Advanced Optics Worldwide with developing a contract manual. Managing partner Dovile Burgiene is another key figure.


‘A newly-created law firm with strong individuals and great experience. A new standard for law firms.’

‘Attention to clients issues; wide coverage of questions posted.’

‘Exceptional attention to the details and clients’ interests. As a client, you’re proud to be represented by experts like Dovile Burgiene, Povilas Zukauskas, Laura Ziferman and Giedre Banyte.’

Key clients


TK Development

Avesco AG

Baltic Fert

Work highlights

  • Advised Austeja Landsbergiene – the owner of a chain of kindergartens and schools in Lithuania – on all aspects of building of a new modern kindergarten–school in Vilnius.
  • Advised Familjen Ramel Godsforvaltning on the sale of Ramelis, a forestry company with more than 550 hectares of land.
  • Advised Schwenk Zement KG on its acquisition of the entire Cemex business in the Nordics and Baltics.

bnt attorneys in CEE

bnt attorneys in CEE's team has 'very strong skills in various sectors', including retail, real estate and energy. With offices across central and Eastern Europe, the firm is well-placed to advise on inbound and outbound cross-border matters. Frank Heemann, who leads the team, is advising Austrian freight forwarding company EGO Spedition on the legal framework for establishing a subsidiary in the transport sector.

Practice head(s):

Frank Heemann


‘bnt is able to quickly form cross-border teams for multinational advice.’

‘They have specific expertise in inbound and outbound cross-border issues.’

‘The professionalism of the team makes us feel well advised.’

‘I had the chance to work with Frank Heemann, who gave us quick and actionable advice. Thanks to his professionalism and business knowledge, he helps us to bring Lithuanian and foreign business cultures together.’

‘bnt stands out from other legal firms with its strong relationship with German clients.’

‘Frank Heemann and Jolanta Zupkauskaitė are two outstanding and very experienced lawyers.’

‘Frank Heemann is definitely a leader and a key person at bnt. Being active, responsible and client-oriented, he stands out as a person that could take over and solve clients’ issues.’

‘Frank Heemann is very professional and focused on getting the deal done. Senior associate Arnas Stonys is proactive and enthusiastic in solving complex legal issues.’

‘Frank Heemann – a highly qualified lawyer and what is particularly important is he is fluent in Lithuanian, English and German. German-English knowledge together with local Lithuanian language sklls is very rare in the Lithuanian market, therefore making Lithuanian-German business easier.’

Key clients

German Baltic Chamber of Commerce

WIZZ Air Hungary

GSK Luxembourg

Lufthansa Technik AG

NordVia UAB

Work highlights

  • Advising VTG AG, a leading Germany-based leading international wagon hire and rail logistics company, on setting up a corporate structure in Lithuania.
  • Advising the global courier and service company TNT on corporate, employment and other matters, including those related to the post-merger integration with FedEx.
  • Advising Klaipedos nafta on an intended bid for participation in a LNG terminal project in Germany.

Eversheds Saladžius (a member of Eversheds Sutherland)

Eversheds Saladžius (a member of Eversheds Sutherland) handles the full scope of commercial, corporate and M&A work for domestic and international companies, under the leadership of team head Jonas Saladžius. The firm's clients include banks, automotive companies and airlines. Rimtis Puišys is noted for his work on international restructurings, corporate joint ventures and commercial transactions. Sigitas Groblys joined from Law Firm Foresta in 2019.

Practice head(s):

Jonas Saladžius

Key clients

Turkish Airlines



Berlin Chemie Menarini Baltic

Circle K

Work highlights

  • Provided Berlin Chemie Menarini Baltic with regulatory legal advice.
  • Advising Fortum Klaipeda on its governance structure and also provide the full scope commercial law advice to the client on a waste-to-energy power plant operation in Klaipėda city.
  • Providing full scope of commercial law advice to Fortum Heat on investment in waste to energy power plant in Kaunas city.

Derling Primus

Primus Derling's team, which is led jointly by Giedrė Dailidėnaitė and Robert Juodka, is 'reliable, friendly and professional.' It assists clients with a broad cross-section of matters, including commercial contracts, GDPR issues and company acquisitions and disposals. The 'professional' and 'trustworthy' Dailidėnaitė is an expert in corporate governance matters. Juodka is advising Polish energy company PKP Energetyka on its entry into the Lithuanian market. Senior associate Vilma Raklevičienė is also recommended.


‘They demonstrate not only legal, but also sector knowledge, and are strong in process management as well.’

‘Very knowledgeable team, which is strongly connected in and deeply rooted to the region. A go-to firm in the Baltics.’

‘They are unique, dedicated to the subject and follow up until the issue is solved. I trust their professional advice and competence.’

‘On regular commercial, corporate and M&A transactions we work with Giedre Dailidenaite, who is very professional, trustworthy and perfectly leads the transaction. We work with Ernesta Ziogiene in real estate-related M&A. She has outstanding real estate sector knowledge. She is very valuable as a project manager and as specialist who can combine knowledge of different areas (commercial, real estate, M&A).’

‘Robert Juodka is a great lawyer, who is very responsive and has extremely useful language skills.’

‘The team I worked with is dedicated. I like their responsiveness and competence. It makes me feel calm that the legal part is taken care of. I work with Giedrė Dailidėnaitė, who is a warm person.’

Key clients






Work highlights

  • Acted for Maxcom on its acquisition of a stake in Lithuanian start-up Rubee from Elinta.
  • Advising Teamgate on an investment in the company from venture capital fund Open Circle Capital.
  • Acting for SBA Group on the acquisition of a Lithuanian company providing robotics and automation solutions.


FORT's team is praised by clients for its 'excellence, loyalty and teamwork'. It is led by Mindaugas Žolynas, who is 'well versed in contract and commercial law', and is also experienced in M&A, capital increases and decreases, and share buybacks and redemptions. Žolynas works with Andrius Mamontovas  and associate Vadimas Maksimenka.

Practice head(s):

Mindaugas Žolynas


‘Always tries to protect the best interests of its clients.’

‘FORT offers business-relevant, practical solutions. They listen and helps to identify key goals and objectives, and of course give quick and clear answers to get results quicker.’

‘Andrius Mamontovas evaluates the effectiveness of his and his clients work to properly serve the interests of his clients at all times.’

‘Mindaugas has been involved in M&A and corporate litigation for over 17 years. He has earned his reputation by working in different law firms, contributing to many exceptional projects of various nature and complexity. Based on his knowledge and professional experience, he is eager to provide his customers with easy-to-understand solutions.’

Key clients

Digital Mind

Capital Mill

Done Haldus

Libra Group

Baltic Amadeus

Work highlights

  • Advised EfTEN Real Estate Fund 4 on the acquisition of shares of the company managing the River Mall shopping centre and newly constructed River Hall business centre in Kaunas from SIRIN group company.
  • Advised EfTEN Real Estate Fund 4 in acquisition of the shopping centre RYO in Savitiškio street in Panevėžys from Pontos Group.

LEADELL Balčiūnas & Grajauskas

LEADELL Balčiūnas & Grajauskas has a 'diverse, flexible and versatile' practice. The 'stand-out' Gintaras Balčiūnas and Vaidas Radvila both lead the team. Balčiūnas advised Roche Lietuva on all corporate issues. Senior associate Gintaras Stankevičius is also recommended.


‘A reliable law firm that we could trust in any legal matter. They always come to us with solutions’

‘This team responds promptly to the problems raised, helping to solve the problems by offering at least several alternative solutions. The team is very diverse, capable of dealing with different types of issues. Flexibility and versatility are the strengths of this team. This is not just a team of lawyers, it’s partners who are always ready to help and advise.’

‘Practice head Vaidas Radvila is a highly experienced and business-oriented lawyer with an admirable track record.’

‘There are a variety of legal issues that we face. We can safely say that this law firm operates at a very high standard in its field, offering a wide range of legal services. We would especially like to highlight the stand out partner Gintaras Balčiūnas, whose knowledge and experience make it easy to find solutions in difficult situations. Diligence, flexibility, high standards – these qualities set this law firm apart from the rest.’


Key clients

Info S

Roche Lietuva




Work highlights

  • Advised Renerga, a company specialising in the wind energy, in acquiring an SPV which owns the Horni Lodenice wind farm in the Czech Republic.
  • Represented the buyer Achema Group in purchasing the trading business and elevator network form one of the largest agro groups in the Baltics.
  • Advised KLASCO on signing a cooperation agreement with the multinational commodity trading company.


Magnusson's team demonstrates 'a deep level of legal competence' advising on corporate and commercial matters connected with sectors such as healthcare, real estate and retail.  Ligita Ramanauskaitė, who heads up the group, combines 'experience' with 'a down-to-earth approach.' Equally strong advising domestic and international clients, she advises on corporate restructurings and governance issues, among other matters. Associate Mindaugas Baniulis has 'outstanding knowledge of corporate and commercial law'. 

Practice head(s):

Ligita Ramanauskaitė


‘Magnusson has a full range of competences needed for our business, and their key lawyers have a deep level of legal knowledge in their respective practice areas.’

‘We appreciated that the advice Magnusson provided was not only legally sound but was also tailored to our business needs. It regularly amends our standard contractual clauses to prevent the ever-changing issues we encounter in our day-to-day operations.’

Key clients

Inter Cars Lithuania

Ekleft Consulting

Yara International

Simpro Group

CGP Management

Work highlights

  • Assisted Latvian company Depo DIY with the capital increase of the Lithuanian subsidiaries in connection with the client’s aim to expand its operations in the Lithuanian market.
  • Advised Yara International, the world’s leading fertilizer company, on the establishment of its European Business Service Centre in Vilnius.
  • Advised a group of individual shareholders of Ekleft Consulting, an IT outsourcing company of international Ekleft Group, on corporate governance matters and shareholding and management structure in Lithuanian company.

PwC Legal

PwC Legal's 'very qualified' team acts for domestic and international clients on a wide range of corporate and commercial matters. Rokas Bukauskas leads the team, which assists clients with setting up operations in Lithuania, the acquisition and disposal of target companies, corporate governance and compliance-related issues. Ina Muckienė has extensive experience of handling domestic and cross-border mergers and demergers, as well as corporate restructurings.

Practice head(s):

Rokas Bukauskas


‘Team is very qualified and has all kind of low service specialists. As they belong to the PwC group, they can offer services worldwide.’

Key clients

British School Vilnius


Baltic Coffee Holding SIA


Gedimino 9

Work highlights

  • Assisted ACME Group with the sale of hemp seed contracting and processing company UAB Agropro, and hemp contractor and processor UAB Borela, to Aurora Cannabis.
  • Assisting Grigeo with the transfer of its corrugated cardboard production business to subsidiary company Grigeo Packaging.
  • Assisted the client Alvora (one of the biggest construction companies in Lithuania) with the implementation of corporate changes by reviewing and amending company’s corporate documents.