TEGOS (Formerly TGS Baltic)

The Swedish Bergs Timber AB has decided to sell its sawmill business in Latvia, SIA Vika Wood, one of the largest and most efficient sawmills in the Baltic region. On 20 December 2024, Bergs Timber AB concluded an agreement with Nextwood One GmbH, a company of the Austrian HS Timber group, regarding the sale of 100% of shares in the Latvian wood processing company SIA Vika Wood. The transaction is subject to clearance by the Competition Council. The parties plan to close the transaction in the first quarter of 2025. TGS Baltic provided full transactional support concerning Latvian law and Latvian jurisdiction, including assistance with drafting, negotiating and signing the share purchase agreement. Bergs Timber was assisted in this project by the TGS Baltic team: partner Andra Rubene and senior associates Anna Vaivade, Dita Buša, and Alīna Lepere. Bergs Timber Bergs Timber — an international wood products group — consists of independent subsidiaries that develop, produce, and market processed wood for various applications. The sale of the raw material provider SIA Vika Wood will allow Bergs Timber to focus on its current strategy: the production and sale of customer-oriented processed wood products. Vika Wood SIA Vika Wood is a leading manufacturer of high-quality coniferous-sawn timber in the Baltics. Its sawn timber production capacity reaches 300,000m³ per year. The company processes logs from sustainably managed local forests. Its products are exported to more than 30 countries worldwide. The sawmill also plays a crucial role in the regional value chain, supplying byproducts to the pellet producers and pulp industry. For more information, please visit: https://www.bergstimber.com/en/press/press?news_id=82940b4e-0a42-45b3-868b-dcb3b93d9880 https://hs.at/en/newsroom/news/detail/hs-timber-group-acquires-vika-wood-sia-from-bergs-timber-ab.html TGS Baltic is a top-tier full-service business law firm in Latvia, Estonia, and Lithuania, employing more than 170 lawyers across the Baltics http://tgsbaltic.com/

17 October, 2024 The Latvian national airline airBaltic successfully executed EUR 40 million tap issue related to its EUR 340 million outstanding high-yield bonds TGS Baltic advised the sole bookrunner Citigroup Global Markets Europe AG on the tap issue of EUR 40 million 14.50% senior secured bonds by the Latvian national airline Air Baltic Corporation AS. Following the tap issue the total issue size of the bonds is EUR 380 million. This transaction was well received by the international and local investment communities and the demand for the tap issue bonds exceeded the offering, with the final orderbook of almost EUR 125 million. The proceeds from the issue will be used to finance the company's general needs, including development and further fleet expansion. For more information, please see the airBaltic press release here. The legal team was led by Linklaters advising on English law and assisted by TGS Baltic team advising on Latvian law matters. The TGS Baltic team was composed of partners Inese Hazenfusa, Andra Rubene and Dalia Augaitė (Lithuania), and associates Evija Ābele and Mārtiņš Galzons.

TGS Baltic, in cooperation with Vinge, assisted Swedish private equity company Helix Kapital with selling its shares in Spring Media Group, an international full-service sports media agency, to the global sports and entertainment business Two Circles. HLXK Kapital AB sold 100% of its shares in Spring Media Intressenter AB, a Sweden-based parent company of Spring Media group, to Two Circles AB. Spring Media group includes SIA 4.vara, a sports media company important for national security registered and operating in Latvia. The parties signed the share purchase agreement on 25 October 2024 and closed the transaction on 28 October 2024. The transaction entailed a buyout of the shares of SIA 4.vara from the local minority shareholders by Spring Media AB, the majority shareholder of SIA 4.vara. TGS Baltic ensured Helix Kapital full transactional support regarding issues related to Latvian law and Latvian jurisdiction. The assistance included regulatory advice on national security clearance from the Cabinet of Ministers of the Republic of Latvia for changes in the ultimate ownership structure of a company important for national security (Latvian foreign direct investment regime), consultations related to free-to-air broadcasting regulatory issues and tax consultations, as well as transactional advice and assistance with the closing regarding the buyout of the minority shares of the Latvian subsidiary. TGS Baltic team was led by partner Andra Rubene and assisted by senior associates Anna Vaivade, Vladlena Rudusāne and Rūdolfs Vilsons. About Helix Kapital Helix Kapital is a Swedish growth-oriented investment company that invests in SMEs in the Nordic region with proven and profitable business models. For more information about Helix Kapital, please visit site. About Spring Media Spring Media is an international full-service sports agency specialising in rights management, streaming solutions, production services and growth marketing. Spring Media group serves some of the biggest leagues, federations, teams and broadcasters in the world. For more information about Spring Media, please visit site. About 4.vara SIA 4.vara operates a sports TV channel TV4, a sports media channel https://sportacentrs.com/ and provides various types of video services in Latvia (its customers include the Parliament (Saeima) of the Republic of Latvia, LMT, Tet, Swedbank, Air Baltic, etc.) and abroad (at major sporting events, where live broadcasts have been shown on Eurosport and the largest Northern European TV channels). Please read about the transaction in English here and here. TGS Baltic is a top-tier full-service business law firm in Latvia, Estonia, and Lithuania, employing more than 170 lawyers across the Baltics http://tgsbaltic.com/

TGS Baltic advised Colonna, one of the leading commercial property investors in the Baltics, on the disposal of a portfolio of 11 Rimi grocery stores across Latvia, to Lumi Retail Property Fund, a fund managed by Nuve Partners.   Advising Colonna, one of the leading commercial property investors in the Baltics, on the disposal of a portfolio of 11 Rimi grocery stores across Latvia, to Lumi Retail Property Fund, a fund managed by Nuve Partners. The portfolio properties are characterised by their convenient locations and long-term lease agreements. Situated largely in regional towns, the stores are comfortably located for customers, ensuring ease of access and serving as essential daily shopping destinations for local communities. These high-traffic locations benefit from steady footfall, making them ideally sustainable for retail real estate investment. We assisted our client in all stages of the transaction, including transaction structuring, negotiations, signing and closing as well as dealing with financing banks. The TGS Baltic team included Jānis Bite, counsel in M&A, Dita Buša, senior associate in real estate and Rūdolfs Vilsons, senior associate in tax. Financial aspects of the deal were covered by Inese Hazenfusa, partner, head of Banking & Finance practice group and associate Karīna Narņicka - Čumakova. TGS Baltic is a top-tier full-service business law firm in Latvia, Estonia, and Lithuania, employing more than 170 lawyers across the Baltics http://tgsbaltic.com/

TGS Baltic team assisted TÜV SÜD AG, a global provider of testing, inspections and certification solutions,with the acquisition of Carspect Group Holding AB, with subsidiaries in Sweden: Carspect Group AB, Carspect Sweden Holding AB, and Carspect AB, in Estonia – Osaühing A-Ülevaatus, and Latvia – Scantest SIA, from IK Partners group company Arwen International S.à.r.l. and minority sellers. The Stockholm-based Carspect Group operates more than 150 test centres for periodic technical inspections of vehicles (PTIs) and other associated vehicle-related inspection services in Sweden, Latvia and Estonia. The service offering includes periodic technical inspections (“PTIs”), registration inspections, voluntary checks, and related services for passenger cars, light trucks, buses, and lorries. TÜV S��D AG provides testing, inspection and certification solutions worldwide. Represented by almost 28,000 employees located across over 1,000 locations. With the acquisition of Carspect, TÜV SÜD now has presence in the PTI market in nine countries. In addition to its home market of Germany, TÜV SÜD’s testing and inspection experts are already providing PTI services in Türkiye, Spain, Austria, Slovakia and South Africa. TGS Baltic team led by the partners Kadri Kallas (Estonia) and Andra Rubene (Latvia) assisted Gernandt & Danielsson (Sweden) and Lupp + Partner (Germany) on all local law matters related to the Estonian and Latvian subsidiaries, including carried out due diligence, provided regulatory and transactional advice and assisted with both closing and post-closing matters related to the acquisition. Senior associates Anna Vaivade, Aija Kreicberga, Māra Stabulniece and associate Ance Pavasare worked on the project in Latvia. Estonian team consisted of partner Kirsti Pent, associate partner Triinu Järviste, senior associates Mirko Kikkamägi, Liisa Levandi, Siret Saks, Olger Kaelep, Mari Anne Rohtla, lawyer Aleksander Pajuri and associate Ingeri-Helena Kakko. For more information, please visit: https://www.tuvsud.com/en/press-and-media/2024/august/tuev-sued-acquires-swedish-carspect-group and https://ikpartners.com/2024/08/14/ik-partners-completes-the-sale-of-carspect-group-to-tuv-sud/