Cobalt, working with Dentons, has advised AirBaltic on the sale of a minority stake to Lufthansa Group. Eversheds Sutherland Bitans advised Lufthansa Group.
The transaction remains contingent on regulatory approval.
According to Cobalt, “the Ministry of Transport of Latvia, airBaltic, and Lufthansa Group have announced the signing of an agreement for Lufthansa Group to invest EUR 14 million in airBaltic to acquire a minority stake and the Supervisory Board seat. In return for its investment, Lufthansa Group will receive a convertible share granting a 10% stake, which will be issued at a subscription price of EUR 14 million and converted into ordinary shares upon a potential IPO of airBaltic. After the IPO, the size of Lufthansa Group’s stake will be determined by market pricing of the potential IPO, with Lufthansa Group’s holding amounting to no less than 5% of airBaltic capital.”
Lufthansa Group will also appoint a Supervisory Board member upon closing of the investment.
In 2024, Cobalt advised on AirBaltic's EUR 40 million issuance (as reported by CEE Legal Matters on November 18, 2024), on its EUR 340 million bond issuance (as reported by CEE Legal Matters on May 27, 2024), and on the construction of the Baltic cargo hub (as reported by CEE Legal Matters on February 21, 2024).
The Cobalt team included Partners Gatis Flinters, Guntars Zile, Edgars Lodzins, and Ugis Zeltins and Senior Associates Diana Zepa, Krisjanis Buss, and Kristine Ravina.
The Eversheds Sutherland Bitans team included Counsel Lauma Berzina and Senior Associates Karlis Jekabs Ivans, Elina Vilde, and Gunta Lokastova.
Editor's Note: After this article was published, Dentons announced that its team advising AirBaltic included Partners Nik Colbridge, Christopher Graf, and Maren Tamke, Counsel Arne Karsten, Senior Associates Christopher Winn, Wei Wu, and Tanya Macrae, and Trainees Suilen Perez Sera and Kelly Johnson.
