While Lithuania’s fintech sector has emerged as a European powerhouse, the number of licensed companies has been decreasing, indicating a shift towards a more quality-focused approach. Cobalt Partner Akvile Bosaite, Motieka Head of Financial Services and Compliance Sigita Zavisiene, and Walless Partner Joana Baublyte-Kulviete take stock of the sector.

After several years working for law firms and on major energy projects, Gabija Kuncyte has been with Compensa Life Vienna Insurance Group’s Lithuanian Branch as a Legal and Compliance Officer for over a year and a half. She discusses the evolution of in-house legal positions and the nuances of the legal industry in the Baltic region.

Lithuania’s tax system underwent a major overhaul in 2004 when the country joined the European Union. For almost two decades, its evolution has been slow-paced – one could even call it cosmetic.

Former Associate Partner Alina Makovska has been elevated to full Partner status with Walless, as the firm's 30th Partner in the Baltics.

Schoenherr has advised Kommunalkredit Austria on a EUR 25 million loan to the INVL Renewable Energy Fund I to finance the construction of solar power plants with a total capacity of 51 megawatts in Romania. Glodeanu & Partners advised the INVL fund. Sorainen reportedly advised Kommunalkredit as well.

Dentons and TGS Baltic have advised the European Investment Bank and Nordic Investment Bank on their EUR 64 million project financing for Ignitis Renewables to fund the Mazeikiai wind farm in Lithuania. Walless and Linklaters advised the Ignitis Group.

Norton Rose Fulbright has advised Inter Cars on the extension, increase, and reorganization of its senior facilities in the aggregate amount of approximately PLN 2.54 billion (USD 642 million). Kinstellar, Magnusson, Kelemenis, and Glimstedt reportedly advised on the matter as well.

On December 14, 2023, Walless announced the merger of the retail businesses of Invalda INVL and Siauliu Bankas (reported by CEE Legal Matters on November 29, 2022) had closed.

In today’s fast-evolving world, countries are continuously revising their labor laws to achieve the right balance between the needs of the workforce and the demands of the corporate sector. The Republic of Lithuania stands out in this regard, as its Labor Code seeks to provide flexibility in labor relations, all the while ensuring the rights of its employees are not undermined. A close examination of the Labor Code, local documentation practices, and the progressive legal shifts toward Western norms paints a comprehensive picture of the nation’s approach to employment dynamics.

Ellex Valiunas has advised the EBRD on its EUR 15 million loan to ECSO. Walless advised the borrower.

Ellex Valiunas has advised E Energija group company Kogeneracija on the sale of 100% of shares in Miesto Energija and Pramones Energija and a 4,34% stake in Klaipedos Energija to Vilniaus Silumos Tinklai. TGS Baltic reportedly advised the buyer.

TGS Baltic has advised the INVL Baltic Sea Growth Fund on the agreement to fully acquire the Galinta Group. Lewben advised Galinta.

Kinstellar, working with Veil Jourde, has advised Jacquet Metals on its acquisition of several distribution companies from the Swiss Steel Group. Niederer Kraft Frey and Roedl & Partner reportedly advised the Swiss Steel Group.

TGS Baltic has advised the European Investment Bank on its EUR 25 million loan agreement with Klaipeda municipal water utility company Klaipedos Vanduo in Lithuania, to support its 2023-2026 investment program.

Walless has advised the Ministry of the Environment of the Republic of Lithuania on the renovation project of the Lithuanian Zoo in Kaunas.

Ellex Valiunas has advised Appsflyer on its acquisition of DevtoDev. TGS Baltic reportedly advised the sellers.

Ellex, working alongside Baker McKenzie, has advised Culligan International on its acquisition of Primo Water Corporation’s European business in an all-cash transaction valued at up to USD 575 million.

Lithuania becoming a buyer's market as well as new court decisions open the door for traditionally less used M&A deal structures according to CEE Attorneys Partner Oksana Kostogriz.