The EU Directives on Work-life balance and on Transparent and predictable working conditions were introduced into the Latvian national legislation in August 2022 and brought about significant changes and obligations for the employers. What do they mean for businesses?

Ellex has advised telecommunications infrastructure company Baltic Rezo on a EUR 30 million loan from SEB Bank.

At the end of 2021, the Regulation (EU) 2020/1503 of the European Parliament and of the Council of October 7, 2020, on European crowdfunding service providers for business (EU Crowdfunding Regulation) entered into force. In light of the regulatory requirements, existing crowdfunding platforms with prior authorizations under national rules shall receive authorization under the new regulatory framework by November 10, 2023.

Cobalt has advised AS Toode majority shareholder Amber Trust II SCA on the sale of its shares to Kingspan Group company Joris Ide NV.

Cobalt has advised Latvian construction equipment rental company Storent Holdings on its EUR 10.5 million issuance of bonds with an 11% interest rate and December 2025 maturity as well as on their listing on the Baltic Bond List of Nasdaq Riga on June 27, 2023.

Cobalt has advised Hepsor Latvia on its sale of the property located at Ulbrokas Iela 30 in Riga to the East Capital Real Estate Fund IV in a share deal. Vilgerts advised the East Capital fund.

Cobalt has advised BaltCap Private Equity Fund III on its acquisition of HansaMatrix via subsidiary SIA Emsco.

On June 7, 2023, the Arbitration Association of Central and Eastern Europe – ArbCEE – was officially launched in Bratislava.

At the end of 2022, the Latvian Supreme Court finally made a judgment in one of the dozens of civil cases stemming from the so-called Zolitude tragedy. 54 people died and dozens were injured back in 2013, when the roof of a trade center located in one of the suburbs of Riga, Zolitude, collapsed.

Cobalt has advised the Linas Agro Group on its acquisition of Grybai LT from Auga. Walless advised Auga.

Cobalt has advised BaltCap on its acquisition of Senior Baltic from Orpea. Ellex advised the seller.

Cobalt has advised the 888 Holding on its sale of two Latvian businesses – Mr. Green Latvia and William Hill Latvia – to Paf Consulting for a total consideration of up to EUR 28.25 million. QAP Legal reportedly advised Paf Consulting.

Skrastins & Dzenis has advised Darta on its acquisition of a real estate property in Riga from Gulf RE and Grandlion RE.

Contributed by Cobalt.

Sorainen has advised BaltCap on its acquisition of a 70% stake in the Hansab Group. Cobalt advised Hansab's majority shareholders on the sale.

Cobalt has successfully represented the interests of Tukuma Auto in a dispute against the Road Transport Administration in Latvia regarding amendments to procurement agreements executed with Nordeka for the provision of public transport services by buses on regional route networks.

Former Baltic International Bank Management Board Member Maris Liguts has returned to private practice by joining the Riga office of Fort Legal as a Partner, starting May 2023.

Ellex has advised the Latvia-based companies of the Adven Group on joining the consolidated financing available to the Adven Group globally, secured by commercial pledges.