On February 24, 2023, the Latvian Constitutional Court issued a long-awaited Judgement in case 2022-03-01 confirming that the current control mechanism over arbitration in Latvia is incomplete and unconstitutional. This means that the government will now be required to introduce a procedure for setting aside arbitral awards made by tribunals seated in Latvia.
Closing: Lagardere Acquisition of Costa Coffee Shops in Poland and Latvia Now Closed
On March 8, 2023, Eversheds Sutherland announced that Lagardere’s acquisition of the Costa Coffee Group’s Polish and Latvian subsidiaries (reported by CEE Legal Matters on October 7, 2021) had closed.
Walless Advises Eco Baltia Group on Acquisition of Pilsetas Eko Serviss
Walless has advised the Eco Baltia Group on its acquisition of Pilsetas Eko Serviss via its subsidiary Latvijas Zalais Punkts.
Latvia: The Problem with the Current Application of Sanctions
Sanctions are currently relevant as a foreign policy tool and as an institution of law. For Latvia, as a border state with Russia and Belarus, the monitoring and enforcement of restrictions imposed by the sanctions are particularly relevant.
New Exclusion Grounds in Latvian Procurements: Fair Play?
As of January 1, 2023, new rules regulating exclusion grounds will be applicable in Latvian procurements. This comes after the Latvian Competition Council discovered a bid-rigging scheme in the construction sector involving almost all of the largest Latvian construction companies. Notably, the period of exclusion will be extended, and the commencement date will be brought forward.
Commercial Real Estate in Latvia
Latvia’s commercial real estate market saw a high volume of transactions in the past few years, involving shopping centers, stores, offices, and other types of properties. Cobalt Managing Partner Dace Silava-Tomsone, Ellex Klavins Partner Ilga Gudrenika-Krebs, and BDO Law Head of Legal Raivis Leimanis chart the market’s performance in a foggy 2022.
Making The Workplace Work
The past two years have brought about tectonic shifts across all industries, business sectors, and economies. Adapting to the ever-changing concept of a “new normal” became an everyday task, and law firms were no exception. Motieka & Audzevicius Partner Rokas Jankus, iLaw Lextal Managing Partner Tomas Bagdanskis, and Sorainen Managing Partner Laimonas Skibarka share how Baltic firms have managed to hold their own in these challenging times.
Cobalt Advises on EUR 50 Million Latvenergo Green Bond Issuance
Cobalt has advised Latvenergo on its EUR 50 million issuance of six-year green bonds with a fixed annual interest rate and a yield to maturity of 4.952%.
Ellex Successful for TD Trans Before Supreme Court Senate
Ellex has successfully represented TD Trans before the Senate of the Supreme Court of Latvia in a cassation claim regarding a Riga Regional Court ruling on the breach of the unfair competition prohibition, where almost EUR 30,000 in loss compensation was awarded.
Cytowski & Partners Advises Trace.Space on USD 1.5 Million Pre-Seed Financing
Cytowski & Partners has advised Trace.Space on its USD 1.5 million pre-seed financing round led by Fiedler Capital and including Foreward, Charlie Sanghurst, and Andris Berzins from Change Ventures.
TGS Baltic and Eversheds Sutherland Advised on Eco Baltia EUR 8 Million Bond Issuance
TGS Baltic has advised Eco Baltia on its inaugural EUR 8 million issuance of three-year bonds. Eversheds Sutherland acted as trustee for the issuance.
Sorainen Helps BITE Latvija Obtain 5G License
Sorainen has helped BITE Latvija obtain the rights to use frequencies enabling 5G services.
Sorainen Advises on Development of Riga Energy Efficiency Fund
Sorainen has advised the Riga Energy Agency on the development of a concept and business model for the Riga Energy Efficiency Fund.
TGS Baltic Advises Green Genius on 100-Megawatt PV Project Acquisition in Latvia
TGS Baltic has advised Vilnius-headquartered renewable energy company Green Genius on its acquisition of a 100-megawatt solar PV project in Latvia.
Sorainen Advises Tietoevry on Verde Office Lease Agreement with Capitalica
Sorainen has advised Tietoevry on its lease agreement with developer Capitalica for office space in the Verde office center in Riga's Skanste district.
Cobalt Advises Lightrock and Haniel on USD 30 Million Round for Aerones
Cobalt has advised Lightrock and Haniel on leading a USD 30 million investment round into Aerones.
Cobalt Advises Joint Lead Managers on EUR 750 Million Republic of Latvia Eurobond Issuance
Cobalt, working with Clifford Chance, has advised joint lead managers Deutsche Bank, Citigroup Global Markets Europe, Erste Group, and Nomura Financial Products Europe on the EUR 750 million issuance of five-year eurobonds by the Republic of Latvia. Allen & Overy reportedly advised the Treasury of the Republic of Latvia.
Ellex Helps Merito Partners Launch in Latvia
Ellex has helped Merito Partners set up and launch its Merito Management AIFP alternative investment fund structure in Latvia.