Adon Legal has avised Alphaduct and Open Sky on their acquisition of electronic money institution UAB IBS Lithuania.
UAB IBS Lithuania, licensed as an electronic money institution since 2017, had its license’s scope expanded in 2019. According to Adon Legal, “post-acquisition, UAB IBS Lithuania is set to continue providing its high-quality financial services to EU-based businesses. The shareholders of Alphaduct and Open Sky Finance, who possess significant experience and knowledge of the financial sector, will focus on expanding the markets of UAB IBS Lithuania and the development of new financial solutions.”
“In maintaining business continuity, there will be no alterations to the management of UAB IBS Lithuania. The emphasis will be on the sustainable organic growth of the company in both the Baltic and Central European markets,” the firm announced.
Back in 2019, Adon Legal also helped IBS with the revision of its electronic money institution license (as reported by CEE Legal Matters on May 6, 2019).
The Adon Legal team included Partners Donatas Sliora and Marius Matiukas and Associate Akvile Avulyte.
Adon Legal was unable to disclose additional information on the matter.