All deals & cases

COBALT advised AMIC Energy on the acquisition of UAB LUKOIL BALTIJA business in Lithuania

2016-04-22

COBALT advised AMIC Energy on the acquisition of UAB LUKOIL BALTIJA, the Lithuanian subsidiary of Lukoil Europe Holdings, business in Lithuania. AMIC Energy with assistance of COBALT lawyers acquired 100% shares of UAB LUKOIL BALTIJA and concluded an agreement on the lease and financing of gasoline stations in Lithuania. The deal is a two-stage transaction resulting in official exit of LUKOIL group from the Lithuanian gasoline retail market.  

Simultaneously, the transactions related to the sale of shares and the lease of gasoline stations of LUKOIL subsidiaries were implemented in Latvia and Poland. The networks in Lithuania and Latvia will continue their operation under the “LUKOIL” brand for a period of up to 5-years.

AMIC Energy focuses on management of energy projects in Central and Eastern Europe, being an independent private equity and corporate finance & strategic advisory firm.

UAB LUKOIL BALTIJA started its operation in Lithuania 20 years ago and has become one of the largest oil product retailers in the Baltic countries. The company is engaged in retail and wholesale of oil products and branded oil.

COBALT provided overall local legal adviser’s assistance in relation to the contemplated share acquisition, deal financing, master agreement and lease transactions. Our assistance included legal due diligence of the target, transaction structuring advice, drafting and negotiating over the agreements of the share purchase, master and lease agreements, coordination of the whole process with the seller of the shares and lessee, overall local support in obtaining local regulatory approvals for the strategic investor AMIC Energy acquiring gasoline stations’ business from LUKOIL group.

The project was led by Dr Irmantas Norkus, Managing Partner at COBALT Lithuania and Maksimas Saveljevas, Managing Associate.  Mantas Juška,  Associate, made a significant contribution to the project.