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COBALT advised Practica funds on the sale of their shareholding in UAB NanoAvionika to AST&Science

2018-03-15

COBALT advised the early institutional investors Practica Seed Capital and Practica Venture Capital on the sale of their shareholding in UAB NanoAvionika to AST&Science. Practica funds made their first investment in UAB NanoAvionika already in 2015 and provided it with additional financing thereafter.

UAB NanoAvionika is a small satellite platform manufacturer and mission integrator. Its flagship multi-purpose M6P is the first preconfigured nano-satellite platform in the sector, designed to serve emerging commercial space markets.

AST&Science is a designer and manufacturer of miniature satellites for low-Earth orbit (LEO), formed in 2017 by satellite-industry pioneer, entrepreneur and inventor Abel Avellan.

UAB Practica Capital manages Practica Seed Capital fund of EUR 8 million and Practica Venture Capital fund of EUR 15.7 million, both established under the JEREMIE initiative, managed by the European Investment Fund, the Ministry of Economy, and the Ministry of Finance. The funds provide early and later stage financing to Lithuanian SMEs.

In this transaction, COBALT represented Practica funds in negotiations on the sale of shares and other transaction documentation and advised on all other transaction-related matters. Practica funds were represented by COBALT Partner Akvilė Bosaitė.