COBALT advised the shareholders of Danpower Baltic on the sale of 50% of their shares to French renewable energy group Idex, managed by Europe’s major investment company Antin. Idex bought another 40 per cent of shares from UAB GECO Investicijos, which has retained a 10% stake in Danpower Baltic. UAB GECO Investicijos is controlled by Artūras Rakauskas, a co-owner of Kesko Senukai DIY chain, and Zabolis Partners investment group.
The value of the transaction is not disclosed. Over five years of its operations, the German Danpower has invested around 100 million euros in Lithuania. The company operates 6 biofuel boiler-houses and a cogeneration plant in Vilnius, Kaunas and Joniškis.
French renewable energy group Idex, part of Antin, one of the largest investment companies in Europe, was founded in 1963. The Idex Group operates 60 biofuel boiler facilities and 16 waste-to-energy plants. It has posted 929 million euros in revenue for 2018.
COBALT prepared transaction documents, represented the clients in negotiations, provided advice on transaction-related issues. The project team included Elijus Burgis, Partner and Head of Corporate Transactions Department, and Julija Timoščenko, Associate.