COBALT is advising UAB Media bitės, a company run by Tomas Balžekas, on the acquisition of UAB Žurnalų leidybos grupė, which is currently owned by the fund Stichting Administratiekantoor Kemplakefunds registered in the Netherlands. The parties to the transaction have signed a letter of intent, and closing is expected to occur later in September this year. The value of the transactions is not disclosed.
UAB Žurnalų leidybos grupė is a leading publisher of magazines in Lithuania, including the magazines Žmonės, Ji, Laima, Edita, Žmonės. Legendos, Laima Velvet, and Laima stilius. The company also operates the websites žmonės.lt, ji24.lt, elaima.lt, shopspy.lt, and e-leidiniai.lt
The shareholders of the SPV created for the purpose of implementing the contemplated transaction are T. Balžekas, controlling 51% of the shares, M. Basokas, V. Kaikaris, T. Bindokas, and G. Burbienė.
COBALT’s legal assistance includes drafting of the transaction documents, representing the buy-side in negotiations and advising UAB Media bitės on all other transaction-related issues. The team is led by Elijus Burgis, Partner and Head of Corporate Transactions Department at COBALT, with significant assistance from Associate Julija Timoščenko.