` Andrejs Lielkalns | COBALT

Andrejs Lielkalns

Specialist Counsel / Latvia


Andrejs Lielkalns is one of the best know Latvian experts in the area of Banking & Finance and Capital Markets. He counts amongst his clients many local and international financial institutions, governmental institutions and companies. Andrejs experience includes advising on Latvian and EU regulatory matters, sale and purchase of banks, other financial institutions and financial institution assets, stock exchange listings (de-listings), financial services, financial transactions, derivatives transactions, payment services, payment cards and e-money matters, credit institution insolvency, EU Structural funds, cross-border finance and lending, as well as on numerous project finance, alternative financing, restructuring and refinancing arrangements.


  • Banking & Finance – Band 1, Chambers Europe 2024
  • Banking, finance and capital markets – The Legal 500 Hall of Fame 2024
  • Banking and finance – Highly regarded, IFLR 1000 2023
  • Capital markets – Highly regarded, IFLR 1000 2023


  • Latvian, English, Russian

Membership & education

  • Latvian Bar Association (since 1998)
  • LL.M., University of Michigan, Michigan, USA (1997)
  • LL.M. with distinction, University of Amsterdam, Amsterdam School of International Relations, Amsterdam, the Netherlands (1996)
  • LL.B., University of Latvia, Faculty of Law (1994)

    airBaltic issues EUR 340 million bonds

    ACP Credit provides EUR 10 million in financing to the Eleving Group for further expansion of the group’s business in Romania

    BaltCap and Draugiem Capital to acquire majority in Pepi Rer, developer of the IGLU brand

    COBALT advised Amber Beverage Group on issuance of EUR 30 million bonds

    COBALT advised Nordea in selling its shareholding in Luminor

    COBALT advised Coffee Address Holding on issuance of EUR 5 million bonds

    COBALT advised Signet Bank AS in the merger transaction with Expobank AS

    COBALT advises VPH on development of a new shopping complex in the centre of Riga

    COBALT advised Hili Properties on the EUR 20 million acquisition of Riga shopping centre

    COBALT advised clients on the financing of acquisition of Graanul Invest by a subsidiary of Apollo Global Management Inc

    COBALT advises Altum investment fund in financing Primekss

    COBALT and Linklaters advised EIB and NIB on financing of the Kekava Bypass road project

    COBALT advised SEB banka and Danske Bank as lenders in VALMIERAS STIKLA ŠĶIEDRA restructuring proceedings and sales process of the company shares

    COBALT advised Swedbank on evaluating structural changes at the Baltic level

    COBALT advised Luminor, Nordea and DNB on closing transaction with Blackstone

    COBALT advises BaltCap on selling Fitek

    COBALT advised Luminor on cross-border merger

    COBALT advised Luminor on EUR 1 billion majority stake acquisition by Blackstone

    COBALT advised Luminor on obtaining ECB approval for cross-border merger in the Baltics

    COBALT advised Kartesia on its investment in Groglass®

    Legal tax advice to Deutsche Bank AG

    COBALT advises Luminor on reorganising its management structure

    COBALT advised Latvenergo on corporate governance matters related to the reduction of company’s share capital

    COBALT advised DNB on the creation of Luminor – largest ever transaction in the Baltic banking market

    COBALT Advises Koha Capital with Investment in Tech Startup Giraffe360

    COBALT advises DNB upon combining its operations with Nordea in the Baltics

    COBALT advises Linstow Group on EUR 76 million financing from SEB and Danske Bank

    COBALT advised Nets on its acquisition of Nordea Merchant Acquiring for EUR 230 million

    COBALT advise the State Treasury in the sale of AS Liepajas Metalurgs to KVV Group

    COBALT advises Invalda LT in acquisition of IPAS Finasta Asset Management

    COBALT Advised Credit Suisse Securities on 4Finance High Yield Bond Offering

    OTKRITIE will acquire GE Money Bank Latvia and its subsidiaries