Corporate / M&A

Our firm has wide expertise in all M&A transactions, especially those that are sophisticated in nature and present unusual circumstances.  Our experts have advised on major deals in the local market and globally, both as independent advisors and by working closely with the best law firms in Europe and beyond. We support our clients daily with corporate governance, compliance and liability advice, but it is at key moments when we are most heavily relied upon – business structuring and restructuring, strategic changes, new directions and crisis response. The solutions we offer reflect our extensive international experience and our deep-rooted local knowledge.
Key projects in the field

Key contact

Paulius Gruodis

Partner

Co-head of the Corporate and M&A practice
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Rolandas Valiūnas

Managing Partner

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Rūta Armonė

Associate Partner

Co-head of the Corporate and M&A practice
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Žilvinas Zinkevičius

Partner

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Dr. Robertas Čiočys

Partner

Head of M&A, Private Equity and Corporate Establishment Team
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What's new in the field
Ellex Valiunas represented Monnoyeur Group and its company Arkance on the acquisition of AGACAD
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Key projects in the field

Ellex Valiunas represented Monnoyeur Group and its company Arkance on the acquisition of AGACAD
2021-02-17
 
We represented Monnoyeur Group and its company Arkance on the acquisition of AGACAD, a Lithuanian software developer. The firm's Corporate and M&A practice advised the client on all matters related to the acquisition.

Monnoyeur Group subsidiary Arkance and its 650 employees provide support to more than 50,000 companies of all sizes from a wide range of industries in projects to digitalize their design, production, and service operations. Since its creation in 2011, Arkance has become a significant European player in digitalization, partly through external growth transactions. A few years and through a dozen acquisitions, the Group has established itself in Benelux, Poland, Romania, Finland, and Central Europe (Czech Republic, Slovakia, Hungary), with annual sales increasing from €40 million to €160 million. This continental presence is one ingredient in Arkance's recipe for success.
 
In this spirit, the Group's latest acquisition – AGACAD – was made in January 2021. This Lithuanian software developer has made a name for itself worldwide as a creator of professional extensions for Autodesk® Revit. Its mission of accelerating BIM adoption by creating solutions based on the most advanced practitioners' experience has already won over 13,000 users of its tools in over 130 countries. Some of the software produced by AGACAD have become must-haves for the design and fabrication of wood, metal, and concrete structures.
 
The project was implemented by partner Paulius Gruodis, senior associate Mantas Juška and associate Arvydas Grušeckas.
Baltic M&A market demonstrates resilience in the face of COVID-19 pandemic
2021-02-11
 
Despite the impact of COVID-19, the Baltic region in 2020 recorded 70 M&A deals worth a publicly-announced total of almost €1.2bn – a level of activity consistent, or even slightly above, the previous year, according to a new report published by Ellex in association with Mergermarket.

The Baltic M&A Monitor provides an analysis of M&A activity in 2020 in Estonia, Latvia and Lithuania, along with forecasts for the year ahead.
 

“It’s been really counterintuitive, given the COVID-19 situation and economic difficulties,” said Raimonds Slaidiņš, a partner at Ellex in Latvia. “Our transaction work has been much greater than we expected. Resilience has been a historical characteristic of the Baltics. This was very apparent in the global financial crisis and again last year when we had a very extreme situation.”
 
Europe as a whole has been hit hard by the pandemic. M&A volumes dropped 17% to 6,789 transactions from the 8,151 announced in 2019 – further emphasising the strong figures recorded in the Baltics.
 
Sven Papp, partner at Ellex in Estonia, explained some of the reasons behind this resilience: “The market had a shock early in 2020, and nobody knew what was going to happen. But after a few months, when the government had announced its subsidy programme, and private banks declared payment holidays for loans and other measures, things started to settle. Support allowed companies to live through the difficulties, and by the beginning of the summer we started to see deals come in.”
 
Technology, media and telecommunications (TMT) continued to be a major driver of M&A in the region. In 2019/20, the sector accounted for 20% of all transactions in the Baltics – up from 17% in 2017/18 – and 31% of total deal value, up from 9% in 2017/18. It also contributed three of the six biggest Baltic deals in 2020, including the second and third largest, as well as three further top-14 deals.

Private equity (PE) activity in the Baltics was also slightly ascendant in 2020, with PE M&A volume up to 17 deals from 15 in 2019, and aggregate value rising to €301m from €283m. The growing interest in the region from global PE firms on the hunt for yield – as well as the emergence of regional funds – means the alternative finance space is likely to be a long-term growth area.
 
Paulius Gruodis, a partner at Ellex in Lithuania, explained: “Private equity funds have accumulated a lot of dry powder; a lot of cash is still in play. In 2021, when there is more certainty and vaccination programmes accelerate, it is likely that we will see even more M&A activity and standout deals.”
 
Having weathered the unprecedented shocks of 2020 well, the Baltic M&A market is in a strong position to enjoy a resurgence in 2021 and beyond.
 

 
Ellex in Lithuania advised Edenred SA on acquisition of EBV Finance shares
2020-02-26
 
Ellex advised Edenred SA, a France-based EURONEXT-listed multinational corporation and a global leader in payment solutions for the working world, on acquisition of 60 percent of shares in EBV Finance, a major player in Northern and Eastern European market of tax refunds services for transportation companies.
 
Edenred Group will transfer to EBV Finance the assets of its Danish subsidiary Nikosax, which specializes in the same field as EBV Finance. Following the transaction, Edenred owns 60% of the combined entity.
 
The transaction will enable Edenred to leverage not only scale effects and operating synergies, but also EBV Finance’s expertise and positioning in a buoyant market. For its part, EBV Finance will be able to take advantage of Edenred’s Europe-wide footprint and broad client base in the region. The deal will lay a foundation to create Europe’s No.1 company in this sector.
 
The transaction value is not disclosed.
 
The deal also included EBV Finance subsidiaries in Bulgaria, Poland, Romania, Spain and Estonia. Ellex acted as buyer’s main international adviser and led the work of local law firms in their respective jurisdictions.
 
Project team consist of Ellex in Lithuania partner Paulius Gruodis, senior partner Ruta Armone, senior associate Aleksandr Asovskij, experts Ilona Janciauskaite and Gintaras Balcius, associates Augustinas Macionis and Diana Cerkeviciute, junior associate Tomas Balcytis and Ellex in Estonia associate Reet Saks.
 
Ellex was assisted by law companies Penkov Markov & Partners in Bulgaria, Wardysnki & Partners in Poland, NNDKP in Romania and Uria Menendez in Spain.