Blog

2016

TARK advised AB Bank SNORAS in closing bank`s local business in Estonia and in finalizing the liquidation proceeding of AB Bank SNORAS Estonian branch.

AB Bank SNORAS Estonian branch was founded in 2008. The Estonian branch liquidation proceeding was initiated in 2011 due to the bankruptcy of AB Bank SNORAS. Deletion of AB Bank SNORAS Estonian branch from the Commercial Register of Estonia was executed in the end of August, 2016.

AB Bank SNORAS, founded in 1992 in Lithuania, was a commercial bank that operated in all three Baltic States. It was a member of the financial group Konversbank and was listed on the NASDAQ OMX Vilnius stock exchange. On November 16, 2011, 100% of the bank shares were nationalized by the Lithuanian government and the bank was placed into temporary administration. On November 24, the bank was declared bankrupt.

TARK´s experts involved in the liquidation process were partner Allar Aru and senior associate Tanel Küün.

2016

TARK has successfully advised Estonian Ministry of the Interior on the sale of 100% shares of AS Andmevara to IT investment company INVL Technology. TARK transaction team together with the financial advisor Redgate Capital assisted Estonian Ministry of the Interior in compiling the deal structure, preparing and conducting the public privatisation auction and negotiating and closing the share purchase agreement. TARK´s experts involved in the project were partner Hannes Küün and senior associate Tanel Küün.

The purchase price for 100% shares, including cash and liabilities of Andmevara, was EUR 654.6 thousand. Enterprise value of AS Andmevara offered by INVL Technology amounted to EUR 231 thousand. Prior to privatization the Estonian state also received EUR 1.25 million in dividends and related taxes.

AS Andmevara is a complex IT solutions and services provider to public sector organisations with expertise in e-Government solutions that include development of registries, important national information systems and software, digitisation, database development and hosting services. The Company was formed in 1997 based on a former governmental organisation Riigiarvutuskeskus, the history of which dates back to 1970. AS Andmevara actively contributes to implementation of Estonian E-Government project, offers several ready-made software products to municipal and governmental institutions, and mostly serves Estonian public sector organisations.

Publicly listed INVL Technology operates as a cluster of B2B and B2G-oriented IT businesses with a focus in four key areas: business climate improvement and e-governance, IT infrastructure, cyber security and IT intensive industries‘ solutions. The largest INVL Technology investments currently are companies in Lithuania, Norway, Tanzania, Uganda and Rwanda.

2016

IK VII Fund reached agreement to acquire NeTel Group AB (Netel) from Axcel. Netel is a leading infranet service provider to telecom operators, utilities and municipalities in Nordic and Baltic region. Financial terms of the transaction are not disclosed, and completion of the transaction is subject to legal and regulatory approvals.

NeTel Group AB was founded in 2000 and has grown to become a leading Nordic infranet service provider to telecom operators, utilities and municipalities. With presence in Sweden, Norway, Finland and the Baltics and around 340 employees, NeTel Group AB generated pro forma revenues of approximately MSEK 1,500 in 2015.

IK Investment Partners (IK) is a Pan-European private equity firm focused on investments in the Nordics, DACH region, France, and Benelux. IK funds support companies with strong underlying potential, partnering with management teams and investors to create robust, well positioned businesses with excellent long-term prospects

TARK in cooperation with Swedish law firm Mannheimer Swartling assisted IK in carrying out of legal due diligence on Netel´s Estonian business and advised the transaction on certain Estonian law aspects. TARK´s experts involved in the project were partner Marit Savi and senior associate Tanel Küün.

2016

TARK has successfully represented payment institution GFC Good Finance Company AS before the Estonian Financial Supervision Authority in the proceedings for application of the cross-border payment services provision in Republic of Poland. As from 29 February 2016, GFC Good Finance Company AS can render payment services including issuance the payment cards in the territory of Poland.

2016

On December 2015 Gategroup reached an agreement to acquire 100% ownership in Inflight Service Group from funds advised by Triton, a private equity company in the Nordic region, at an enterprise value of SEK 1.1 billion. The transaction is subject to the approval of the Polish antitrust authorities, with closing expected in February 2016.

Founded in 1991, Inflight Service is the leading operator in the Nordic travel retail market, with strong presence in Eastern Europe and emerging presence in other European markets. Inflight Service is headquartered in Kista, Sweden. The company is a leading travel retail specialist with revenues in excess of SEK 2 billion primarily focused on airline retailing, ferry retailing and the operation of airport shops alongside a small presence in wholesale and retail services.

Gategroup is the leading independent global provider of products, services and solutions related to a passenger’s on-board experience.
Gategroup was advised by TARK in co-operation with Swedish law firm Mannheimer Swartling.

2016

The conference was held on 4th of March in 2016 in conference center of Sokos Hotel Viru.

Conference was led by Henrik Roonemaa (founder of Geenius.ee, IT specialist and journalist).

Well-known business and public men and women, Aare Tark (attorney), Jevgeni Ossinovski (Minister of Health and Labour), Taavet Hinrikus(founder of TransferWise), Ülle Madise (Chancellor of Justice), Maarja Kruusmaa (TTÜ, Centre for Biorobotics), Merle Liisu Lindma (HR Manager of Microsoft/Skype) held direct discussions over the innovations witnessed during last years and the new possibilities/challenges created by these. Generation Z was represented by D’n’B band Cartoon.

The full-length video of the conference can be watched HERE.

2015

Vaklak OÜ, a holding company managed by the Austrian businessman Wolfgang Leitner and owned by a group of Austrian investors, acquired agricultural businesses AS Peetri Põld ja Piim, OÜ Tammsaare and OÜ Nordwinter. Vaklak already owns a number of dairy and crop farming companies in Estonia. The principal area of activity of Peetri Põld ja Piim and OÜ Tammsaare is also dairy farming, including milk production and sale, sale of animals, and sale of grains and rape.

The sales revenue of Peetri Põld ja Piim was 3.2 million euros and that of OÜ Tammsaare was 1.4 million euros in 2014. Vaklak earned a profit of 1.4 million euros last year.

2015

TARK successfully advised City Service, a holding company managing one of the largest corporate groups engaged in facility management and integrated utility services in Europe, on establishment of a European Company (Societas Europaea, SE) and admission of its shares to trading on the Warsaw Stock Exchange.

The formation of City Service SE was ended in October and the admission of its shares onto the Warsaw Stock Exchange was finished in the middle of November 2015. This establishment of SE was conducted in two stages: by a cross-border merger of City Service with its subsidiary in Estonia and conversion of the merged company into SE, followed by admission of its shares to the Warsaw Stock Exchange.

That was likely the first time in the Baltics that a listed company (on AB NASDAQ OMX Vilnius) was involved in a cross-border merger transaction. After its formation, City Service SE was listed on the Warsaw Stock Exchange and temporarily remains listed on AB NASDAQ OMX Vilnius.

2015

27.10.2015 the resolution of Financial Supervision Authority of Estonia came into force, which grants GFC Good Finance Company AS an activity license for provision of additional payment services. GFC Good Finance Company AS, a payment institution under the Payment Services Directive No. 64/2007, has an activity license for provision of number of payment services relating to payment accounts and payment transactions. Referred resolution enables GFC Good Finance Company AS to issue also a payment cards and payment instruments.