Eesti Gaas signed an agreement with Latvijas Gāze to acquire Gaso

Eesti Gaas AS signed a definitive agreement to acquire JSC “Gaso” from AS Latvijas Gaze for €120 million on April 14, 2023. JSC Latvijas Gaze will receive a base equity consideration amounting to €120 million and interest payable for the time until completion.

The transaction will be completed, subject to the completion mechanics related to government approvals for allowing ownership of national security assets and clearance from competition authority. The transaction is expected to close by the end of 2023, subject to customary closing conditions.

Eesti Gaas operates in several foreign markets under the brand Elenger – Latvia, Lithuania, Finland, and Poland, with approximately 50,000 customers. In Estonia, Eesti Gaas operates the biggest gas distribution network in the country. It supplies its customers with natural gas through pipelines, as well as supplying pressurized and liquefied natural gas.

The team of legal experts from Ellex that advised Eesti Gaas in this transaction were Senior Partner Raimonds Slaidiņš, Associated Partner Māris Brizgo, Senior Counsel Iveta Ceple, Associates Ineta Kaņepe and Gabriela Fomina from Ellex in Latvia, as well as Partner Martin Käerdi and Counsel Triin Frosch from Ellex in Estonia.