Enefit Green acquires Nelja Energia

Ellex team advised the third biggest Estonian deal ever where Eesti Energia AS’s fully owned subsidiary Enefit Green AS acquired Nelja Energia AS.

On 29 May 2018 Eesti Energia AS’s fully owned subsidiary Enefit Green AS as the buyer, and Vardar Eurus AS and minority shareholders as the sellers entered into a Share Purchase Agreement regarding all the shares in Nelja Energia AS, a renewable energy producer and developer in the Baltic countries. The transaction remains subject to approval by the County Executive Board of Buskerud County Administration, and customary approvals and clearances by relevant competition authorities.
The consideration payable for 100% of the shares of Nelja Energia amounts to 289 million EUR. In addition, the buyer assumes Nelja Energia’s net debt which amounted to 204 million EUR as at the end of 2017.
The transaction concerns 100% of the shares of Nelja Energia AS. Vardar AS has agreed (through its subsidiary Vardar Eurus AS) to sell its 77% holding of the shares in Nelja Energia. The remaining 23% of the shares is acquired from a number of Estonia based minority investors.
The Ellex team in Estonia included Partners Sven Papp, Martin Käerdi, Counsels Triin Frosch, Toomas Kasesalu, Senior Associates Alla Kuznetsova, Sandra Värk, Martin Mäesalu, and Lawyer Kevin Gerretz. In Latvia the client was advised by Partner Raimonds Slaidins, Senior Associate Iveta Ceple and associates Marta Cera and Beata Plocina. In Lithuania the Ellex team was led by Partner Paulius Gruodis and included Associate Mantas Juška and Junior Associate Arvydas Grušeckas.

Linked Experts

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Alla Kuznetsova

Senior Associate / Estonia
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Arvydas Grušeckas

Arvydas Grušeckas

Associate / Lithuania
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Beata Plociņa

Senior Associate / Latvia
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Iveta Ceple

Senior Counsel / Latvia
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Kevin Gerretz

Associate / Estonia
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Mantas Juška

Mantas Juška

Senior Associate / Lithuania
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Marta Cera

Senior Associate / Latvia
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Martin Käerdi, Dr. iur.

Partner / Estonia
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Martin Mäesalu

Partner / Estonia
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Paulius Gruodis

Paulius Gruodis

Partner / Lithuania
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Raimonds Slaidiņš

Senior Partner / Latvia
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Sandra Värk

Senior Associate / Estonia
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Sven Papp

Partner / Estonia
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Toomas Kasesalu

Counsel / Estonia
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Triin Frosch

Counsel / Estonia