After receiving relevant approvals from the State of Latvia, Marguerite Fund has closed the sale to Marubeni-backed MM Capital Infrastructure Fund 1 of its 29.06% interest in AS Conexus Baltic Grid, the unified natural gas transmission and storage operator in Latvia.
COBALT provided comprehensive legal advice and support to Marguerite Fund on all Latvian law matters throughout the sales and closing process, including legal vendor due diligence, regulatory advice and support, as well as, acting in cooperation with CMS Cameron McKenna Nabarro Olswang LLP, provided support in drafting and negotiations of transaction documentation. COBALT team includes Partner Guntars Zīle and Senior Associates Mārtiņš Tarlaps, Elīna Ločmele and Diāna Zepa.
Conexus Baltic Grid was set up in December 2016 when LG was split into two independent structural entities ahead of the liberalization of the Latvian gas market in April 2017, and in line with the EU’s principles of regulated market (EU Gas Directive). As a consequence, the unified natural gas transmission system and Inčukalns underground gas storage facility, the third largest storage facility in the EU, were transferred to Conexus Baltic Grid.