International Business Machines Corporation (IBM) has completed the global separation and reorganization of its managed infrastructure services business to Kyndryl across more than 65 jurisdictions worldwide including the Baltic States.
IBM will retain 19.9% of the shares of Kyndryl common stock, with the intention of exchanging those shares for IBM debt during the 12-month period following the distribution, subject to market considerations.
COBALT acted as local legal counsel to IBM in Estonia, Latvia and Lithuania advising on corporate, contractual, tax and other legal aspects of the reorganization and the establishing of Kyndryl companies in the Baltics.
- COBALT Estonia Partner Martin Simovart and Senior Associate Heleri Tammiste together with Partner Karina Paatsi, Senior Associates Heili Haabu and Karli Kütt, and Associate Johanna-Britt Haabu.
- COBALT Latvia Partners Sandija Novicka and Toms Šulmanis, Senior Associates Kristīne Patmalniece and Ivo Maskalāns, and Associate Gabriela Šantare.
- COBALT Lithuania Managing Partner Dr Irmantas Norkus and Senior Associate Žygintas Voronavičius together with Senior Associate Jovita Valatkaitė, Associate Agnė Saliamonė and Of Counsel Aurimas Ulevičius.
More information about the completion of the deal is here.