COBALT advises Marguerite Fund on the sale process of 29.06% stake in Conexus Baltic Grid

Marguerite Fund has signed a sale purchase agreement with Marubeni-backed MM Capital Infrastructure Fund 1 from Japan regarding the divestment of Marguerite Fund’s 29.06% interest in the unified natural gas transmission and storage operator in Latvia Conexus Baltic Grid. According to Energy and National Security Laws of Latvia the closing of transaction is subject to approval of the Cabinet of Ministers of the Republic of Latvia.

COBALT provides comprehensive legal advice and support to Marguerite Fund on all Latvian law matters throughout the sales process, including legal vendor due diligence, regulatory advice and support, as well as, acting in cooperation with CMS Cameron McKenna Nabarro Olswang LLP, support in drafting and negotiations of transaction documentation. COBALT team includes Partner Guntars Zīle and Senior Associates Mārtiņš Tarlaps and Elīna Ločmele.

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.