Sorainen advised international player Modus Group on the merger of UniPark and Parkdema. UniPark belongs to Modus Group, while Parkdema is managed by the Energy and Infrastructure SME Fund of investment company Lords LB Asset Management. The value of the transaction remains so far undisclosed. Completion of the merger, which still has to be confirmed by the Competition Council, is expected to take place in March 2018.
Unipark currently manages 110 parking lots in Lithuania, Latvia, Estonia, Poland and Belarus, with a total number of car parking spaces of over 18,500.
Modus Group, with operations in the Baltics, Belarus, Poland and Spain, is developing its business in four areas: renewable energy, car sharing service Citybee, smart parking solutions provider Unipark, as well as managing branches of eighteen car brands.
Comments Liudas Liutkevičius, chairman of the Modus Group board: “One of the main goals of Modus Group is to grow consistently and focus on active investments. We have ambitious growth plans in the parking business not only in Lithuania, but also in foreign markets, so we value the opportunity for merger operations that could mean us being the leading parking provider in Lithuania, Estonia, Latvia and Poland.”
Sorainen advised Modus Group on all merger-related matters: preparing transaction structure and documentation, as well as representing the client in negotiations. The Sorainen team consisted of counsel Mantas Petkevičius and senior associate Deimantė Pagirienė.