Sorainen Latvia assisted EUROCASH1 group in acquiring cash collection company CBL Cash Logistics from Citadele banka. As a result of the transaction and further reorganisation, EUROCASH1 group will significantly strengthen its position in the Latvian cash collection services market in addition to increasing its current turnover.

Eva Berlaus, Country Managing Partner and senior associate Viktorija Smirnova-Èerkasa assisted EUROCASH1 group with legal due diligence, drafting binding offers, representing the client during negotiations on the share purchase agreement, obtaining merger clearance and closing the transaction.

The complexity of the transaction was that the business acquired by EUROCASH1 group had for a long time formed part of the bank’s business and its systems and procedures were significantly linked with the bank’s systems. This entailed additional steps to be taken before and following closing of the transaction to smoothly separate Cash Logistics from the bank.