Our firm successfully advised the largest Lithuanian oil producer LOTOS Geonafta on the acquisition of a controlling stake in Manifoldas, the third largest oil producer in Lithuania, as well as the financing of the acquisition from the Lithuanian branch of Nordea Bank Finland Plc.
In terms of value and complexity, it was one of the biggest acquisition deals in Lithuania in 2012. The deal involved two oil production market leaders in the region – LOTOS Geonafta, owned by the Polish concern LOTOS (one of the largest entities in Eastern and Central Europe and controlled by the Polish government), and the third largest Lithuanian oil producer Manifoldas.
The acquisition of the shares of Manifoldas represents another stepping stone toward further consolidation of the exploration and production assets in Lithuania. Manifoldas operates 12 oil wells, and has recently discovered a new oil basin in the region of Klaipėda.