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MAGNUSSON ADVISES CITY OF RIGA ON SALE OF ROAD CONSTRUCTION COMPANY

2013-04-25

Magnusson acted as a legal advisor to the Riga City Municipality in the sale of the majority shareholding in AS “CEĻU PĀRVALDE”.

AS “CEĻU PĀRVALDE” is one of the leading road construction companies in Latvia. By concluding an agreement with AS „RĪGAS SANITĀRĀ TRANSPORTA AUTOBĀZE”, the Riga City Municipality has sold 88.73% of the shares in AS “CEĻU PĀRVALDE”.

Although a number of domestic and foreign applicants were interested in the purchase of the shares, AS „RĪGAS SANITĀRĀ TRANSPORTA AUTOBĀZE” was the only potential buyer that met the requirements of the Riga City Municipality of submitting by 25 February 2013 a bid for the approved purchase price, which was based on the pre-crisis market evaluation.

Pursuant to the provisions of the share purchase agreement, the total purchase price was paid on 22 April 2013 and exceeded the evaluation of the shares by LVL 94,000. Consequently, the Riga City Municipality received LVL 6,206,400 (approx. EUR 8.8 million).

The shares sale process was organised by Magnusson in cooperation with the corporate finance advisers from Behrens SIA.

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