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Europe Guide
Firm Profile


Firm Profile


  • Profile
  • Pärnu mnt 15
  • Tallinn
  • Harjumaa
  • Estonia
  • 10141

Firm profile submitted by COBALT

Managing Partners: Jaanus Mody
Number of partners: 13
Number of lawyers: 55
Languages: Estonian, English, Finnish, Italian, German, Russian

COBALT is a closely integrated alliance of top-tier law offices across the Baltics and Belarus uniting more than 180 attorneys and lawyers. COBALT offices are long-established and recognised top players in the Baltic and international legal market and have a strong track record of advising top international and regional businesses, financial institutions, state and local governments.

Mergers & Acquisitions:

■ Advising DNB Bank upon combining its operations with Nordea in Estonia, Latvia and Lithuania, with the aim of creating a leading main bank in the Baltics.
■ Counselled the acquisition of Betonimestarit- Group by AS TMB, a major manufacturer of pre-cast reinforced concrete elements. This is the largest merger and acquisition transaction of an Estonian company in the Finnish market since the one involving Tallink and Silja Line.
Key Clients: Circle K; BaltCap; Rakuten, Inc.; Granarolo Group; Nordic Cinema Group; etc
Contact: Peeter Kutman; Martin Simovart
Email: [email protected]; martin. [email protected]

Banking & Finance:
■ Advised Nordea Bank and Pohjola Bank in providing syndicated financing to Trilini Energy for the acquisition of Eesti Gaas from, among other, Fortum Heat and Gas and Gazprom. The acquisition of Eesti Gaas by Trilini Energy was voted the transaction of the year at the Baltic M&A and Private Equity Forum 2016.
■ Advised TransferFast, a fintech company offering instant money transfers between banks, obtaining a full payment institution activity licence under Estonian Payment Institutions and E-money Institutions Act.
Key Clients: Nordea Bank; DNB Bank; IPF Digital; SEB Bank; etc
Contact: Kristel Raidla-Talur; Marina Tolmatshova
Email: [email protected]; marina. [email protected]

EU & Competition:
■ Advised Circle K Eesti AS upon acquisition of the filling stations operated under the trademark of Premium 7. COBALT advised the client during the whole transaction process, including due diligence, negotiations in respect of the terms and conditions of the asset purchase agreement, transaction documents, and submission of the notice of concentration to the Estonian Competition Authority.
■ Assisted OÜ Bauschmidt in its acquisition of AS K-MOST. COBALT prepared the merger notification to the Estonian Competition Authority and was involved in the following procedure. The procedure pursued without hindrances and it took less than three weeks to receive the merger clearance.
Key Clients: Ragn-Sells; Forum Cinemas; Rimi Eesti Food; etc
Contact: Elo Tamm
Email: [email protected]

Dispute Resolution & Bankruptcy & Restructuring:
■ Represents a syndicate of banks in a dispute over one of Estonian biggest dairy producers Tere AS restructuring proceedings. Our work consists of disputing against the restructuring plan and the restructuring proceedings, also representation in court against the mother company of Tere AS defending the validity of the different loan securities.
■ Represented the largest wind energy company of the Baltic states, Nelja Energia in a complicated dispute with a manufacturer of wind parks regarding settlement of claims deriving from a supply contract of wind turbines in the International Court of Arbitration of the International Chamber of Commerce. All claims against our client were dismissed in full.
Key Clients: Circle K; Ragn-Sells; Nordea Bank; etc
Contact: Jaanus Mody
Email: [email protected]

IP, IT & Regulatory:
■ Advised the software company Reach-U (former business name Regio) upon transfer of business. COBALT advised the client upon preparation of transaction documents, negotiations and closing of the transaction, including both general transactional as well as the company’s sector-specific intellectual property issues.
■ Advising IPF Digital, a leading online provider of consumer loans that belongs to the group of International Personal Finance (IPF) on their day-to-day data protection and IT-law related matters.
Key Clients: Imperial Tobacco; Forum Cinemas; CV-Online; etc
Contact: Pirkko-Liis Harkmaa; Ave Piik
Email: [email protected]; ave.piik@

Real Estate & Construction:
■ Advised the developers and sellers of Mustamäe Keskus shopping and entertainment centre in Tallinn in the sale of the centre to East Capital in a transaction amounting to EUR 27.5 million. In addition to counselling the client in the sales process, we advised the client throughout the whole development process, including in drafting and negotiating leases of the shopping centre.
■ Advised Geneba in sale of Baltic real estate portfolio to Laurus. By this transaction, Geneba sold 42 properties in Latvia, Lithuania and Estonia and exited the Baltic real estate market. The most important properties of the sold portfolio were the bank buildings of SEB in the Baltic states, including the head office at Tornimäe in Tallinn.
Key Clients: Geneba Properties N.V.; Northern Horizon Capital; State Real Estate Ltd; etc
Contact: Aivar Taro
Email: [email protected]

■ Advised Pocopay, a revolution in everyday banking built on a brand new infrastructure in various tax matters and set up a feasible tax structure for the group of companies before commencing their activities in mobile banking.
■ Advised Nasdaq Tallinn Stock Exchange-listed investment fund Baltic Horizon Fund on its acquisition of the newly reconstructed Piirita shopping centre. COBALT advised the client throughout the transaction, including dealing with taxation-related questions.
Key Clients: Baltic Horizon Fund; Pocopay; AS TMB; Teleport Technologies; etc
Contact: Egon Talur
Email: [email protected]

■ Participated in a project for the Commission where COBALT analysed transposition of energy efficiency directive to the Estonian legislation. The analysis involved review of specific policies and regulations concerning energy efficiency as well as public procurement.
■ Counselled Nelja Energia, the largest producer of renewable energy in the Baltic States, in issue of bonds in the amount of 50 million euros. The Green Bond certificate was granted to the issued bonds by the international certification body DNV GL.
Contact: Elo Tamm and Aivar Taro
E-mail: [email protected]; [email protected] legal