The Legal 500 > Europe, Middle East & Africa > Estonia > Commercial, corporate and M&A

Cobalt specialises in high-value M&A transactions, including standard acquisitions, venture capital, and private equity deals. The 'professional' and 'collegiate' Martin Simovart and Peeter Kutman lead the team, advising prominent clients such as Baltcap, TMB Group and First State Investments. The firm's most notable transaction was Blackstone's acquisition of 60% of Luminor for €1bn, with the team advising on the purchase and ensuing corporate restructuring. Counsel Ott Aava and senior associate Karl Kull are also recommended.

Ellex's team is involved in several high-profile international M&A transactions, including advising Blackstone on its €1bn acquisition of a majority stake in Luminor Bank, a notably high-value deal for the Baltic market. Sven Papp leads the practice, which counts Daimler, Baltcap, and Fazer Group among its key clients. Risto Vahimets is highly regarded, as are Gerli Kilusk and financing specialist Ermo Kosk. Senior associates Gerda Liik is also noted. Karl-Erich Trisberg, formerly a senior associate with the firm, joined Derling Primus in 2020.

FORT acts primarily on transactions, utilising its pan-Baltic reach to work on significant cross-border matters, in particular LHV Pank's acquisition of Danske Bank's private loan portfolio, valued at €410m. Other clients include Nordea Bank, Admiral Markets, and Elisa. The team also has experience handling corporate advice concerning issues such as contracts and international restructuring. Minni-Triin Park and Kuldar-Jaan Torokoff  jointly head the practice. At associate level, Margus Kõiva is a key name.

The practice at WALLESS (former Derling Primus), which is led by Rolan Jankelevitsh, specialises in domestic and cross-border M&A transactions as well as financing for both start-ups and established companies. The team works across a number of industry areas, including logistics/transport, IT, and manufacturing, with notable clients including the Michelin group, Corel, and JNG Investments. Rolan Jankelevitsh and Hannes Vallikivi led on advising HeidelbergCement Group on the separation of Kunda Port and its sale to BLMG group, one of two international M&A deals in the port logistics sector for the firm in 2018. Toomas Taube and senior associate Triin Ploomipuu are also noted. Karl-Erich Trisberg was a new arrival from Ellex in 2020.

Glikman Alvin LEVIN specialises in corporate governance matters and representation in bankruptcy proceedings, aided in contentious matters by the firm's strong litigation team. A particular strength lies in reclaiming the assets of bankrupt companies, as seen in the firm's advice to Danske Bank on the enforcement of claims relating to a bankrupt Estonian airline. Paul Keres and Pille Pettai lead the practice, which also counts international firms Goodyear Dunlop Tyres and G4S among its clients.

Karin Kaup leads the team at Advokaadibüroo KPMG Law, which advises for clients from a range of industries primarily on corporate governance and restructuring matters. The team is assisting Versobank with the finalisation of its liquidation process and post-liquidation concerns, a complex matter with significant legal implications for the client. Other clients include investment funds, tech, and chemical companies. The practice was further strengthened by the recruitment of highly regarded transactional lawyer Lauri Liivat, who joined in 2019 from Eversheds Sutherland Ots & Co.

LINKLaw advises a range of clients on various corporate and M&A issues, including restructuring, deal financing, and day-to-day advice on long-term projects, with several notable clients in the movie and video production industries, including Energiasäästu Invest, Sterotek and Asymmetric Studios. Practice head Kairi Kurisoo is 'motivated, supportive, and positive', with particular strength advising IT and tech companies on various issues including intellectual property concerns. In a recent highlights, Kurisoo assisted Asymmetric Studios with the production of the film Adventures of Pinocchio, in which she advised on all elements of the production, including intellectual property and copyright issues.

Magnusson has 'extensive experience across various sectors' and acts for clients drawn from a range of industries, including motoring, beverages, and renewable energy. It also has a particular strength in cross-border matters thanks to the firm's Nordic reach. The practice is led by the 'tireless and diligent' Jaanus Mägi and the 'very talented' Toomas Mälberg. Recent work for the former includes advice to Nike on its commercial contracts in Estonia and the applicability of Nike's MSA in the Baltics.

Anne Veerpalu heads the practice at NJORD Law Firm, which acts for international venture capital and angel investors on their investments into tech-focused startups, as well as providing corporate advice to a range of companies. A number of technology-focused clients - including Coingaming, City Service and Peaksjah - feature prominently on the firm's client list in testament to its strength in this space, with its expertise further bolstered by the promotion of IT specialist Liisi Jürgen to partner in January 2019. The firm regularly advises Vereeni Investments, an international venture capital fund, on a number of matters, including a AUS$2m investment into Moneyball Australia, a deal that also fell under Maltese jurisdiction.

TARK brings its multidisciplinary expertise and partner-focused approach to a range of matters, notably corporate restructuring, assistance to start-ups, and advising sellers on M&A transactions. It acts for clients from various industries, most notably gaming, transport, logistics, and retail, particularly shopping centres. The practice is led by Marit Savi and Hannes Küün, who specialise in corporate advisory work and M&A transactions respectively. The firm advised prominent Baltic gaming company, and new client, Olympic Entertainment Group on the restructuring of its management board.

Triniti Estonia advises clients in a range of industries, most notably aviation, transport, agriculture, and the public sector, combining corporate advisory work with strong transactional capabilities. In headline M&A work, the team advised Utilitas on its sale of 85% of shares to European Diversified Infrastructure Fund II SPSC for €320m. The practice is jointly headed by Ergo Blumfeldt, who focuses on transactional work, and Tanel Kalaus, a corporate advisory specialist.

Annika Vait heads the practice at boutique firm ALTERNA, which provides day-to-day corporate advice to a number of high-profile clients, including Baltic Restaurants, Eventus Ehitus, and Xolo. Matters include everyday corporate counselling and assistance with conducting shareholder meetings.

Ants Karu heads LEXTAL's practice, which focuses on M&A and financing transactions. The team handles transactions for firms in various industries including technology and energy companies, and credit institutions. AS luteCredit Europe is a notable client, with the team advising on its issue of new shares and conditional share capital increase valued at €10.8m.

Urmas Volens is a key name to note at NOVE, which has a particular strength in advising on contentious elements of transactions and corporate law, including deal structure and regulatory concerns. Clients include the Estonian Trade Union Confederation, and numerous tech companies. Volens is respected for his knowledge of corporate law; he is currently leading an expert group reviewing the codification and revision of the Estonian commercial code. Risto Agur left to establish LUMILEX.

Hedman Partners is active in the start-up market, advising a range of car sharing, real estate, and fintech companies on financing, restructuring, and corporate partnerships. The team, which is led by Merlin Salvik and Valter Võhma, is well known for advising on innovative techniques of raising capital including crowdfunding, coin offerings, and traditional bond issues.  In recent work, the group advised Autolevi on raising €225,000 in investment via crowdfunding platform Funderbeam. Other clients include StayCool and Endover Development.

Senior associate Indrek Ergma and Karl Juhan Paadam jointly head the practice at Advokaadibüroo PricewaterhouseCoopers Legal OÜ, which handles a range of multi-jurisdictional transactions for a number of corporate clients. Clients primarily hail from the technology and healthcare sectors. In an example of its cross-border strength, Priit Lätt advised e-identity company SK ID Solutions on the establishment of the business in Latvia.