Next Generation Partners

Commercial, corporate and M&A in Estonia


Cobalt‘s offering is centred around big-ticket, cross-border deals, an area of expertise for practice head Martin Simovart, who leads the team alongside Peeter Kutman, a name to note on the transactional side. Elsewhere in the team, managing associate Jesse Kivisaari is noted for his ‘excellent language skills (both Finnish and English) and high-quality client service‘, and brings over 12 years of M&A and private equity transactional experience to the team. Ott Aava, who oversees the technology-sector M&A matters of the firm, is another key contact.

Practice head(s):

Martin Simovart; Peeter Kutman

Other key lawyers:

Jesse Kivisaari; Ott Aava; Heleri Tammiste


‘Strong international experience and capability which makes their dealings with international clients much more effective. Their English is very good and they know how to look after clients to a standard that makes them amongst the best in the Baltic market generally, including Estonia. ’

‘Martin Simovart is very experienced in big-ticket cross-border deals.’

‘Jesse Kivisaari has excellent language skills (both Finnish and English) and high-quality client service. Very bright and engaged. ’

Key clients




Zurich Insurance Group

Goodyear Dunlop Tires

Waterland Private Equity


Levine Leichtman Capital Partners

International Business Machines Corporation (IBM)

Mid Europa Partners

Bidfood, aa


Mirova Energy Transition 5 S.L.P

Work highlights

  • Advises HKScan Oyj on the sale of its Baltic business to AS Maag Grupp.
  • Advised VKG Soojus on its sale to Partners Group portfolio company Gren.
  • Advised Mirova Energy Transition 5 on the acquisition of project companies and signing a contract with Estonian renewable energy developer Evecon OÜ to develop solar plants.


Risto Vahimets, described as ‘one of the strongest M&A and corporate lawyers in the Baltics’, and corporate governance and M&A expert Sven Papp lead Ellex‘s 'solution-oriented' team. Transactions specialist Ermo Kosk is another name to note in the team and ‘has great knowledge about all complexities that may come up in a transaction’, bringing experience in acquisitions and takeovers, complex financing and real estate transactions. Rutt Värk has a great deal of experience in M&A deals.

Practice head(s):

Risto Vahimets; Sven Papp

Other key lawyers:

Ermo Kosk; Rutt Värk


‘A lot of experience in the Estonian market and well connected partners. We have been using their services for the last 20 years. Knowledgeable, pragmatic, responsive.’

‘Risto Vahimets is one of the strongest M&A / corporate lawyers in the Baltics.’

‘Ellex always puts together a good team who can handle your deal with seeming ease and who really takes care of the client and their needs. Good communication is definitely an asset.’

Key clients

BaltCap Private Equity Fund

Partners Group AG

Sportland International Group

AS Tallink Grupp

Veho Baltics OÜ

Gren Eesti AS

Maag Grupp AS

Skeleton Technologies Group OÜ

Harju Elekter AS

Work highlights

  • Advised independent power producer Sunly on raising around €200m to build and expand its renewable energy portfolio in the Baltics and Poland.
  • Advised Maag Group on the acquisition of HKScan’s Baltic businesses from Scandinavian meat and poultry group HK Scan.
  • Advised Rahva Raamat on its sale to BaltCap.


Sorainen works on some of the largest M&A deals in the Baltics, leveraging its network across the region. The firm is a popular choice among start-ups, a field in which it has built significant expertise. Toomas Prangli, Piret Jesse and Karin Madisson lead the team and are ably supported by Lauri Liivat, who is ‘a quick thinker, who thinks out of the box and is focused on solving the client’s needs'.

Practice head(s):

Toomas Prangli; Piret Jesse; Karin Madisson

Other key lawyers:

Robin Teever; Lauri Liivat


‘They have accumulated valuable expertise in our specific area of operation, which involves start-up fundraising and legal structures. They provide rapid and professional services.’

‘Toomas Prangli and Lauri Liivat have viewed our plans through the lens of their years of experience, ultimately delivering the solutions we required.’

‘People at Sorainen are truly professional, especially in the start-up field in which our company is operating. They’re always available and ready to listen to your problems and involve team members in other teams when needed.’

‘I have worked with Lauri Liivat, who is the most trustworthy person I know. Always responds fast, a quick thinker, thinks out of the box, and is focused on solving the client’s needs.’

‘The team is very knowledgeable, both on the legal and the business side, able to understand the needs of the client and provide assistance at the highest level.’

‘We appreciate the friendly and professional attitude and high professional skills.’

‘The team always performs at the highest level. They are experts in their field and business minded.’

‘Piret Jesse and Robin Teever always take the extra step to actually understand the client’s business and provide solutions. What separates them from other service providers on the market is their ability to respond really, really fast!’

Key clients




Milrem Robotics

Glassense (former Klaasimeister)

Rud Pedersen Group

Livonia Partners

Elisa Eesti




Tallinn City Government

Work highlights

  • Advised Sunly on raising €230m in the second biggest investment round in the Baltics in 2022.
  • Advised Milrem Robotics on the sale of the majority shareholding to EDGE.
  • Advised the City of Tallinn on all matters related to creating a joint venture in the field of district heating with Utilitas.

Eversheds Sutherland Ots & Co

At Eversheds Sutherland Ots & Co, the ‘very committed team works together seamlessly‘ and handles a range of corporate and commercial matters. Practice head Maivi Ots is supported by Dmitri Zdobnõh, ‘a young partner with a bright future ahead‘; the duo ‘stand out for their knowledge, availability and creative thinking’. As part of the wider Eversheds Sutherland network, the department's practitioners are well placed to advise on urgent cross-border issues.

Practice head(s):

Maivi Ots

Other key lawyers:

Dmitri Zdobnõh; Risto Rüütel


‘Very committed team that works together seamlessly. Devoted to making the M&A deal happen in a given timeframe. Very organised also to coordinate the work across borders.’

‘Perfect drive and creativity to reach client targets without conflicting with other basic party interests. Good sense of where the client’s red lines are and where there is space for compromise.’

‘The team work is amazing. Great coordination. The people on the team are amazing!’

‘Maivi Ots and Dmitri Zdobnõh stand out for their knowledge, availability and creative thinking. Dmitri Zdobnõh is a young partner with a bright future ahead, definitely a rising star!’

Key clients

EDGE Group P.J.S.C

Clevon AS

Verita Solutions OÜ

Renalis OÜ

Estate Developers OÜ

United Partners Advisory OÜ

Transmeri Oy Ab

MM Grupp OÜ

Xolo OÜ

Ühinenud Ajakirjad AS

Work highlights

  • Advising UAE’s EDGE Group on its acquisition of a majority stake in Estonia-based Milrem Robotics, a developer of robotics and autonomous systems.
  • Assisting Estonian driverless delivery vehicles manufacturer Clevon with leaving the Nasdaq First North Market (Tallinn Stock Exchange) to be able to raise investments from strategic investors.
  • Represented the shareholders of Verita Solutions in disposing the company along with its five subsidiaries in Estonia, Latvia and Lithuania.

TGS Baltic

TGS Baltic‘s corporate and M&A team is jointly led by Sander Kärson, Kadri Kallas and Leonid Tolstov, who is highlighted as ‘strong in the field of corporate matters‘. Beyond its corporate law expertise, the group is also well versed in handling multidisciplinary matters. Among the group’s impressive client base are start-up investors and start-ups, which the group advises on various everyday corporate issues, as well as many private equity investment matters. Indrek Ergma and Karin Marosov were new arrivals in early 2024 following the firm’s merger with PwC Legal.

Other key lawyers:

Indrek Ergma; Karin Marosov


‘We need a very versatile legal approach to our business. In this regard TGS Baltic is really outstanding, that they cover all areas we need for our business. Their team is well informed about the latest developments not only in the legal environment, but also concerning our business.’

‘Leonid Tolstov is strong in the field of corporate matters. He also has an understanding knowledge of other legal areas.’

‘The team is very competent in commercial, corporate and M&A. We had an urgent transaction and we got exactly the help we needed. Very good understanding of what was needed and when, so we were very calm during the process as everything was planned and taken care of.’

‘Very experienced, competent, fast, and approachable team. Strong reputation from multiple references and I was very happy with their work and answers to strategic questions.’

‘Sander Kärson was recommended to me and did a great job.’

‘Very long term cooperation, trust and always reachable.’

‘Seamless document management. Proactive process. Wide range of industry-specific skills.’

‘Indrek Ergma – outstanding legal knowledge and long-term industry experience. Always accessible, polite and keeps his deadlines. Friendly and very pleasant to work with. Always on top of things, attentive to details and thorough, quickly grasps the instructions given. Very professional and supportive. Would recommend to anyone at any time such a talented lawyer who is foremost a problem solver.’

Key clients


LHV Varahaldus

Auto-Bon, AutoHalle (Bassadone Group)


Merko Ehitus Eesti

Truffle Capital

Eesti Post


Inventure VC

OTB Ventures


Zaka Startup 2, j.s.a.

Better Medicine


Golden Fields Factory


Nõo Lihatööstus


SmartCap Green Fund


Green Estonia OÜ

Wolf Group

Havila OÜ

Estonian Red Cross

Gi Group


Wolf Group

Vision Consulting

Eesti Loots

Estonian Business and Innovation Agency (a.k.a. EAS, Enterprise Estonia)


Gren Eesti AS

Solid World




Work highlights

  • Advised Bioforce on setting up a joint venture with HKScan.
  • Advised Auto-Bon on the Estonian, Latvian and Lithuanian law aspects of the acquisition of the Opel import business in Estonia, Latvia, Lithuania and Finland from LänsiAuto.
  • Advised the shareholders of Standard on the sale of their shares to strategic investor Green Estonia.


At WALLESS, sector strengths include energy, infrastructure, real estate and telecoms. In addition, the group has particular experience in the financial services sector and has the ‘capabilities and capacity to handle any kind of finance and capital market transaction’. The team is overseen by Rolan Jankelevitsh, one of the many ‘creative lawyers and good negotiators’ in the practice. Toomas Taube is a standout team member for corporate advice; Margo Lemetti is an expert in reorganisation proceedings; and senior associate Kaisa Üksik works on many of the group’s large transactions. In early 2024, the practice gained the expertise of Minni-Triin Park, Kuldar-Jaan Torokoff and their team following the firm’s merger with FORT.

Practice head(s):

Rolan Jankelevitsh

Other key lawyers:

Karl-Erich Trisberg; Kaisa Üksik; Margo Lemetti; Minni-Triin Park; Kuldar-Jaan Torokoff


‘Experienced team with good knowledge. Excellent service and very responsive. They have all the necessary capabilities and capacity to handle any kind of finance and capital market transaction. Their lawyers are creative and good negotiators. They always find solutions allowing the deal to go forward.’

‘Walless has high standards of quality.’

‘Walless has a great client account management culture. Our organisation has a dedicated core contact for every legal request. Over the years this has led to knowing each other in detail and this further boosts the effectiveness.’

‘The Walless team knows us very well and is able to think from our perspective in order to provide solutions.’

‘Always available and ready to speak.’

‘We can describe the practice as a highly efficient and cooperative team of professionals. They have an individual approach to clients’ needs and deep knowledge in all areas that allows them to find the best solution for their client.’

Key clients



BE Group

éolane Tallinn

Bigbank Group



Magnetic MRO Group

Mandatum Life Insurance Company

Šiaulių Bankas

Work highlights

  • Advised a local renewable energy company on the sale of two large-scale fully developed solar parks to various local and international investors.
  • Advising Šiaulių Bankas on the merger of its and INVL Invalda’s pension and investment fund businesses in the Baltics.
  • Advising Turnit on negotiating the commercial contract with Samtrafiken, transferring a large part of Sweden’s bus, train and urban multi-modal transport ticketing system to Turnit’s software platform.

KPMG Law in Estonia

KPMG Law in Estonia, a team which ‘delivers fast and seamless advice’, is equipped to advise on a range of corporate and commercial deals. Overseeing the team is ‘highly valued professional' Karin Oras. Oras is ably supported by Sandra Metsamärt and Kaia Kuusler, who are ‘pragmatic and problem-solving‘. What sets the group apart is its ability to advise on cross-border legal issues through access to KPMG’s network of lawyers across multiple countries and disciplines, allowing it to ‘bring other competences to the table (tax, accounting etc)’.

Practice head(s):

Karin Oras

Other key lawyers:

Sandra Metsamärt; Kaia Kuusler


‘It is always pleasure to work with the firm as they are effective and very business orientated. The solutions offered are always for the benefit of getting things done. It is also highly valued that the team has the ability to bring other competences to the table (tax, accounting etc.) if there is a need, so that the client receives a solution which works well from all angles.’

‘The managing partner Karin Oras has proved herself as a highly valued professional in the M&A and corporate field. Understanding what the client needs lies in the core center of her approach to helping clients.’

‘It is a clear strength of KPMG Law that whenever they are needed in any project or engagement, they are fast and deliver seamless advice.’

Key clients

UPM-Kymmene Oyj

Pepco Poland sp. z o.o

Accord Healthcare Limited

Evecon OÜ

Etra Balti AS

Greenful Group OÜ

Everaus Kinnisvara OÜ

Smartecon OÜ

Stora Enso AS

Barrus AS

Intercheese Holland BV

Bauroc AS

Eesti Metsameister OÜ



KÕU Group

Mapon AS

Work highlights

  • Advised Evecon on raising an investment from French investment fund Mirova.
  • Advised Pepco group on an intra-group reorganisation process, which covered 14 jurisdictions, including Estonia.
  • Advised COMODULE (Kõu group) on performing legal due diligence of Ampler Bikes.


LEADELL Pilv‘s ‘efficient and thorough’ work often involves ‘multidimensional issues’, covering management board liability and shareholder relations, among other matters. Pirkka-Marja Poldvere runs the team and is extremely experienced in corporate law, as well as providing clients with ‘versatile knowledge on complex construction contracts‘. Managing partner Aivar Pilv is another key practitioner in the team.

Practice head(s):

Pirkka-Marja Põldvere

Other key lawyers:

Aivar Pilv


‘I have worked mostly with Pirkka-Marja Põldvere, a great lawyer with a deep knowledge in several areas, including corporate and commercial litigation. At the first stage, she tries to understand the client’s ideas and objectives and, at the second stage, proposes and implements the right solutions.’

‘Efficient and thorough. They work on multidimensional issues.’

‘Great team. Best law firm I have worked with in Estonia!’

Key clients

Hitachi Energy Estonia AS

Randomer OÜ

Marico Haldus OÜ

Evicon Ehitus OÜ

Rigrado OÜ

GRK Rail OY and GRK Rail AS

Kanella OÜ

Swappie OY

Vesta Tallinn Terminal OÜ

Petromaks Holding OÜ and Petromaks Nõlva Sadam OÜ

Work highlights

  • Advising Hitachi Energy Estonia on various corporate and general commercial issues.
  • Acted for GRK Rail OY and other group companies in an acquisition and advising the company on general contractual matters.
  • Advising Randomer on day-to-day corporate law matters (including loan agreements, securities, etc).


LINKLaw stands out for its work on corporate and commercial transactions relating to the film and transport sectors, among others, and is also equipped to advise on the environmental law aspects of deals. Kairi Kurisoo-Pärn leads the team, and along with competition law expert Reesa Laur is noted for her ‘problem-solving abilities and quick communication’. Maksim Kozlov is also a key member of the ‘competent team of experts’.

Practice head(s):

Kairi Kurisoo-Pärn

Other key lawyers:

Reesa Laur; Maksim Kozlov


‘LINKlaw has a team with diverse knowledge. They consistently provide solutions, no matter the issue. Working together with us, they offer multiple solutions for tailored legal needs.’

‘Working with LINKlaw has always been a very good experience, largely due to partners Kairi Kurisoo-Pärn and Reesa Laur. I enjoy their problem-solving abilities and quick communication.’

‘Fast solution to any topic related. They don’t look for problems but solutions.’

Key clients

Viru Keemia Grupp AS

Ragn-Sells AS

Eesti Raudtee AS

Tomra Service OÜ

Tomra Systems UAB

Tomra Collection Latvia SIA

Reyktal AS

Asymmetric Studios OÜ

Sterotek OÜ, film production company

PLKV Invest OÜ

EstPakPlastik AS



Loadmon OÜ

Vallin Baltic AS

Harju Elekter Group

Sihtasutus Stockholmi Keskkonnainstituudi Tallinna Keskus

Work highlights

  • Advised Maakri Holding on the acquisition of Stockmann department store.
  • Advised Loadmon on the acquisition of shares of Deskis.
  • Advised PLKV Invest on a real estate development project, a new office building in the historical area Telliskivi Kvartal in Tallinn.

NJORD Law Firm

NJORD Law Firm has dealt with a range of M&A transactions and corporate matters, and often assists clients looking to enter the Estonian market. The group has also carved out a niche working with clients in the technology and fintech sectors. Practice head Erik Salur counts numerous start-ups among his clients, and often advises companies on incorporation and fundraising, as well as restructuring.

Practice head(s):

Erik Salur

Other key lawyers:

Karolina Ullman

Key clients

AQ Lasertool OÜ

Danihed AB


Swipelux OÜ

Work highlights

  • Advised RESBUD SE on its cross-border relocation from Estonia to Poland.
  • Advised Danihed on a transaction in which Pharma Systems PS AB Pharma Systems Eesti Osaühing shares were sold to Flodins Filters Förvaltnings.
  • Advised Estonian manufacturing company AQ Lasertool on a complex corporate division.


RASK Attorneys-at-Law‘s practice ‘is known for its deep specialisation in various legal areas‘. The practice regularly assists investment funds and has recently advised on major private equity and real estate investments in the Baltic region. Ramon Rask leads the team and is assisted by Timo Kullerkupp, whose expertise lies in the technology, aviation and financial services industries. The pair are noted for their ‘competence in business law, contracts and M&A as well as the corporate world'.

Practice head(s):

Ramon Rask

Other key lawyers:

Timo Kullerkupp


‘The team consists exclusively of highly competent, friendly and skillfully selected people with excellent communication skills. The entire team, starting with the office manager and other supporting team members, has received the best possible training in office representation. RASK offers high-quality, high-level competent legal services. They are a reliable partner that gives the client an assurance they need. The whole team stands out with its efficiency and desire to achieve the best possible result for the client, taking into account the reality as well as all the necessary circumstances.’

‘We would highlight Timo Kullerkupp and Ramon Rask. Their competence in business law, contracts, and M&A as well as the corporate world and culture in general are in the highest level and we always know we can rely on them.’

‘Rask Attorneys-at-Law is known for its deep specialisation in various legal areas. They are client-focused and their team is sharing high ethical standards.’

Key clients

SPAN d.d.

Mehiläinen Eesti / Meliva Qvalitas / Meliva Unimed

Co-one OÜ

Elle Capital OÜ

Eurora Solutions OÜ

Punch Club OÜ

SmartLynx Airlines Estonia OÜ

Air Baltic Corporation AS

Rally Estonia / Estonian Autosport Events MTÜ

Net Group OÜ


TARK in Talinn ‘has been established in the Estonian market since the 1990s and thus has a great reputation‘. The group has also secured a strong reputation for offering full-service legal support to local and multinational companies to establish and support their businesses in Estonia and the Baltics. The practice is jointly led by Hannes Küün, Tanel Tark and Marit Savi.

Practice head(s):

Hannes Küün; Tanel Tark; Marit Savi


‘The firm has been established in the Estonian market since the 1990s and thus has a great reputation. We have extensive experience with their team members, who always were dedicated, reliable and well specialised experts in their fields.’

‘Marit Savi has always proven to be extremely reliable and diligent and a great communicator. She also digs deep into matters where needed. I appreciate also her personal integrity and friendliness.’

Key clients

Notorious OÜ

Icebreaker VC

Vaklak group

Outfunnel OÜ

KlausApp (Qualitista)

Entain group, Optiwin OÜ

My Fitness group

Ideal OÜ (AVIS)

Ober-Hausi Kinnisvara AS

Rakuten Europe, Rakuten Estonia

AS Icosagen

Derivco Estonia OÜ

AS Standard

DoiT International

Barrus AS

JT IOT Limited

Work highlights

  • Advising Icebreaker VC on several investments into Estonian technology start-ups and advising most of these start-ups with regard to their daily business.
  • Advising KlausApp (Qualitista) on raising €12m in Series A equity funding led by Acton Capital.
  • Advising Notorious on acquisitions of real estates SPVs required for the development of Hundipea (Paljassaare Peninsula).

Triniti Estonia

Triniti‘s team is extremely active in the venture capital and start-up arenas. Siim Maripuu, a member of the dedicated transactions team at the firm, and Martin Järve now run the team, with Maripuu particularly specialising in transactions related to the agriculture and food sectors. Managing partner Ergo Blumfeldt and Valter Võhma are key names to note, the latter of whom is described by a client as ‘one of the most experienced start-up lawyers in Estonia'.

Practice head(s):

Siim Maripuu; Martin Järve

Other key lawyers:

Ergo Blumfeldt; Valter Võhma


‘They are punctual, open-minded, and have an international mindset and experience.’

‘Valter Võhma is one of the most experienced start-up lawyers in Estonia.’

Key clients


Fractory Solutions



UG Investeeringud OÜ

Thermory AS

Rail Baltic Estonia

Transpordi Varahaldus

City of Tallinn

Lemonadestand OÜ

Columbus Eesti AS

Hausers Grupp AS

Work highlights

  • Advises Utilitas on the creation of a joint venture with the City of Tallinn.
  • Advised Tallinn MP on carrying out the transaction of acquiring two hotels in Tallinn.
  • Advised Transpordi Varahaldus (TVH) on two separate transactions for the acquisition of in total 10 CF34 jet engines for the fleet of Bombardier NG900 passenger aircraft.


NOVE‘s team often works on matters across the region due to the expertise of its lawyers such as Laura Raadik, whose advice spans both day-to-day corporate law matters and large corporate transactions. Elsewhere in the team, Arsi Pavelts is a key name to note and is ‘one of the leading attorneys in Estonia in commercial and corporate law’ according to one client.

Practice head(s):

Laura Raadik

Other key lawyers:

Arsi Pavelts


‘Working with NOVE you feel the personal involvement that you get from the team members of this practice. High competence together with strong ethical and moral values have built our trust in NOVE.’

‘Senior level attorneys have good local and international experience, capable on working with the cases that have no precedent in Estonia.’

‘Arsi Pavelts is one of the leading attorneys in Estonia in commercial and corporate law. High competence, very strong involvement and sense of responsibility, ability and drive to work even in the most complex disputes. A strategist and defender of your interests that you want to have on your side.’

Key clients

ValueSpace OÜ

Solid House OÜ

Finnlog OÜ

Medemis OÜ

Viimsi Artium

UAB Nordstreet

Danpower Eesti AS

Innopolis Insenerid OÜ

Civitta Eesti AS

Aktsiaselts Filter

Work highlights

  • Advised Value.Space on raising capital in the amount of €2.1m.
  • Advised the owner of a leading grocery chain in the Baltics on the acquisition of a shopping centre property.
  • Advised Innopolis Insenerid on a merger.


WIDEN has a strong presence in the financial services sector and works on many corporate mandates in this field. Clients recognise the firm's ‘exemplary use of modern work methods (AI, etc.) in practice’. Ants Karu leads the team and Martin Nikolajev supports him on many matters. The pair ‘work well as a team and are highly committed, both in smaller matters and bigger transactions’.

Practice head(s):

Ants Karu

Other key lawyers:

Martin Nikolajev; Kristi Sild


‘Ants Karu is a true gem. He’s got this blend of old-school wisdom and modern strategies that’s hard to find. While some attorneys might give you a cookie-cutter solution, Ants takes the time to tailor everything to your situation. The best part? He’s got this knack for spotting issues before they even arise, guiding you every step of the way.’

‘Martin Nikolajev is the fresh face with the kind of energy and passion you want in your corner. He’s razor-sharp and always on the pulse of the latest in the legal world. Every time we’ve collaborated, I’ve been blown away by his innovative ideas and proactive approach. He doesn’t just wait for things to happen – he’s out there, making them happen.’

‘Innovative, quick responder, good client communication, exemplary use of modern work methods (AI, etc.) in practice.’

Key clients

Eurora Solutions OÜ

Latam Fintech Holding OÜ

Oruvara OÜ

Credito24 LTDA

Tuul Mobility OÜ

Chain Protocol Labs OÜ

Fruit Xpress OÜ

Rail Baltica

Gaza OÜ

PKP Holdings OÜ

AB “Lietuvos draudimas“ Estonian branch

Work highlights

  • Assisted Rail Baltica with winning a legal services tender.
  • Advised Fruit Xpress founders on the transaction in which international group Bidcorp acquired the majority shareholding in Fruit Xpress.
  • Advised Gaza OÜ and PKP Holdings OÜ on an equity investment into Silen OÜ.