Ellex Raidla has advised the Prime Label Group on its acquisition of Estonia-based sticker producer LabelPrint OU.
Prime Label is a packaging manufacturer focused on innovation and sustainability.
Ellex Raidla’s team included Partner Sven Papp, Advisers Jaanus Ikla and Toomas Kasesalu, Advocates Gerda Liik and Rauno Klemm, and Lawyers Georg Kuusik and Kairi Kilgi.
The firm did not reply to our inquiry about the deal.
Sorainen has advised Bolt on a EUR 600 million investment round from new investors Sequoia, Tekne, and Ghisallo, as well as existing investors G Squared, D1 Capital, and Naya.
According to Sorainen, “the funds will be used to boost Bolt’s new grocery delivery service, Bolt Market, and accelerate the expansion of existing mobility and delivery products.” In addition, Sorainen reports that the latest investment round brings Bolt’s valuation to more than EUR 4 billion.
Sorainen’s team consisted of Partner Toomas Prangli, Senior Associate Mirell Prosa, and Associate Vladislav Leiri.
The firm did not reply to our inquiry about the deal.
Sorainen has advised and represented Elering in two procurement disputes concerning the reconstruction of a 330 kilovolt overhead transmission line in the Viru 330 kilovolt substation and Tartu 330/110 kilovolt substation.
Elering is an independent electricity and gas system operator in Estonia.
According to Sorainen, “currently Estonia imports two-thirds of electricity, most of which is produced in Russia. To ensure the long-term security of supply and energy security, Elering is working towards joining the Baltic States energy markets strongly with the rest of Europe. This means desynchronizing the Estonian electricity system from the Unified Energy System of Russia and instead, integrating it into the European Union’s electricity system. The synchronization of the Baltic electricity networks with the continental European synchronous area is expected to be completed by December 31, 2025, after which our electricity system will be disconnected from the existing North-West Russian frequency area.”
According to Sorainen, one of the disputes concerned Elering’s decision to disqualify a tenderer due to the lack of the required qualifications and the other dispute concerned a claim to exclude the successful tenderer because the appellant was of the opinion that the winner of the tender had a disproportionate advantage as it had fulfilled a previous public procurement contract to Elering. “Therefore, the appellant was of the position that the winner had more information for making the bid.
In both cases, the court and Public Procurement Dispute Committee found that Elering’s actions had been lawful. Elering had rightfully found that one of the tenderers’ qualifications were insufficient and that the tenderer winning the other public procurement had no disproportionate advantages.”
Back in 2018, Sorainen had advised Elering on a Eurobond issue (as reported by CEE Legal Matters on May 7, 2018).
Sorainen’s team included Partner Carri Ginter, Senior Associates Kadri Harginen and Mario Sorm, and Associates Gerli Gritsenko.
Sorainen has represented Lux Express and other bus operators in a public service obligation dispute with the Estonian state.
According to Sorainen, “Lux Express turned to court against the Estonian state in July of 2019 seeking for the obligation imposed by the Public Transport Act to carry preschoolers and people with disabilities free of charge on commercial routes without any compensation from the state to be declared unconstitutional. Soon after, three more Estonian bus companies applied to the administrative court with a similar complaint. The Tallinn Administrative Court decided to send the matter to the Court of Justice of European Union.” According to the firm, “in its latest assessment, however, the European Commission confirmed to the Court of Justice of European Union that the law that has been in force in Estonia for 20 years violates European law. Lux Express will be seeking compensation from the state for the loss of revenue in the amount of nearly EUR 2 million.”
Also, according to Sorainen, “the Estonian Ministry of Economic Affairs and Communications representing the state in the court proceedings thus far has maintained the position that the said obligation does not constitute the imposition of a public service obligation. The position relayed to the Court of Justice of European Union by the European Commission clearly stipulates, however, that the obligation imposed on companies carrying passengers on a commercial basis to carry passengers in certain categories free of charge, as is currently the case pursuant to the Public Transport Act, constitutes a public service obligation. The European Commission also assumed the position that the section of the Public Transport Act stipulating that the free-of-charge carriage of passengers is not to be compensated to carriers is incompatible with EU law. Thus, the European Commission’s position is, essentially, that the regulation in effect in Estonia since 2000 is unlawful.”
Sorainen’s team included Partners Allar Joks and Carri Ginter and Senior Associate Kadri Harginen.
Editor’s Note: On September 20, 2022, Sorainen announced that “on September 8, 2022, the European Court made a ruling that matches the view of our specialists – the law that has been applied in Estonia for the past 20 years and obliges bus operators to transport preschoolers and disabled individuals for free and without governmental compensation is illegal and must be invalidated.”
The firm’s updated team included Partners Allar Joks and Carri Ginter, Counsel Kadri Harginen, Associate Elina Mizerova, and Assistant Lawyers Katariina Kuum and Hanna-Elise Rahni.
TGS Baltic has advised Estonian construction company Merko Ehitus Eesti AS on its acquisition of a 35% holding in Connecto Eesti.
Financial details of the transaction were not disclosed.
According to TGS Baltic, “Merko, which had until now concentrated mainly on high voltage systems in the field of electrical engineering, entered the business of low and medium voltage power networks, gas networks, and telecommunications infrastructure.”
TGS Baltic’s team consisted of Partners Kadri Kallas and Kirsti Pent, Senior Associates Katri Paas-Mohando and Olger Kaelep, and Junior Counsel Mirko Kikkamagi.
The firm did not reply to an inquiry about the deal.
Sorainen has advised Tallinn-based Temnikova & Kasela art gallery on a non-fungible token project.
Temnikova and Kasela Gallery is an Estonian art gallery run by gallerists Olga Temnikova and Indrek Kasela.
According to Sorainen, “artists Tommy Cash, Ilja Karilamp, Nik Kosmas, and Katja Novitskova have teamed up with gallerist Olga Temnikova and NFT collector Edgar Aronov to create a line of artworks that form an ecosystem with independent value. Each artist has created a number of artworks based on which genesis NFTs are minted. As a result of burning mutagen NFTs, the genesis NFTs containing the artworks will mutate into variations.”
According to the firm, “NFTs – digital tokens tied to assets that can be bought, sold, and traded – are a recent addition to the art scene. Collectors and speculators have spent more than USD 200 million on an array of NFT-based artwork, memes, and GIFs in the past month alone, according to market tracker NonFungible.com, compared with USD 250 million throughout all of 2020.”
Sorainen’s team included Partner Kaupo Lepasepp, Counsel Kart Anna Maire Kelder, and Senior Associate Olivia Kranich.
Ellex Raidla has advised HHL Group on the acquisition of 4 million shares of Ekspress Grupp from KJK Fund SICAV-SIF. Cobalt reportedly advised SICAV on the deal.
According to Ellex Raidla, this represents 13% of all shares in the group. The owner of the HHL Group is entrepreneur Hans H. Luik, who now owns 73.23% of the Ekspress Grupp.
Ellex Raidla’s team was led by Partner Sven Papp.
Ellex Raidla has advised Superangel on investing in Estonian startup FleetGuru.
According to Ellex Raidla, FleetGuru develops fleet management software. ”The founders of FleetGuru are Toomas Loik and Ivar Vilmer with long-term experience in selling fleet management solutions, and Indrek Siitan, who has led the development of several start-ups in the insurance field. Cloud-based fleet management software is a tool that gives companies a comprehensive view of vehicle-related costs and problems.”
Earlier this year, Ellex Raidla has advised Superangel on investment in ParcelSea (reported by CEE Legal Matters on May 11, 2021).
Ellex Raidla’s team included Counsel Antti Perli, Senior Associate Hanna Pahk, and Attorneys Merlin Liis-Toomela and Priit Pruks.
TGS Baltic’s Tallinn office has advised Noo Lihatoostus on the repurchase of its 29% holding from the Maag Group.
According to TGS Baltic, the parties to the agreement are competitors who have been in dispute over the last several years and, as a result of the transaction, all disputes between the shareholders were terminated.
Noo Lihatoostus is an Estonian meat producer. The company employs around 200 people and its production facilities are located near Tartu, Estonia.
The Maag Group is a Swiss provider of solutions in process technology for the polymer, chemical and petrochemical industries. The group employs around 1,100 people across Europe, Asia, and the Americas.
TGS Baltic’s team included Partners Leonid Tolstov, Kadri Kallas, and Helmut Pikmets and Associate Maris Vutt.
The firm did not reply to our inquiry about the deal.
Cobalt has advised Elektrum Eesti on its acquisition of Imatra Elekter’s electricity retail business.
Financial details of the transaction were not disclosed.
Elektrum Eesti is a Tallinn-based provider of electricity retail services, as well as solar power and electric car charging solutions.
Cobalt´s team included Specialist Counsel Ott Aava, Senior Associate Mart Blondal, and Associate Kerli Paasoja.
The firm did not reply to our inquiry about the deal.