Category: Estonia

Cobalt has helped Fortumo file a complaint to the Press Council regarding incorrect and misleading articles and headlines in the Aripaev and Postimees publications. 

According to Cobalt, the complaint involves “a series of articles about Fortumo published in Aripaev and Postimees. The headlines in the articles gave the impression that Fortumo had signed a deal with the Myanmar military junta that carried out the coup in Myanmar and created the impression that the coup would be funded in this way.” The firm added: “the Press Council took the position that Aripaev and Postimees violated the section of the Journalists Code of Ethics requiring headlines not to mislead the audience. The title and content of the articles must be consistent.”

Cobalt’s team included Managing Associate Monika Koolmeister and Senior Associate Kadri Michelson.

Sorainen has advised state-owned Swedish energy group Vattenfall on its EUR 1 million seed investment into Fermi Energia.

As a result of the deal, Vattenfall will become a minority stakeholder of Fermi Energia, a small-scale nuclear power plant developer in Estonia.

“With this minority investment, Vattenfall can contribute its know-how and work jointly on feasibility studies about costing, supply chain and capabilities to construct and operate Small Modular Reactor technology,” says Torbjorn Wahlborg, Senior Vice President Generation at Vattenfall. “Innovative and fossil-free future nuclear generation such as SMR seems very promising for Estonia, which has the highest average CO2 emissions per generated kilowatt hour of electricity of all EU member states.”

Sorainen’s team was led by Counsel Lauri Liivat and included Partner Toomas Prangli, Senior Associate Kaspar Endrikson, Associate Vladislav Leiri, and Legal Assistant Eva Lennuk.

Sorainen did not reply to our inquiry on the deal.

PwC Legal Estonia has advised Krauss-Maffei Wegmann on its acquisition of a 24.9% stake in Milrem Robotics.

Milrem Robotics is a Tallinn-based developer of unmanned robotic vehicles for the defense industry. Financial details of the transaction were not disclosed.

Krauss-Maffei Wegmann is a German developer of heavily armored wheeled and tracked vehicles. The company operates manufacturing sites in Germany, Brazil, Greece, Hungary, Singapore, the United Kingdom, and the USA and it employs over 4,000 people.

PwC Legal’s team consisted of Partner Priit Latt, Head of M&A Rutt Vark, Attorney-at-Law Imbi Jurgen, and Lawyers Ingeri-Helena Kakko and Alesja Gorbunova.

The firm could not provide additional information about the deal.

Sorainen has helped Estonian mortgage loan provider Clementer obtain a creditor’s license.

Sorainen’s Estonian team included Counsel Jane Eespold, Senior Associate Monika Tomberg, and Associates Kamilla Alma Vilderson and Krista Severev.

Cobalt has advised the Nordic Secondary Fund on its acquisition of shares in Estonian financing facility company Fiizy.

Cobalt describes Fiizy as a platform that connects businesses and financial institutions with customers and provides high-quality financial data to all parties so that they can make smart financing decisions.” According to the firm, the Nordic Secondary Fund “is the first and only fund in the Nordics to exclusively invest in secondaries. Besides the latest investment, the Nordic Secondary Fund’s portfolio consists of OnRobot, ROOM, Click&Grow, MapsPeople, GoMore, Norlase, CathVision, Varjo, Goodiebox, Challengermode, Mintos, Empirical.”

Cobalt’s team included Partner Kristel Raidla-Talur, Senior Associate Greete-Kristiine Kuru, and Assistant Lawyer Johanna Lumiste.

Cobalt did not reply to our inquiry on the matter.

Cobalt has advised Lixea on an investment of EUR 2 million into the company by the European Innovation Council Fund.

According to Cobalt, Lixea is a London-based start-up founded in 2017 that develops an innovative biomass fractionation process using ionic liquids. According to the firm, “the EIC Fund investment enables Lixea to accelerate the commercialization of its technology for converting wood waste into renewable chemicals, materials, and fuels and offers a green alternative to the petrochemical industry.”

Cobalt’s team included Partner Kristel Raidla-Talur and Senior Associate Sven Bottcher.

Cobalt did not reply to our inquiry on the matter.

Eversheds Sutherland Ots&Co has advised Estonian investment firm MM Grupp OU on its acquisition of control over Forum Cinemas OU in Estonia, as well as its branches in Latvia and Lithuania.

Financial details of the deal were not disclosed, and the transaction remains contingent on the approval of the relevant competition authorities.

Eversheds Sutherland advised UP Invest on its acquisition of Forum Cinemas from US-based AMC in the summer of 2020 (as reported by CEE Legal Matters on September 7, 2020).

Eversheds Sutherland describes Forum Cinemas, which operates 9 multiplex cinemas in the region, as “one of the biggest cinema operators in the Baltics.”

Eversheds Sutherland’s team included Managing Partner Maivi Ots, Partner Risto Ruutel, Associate Taavi Koiv, and Lawyers Erika Tuvike and Kristi Joemets.

The Tallinn office of Sorainen has helped Estonian non-governmental organization Eesti Tsiviilallianss submit proposed amendments to Estonia’s Communicable Diseases Prevention and Control Act to the Estonian parliament.

According to Sorainen, the draft version of the Communicable Diseases Prevention and Control Act included steep fines for non-compliance with safety measures related to the Covid-19 pandemic, such as the obligation to wear face masks. According to the firm, the draft law was met with resistance from the general public and protests were held in front of the parliament.

Sorainen reported that two of the amendments proposed by Eesti Tsiviilallianss were included in the revised draft law, and as a result, the parliament lowered the fines by 50%.

Sorainen’s team included Partner Allar Joks and Associate Gerli Helene Gritsenko.

Sorainen has advised Graphic Packaging International on the Estonian aspects of its approximately USD 1.45 billion cash acquisition of the AR Packaging Group from the CVC Capital Partners Fund VI. DLA Piper Stockholm was lead counsel to GPI on the deal.

Graphic Packaging International and the AR Packaging Group are producers of sustainable fiber-based consumer packaging solutions.

According to Sorainen, the transaction is expected to close in four to six months and is contingent on regulatory approvals and other customary conditions.

Sorainen’s team included Partner Toomas Prangli, Of Counsel Isabella Barbara Tisenhusen, Associate Andra Grunberg, and Legal Assistant Kadri Puu. The firm could not disclose further information about the deal.

Sorainen, working alongside Taylor Wessing in Germany, has advised IT lifecycle company Foxway on its acquisition of recommerce business Flip4 from shareholders including its founders and Media-Saturn-Holding GmbH. Financial details were not disclosed.

Foxway is a North European company with more than 700 employees, providing sustainable IT services and recycling. Flip4 is a German consumer electronics recommerce company with around 40 employees.

Sorainen’s team in Estonia consisted of Partner Toomas Prangli and Counsels Piret Lappert and Kaido Kunnapas. 

Taylor Wessing’s team was led by Munich-based Partner Rebekka Krause.

Sorainen was unable to identify counsel for the sellers on the deal.