Category: Estonia

Eversheds Sutherland in Estonia has advised UP Invest on its EUR 65 million acquisition of Forum Cinemas from AMC. Sorainen advised AMC on the deal, which remains contingent on the approval of the Estonian, Latvian, and Lithuanian competition authorities.

Forum Cinemas is a pan-Baltic cinema operator that was formed after the merger of three former Finnkino subsidiaries from Estonia, Latvia, and Lithuania (as reported by CEE Legal Matters on October 30, 2019). AMC controlled Forum Cinemas through Finnkino, which it acquired in 2017.

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

Sorainen’s team included Partners Toomas Prangli, Daivis Svirinas, Kaupo Lepasepp, and Ieva Andersone, Counsel Lauri Liivat, Senior Associates Monika Malisauskaite-Vaupsiene, Piibe Lehtsaar, Marika Grunte, Lise-Lotte Laane, Robin Teever, Viktorija Smirnova-Cerkasa, and Jonas Kiauleikis, Associates Lukas Vaisvila and Vladislav Leiri, and Of Counsel Isabella Barbara Aavik.

Editor’s Note: After this article was published Eversheds Sutherland informed CEE Legal Matters that a Lithuanian team had also worked on the deal, including Partner Rimtis Puisys, Senior Associates Milda Jasaitiene, Aurelija Juodiene and Neringa Bubnaityte, and Associates Manvydas Borusas and Justina Dregvaite.

TGS Baltic has successfully represented the interests of Kuu HUBB Oy in a dispute in the Arbitration Court of the Estonian Chamber of Commerce and Industry. 

According to TGS Baltic, “the dispute concerning complex matters involved in exercising call option rights and in the issuing of shares and conversion of physical shares to electronic format in Canada, as well as calculations of alleged lost profit. The matter involved multiple parties in Estonia, Finland, and Canada and the legal systems of both Estonia and Canada. On August 18, 2020, all claims against the company were dismissed.”

TGS Baltic’s team included Attorneys Chirag Mody and Silvia Urgas.

PwC Legal has advised GuardTime on its entrance into a partnership with the Estonian Ministry of Interior’s IT and Development Centre.

PwC Legal describes the IT and Development Centre — “SMIT” — as “the largest IT institution in Estonia, which operates information systems for rescue, police and border guard and manages the country’s tie-ins to EU information systems like the Schengen Information System, EURODAC and VIS.”

According to PwC Legal, GuardTime will “provide independent mathematical verifiability for audit trails in information systems managed by SMIT.”

PwC Legal’s team was led by Partner Priit Latt.

PwC Legal did not reply to our inquiry on the matter.

Cobalt has advised the Rubylight technology investment fund on its participation Tandem’s USD 5.7 million Series A round of financing, which also included investors Brighteye Ventures, Trind Ventures, and GPS Ventures.

According to Cobalt, Tandem, which is based in Berlin, “is an app for practicing a second language with a focus on native speaker practice. The app connects users with others who are trying to learn their language for mutual practice either via text, phone chat, or video call.”

Cobalt’s team consisted of Partner Kristel Raidla-Talur and Senior Associate Greete-Kristiine Kuru.

Cobalt did not reply to our inquiry on the matter.

Cobalt has advised Estonia-based real estate development and management company Capfield OU on a EUR 85 million financing it received from Luminor.

According to Cobalt, “a major part of the new loan was used to refinance [Capfield’s] existing loans from Nordea Bank Abp. Capfield’s loan is backed by the company’s portfolio of shopping centers with a total value of approximately EUR 183 million.”

Cobalt’s team included Partners Marina Kotkas and Aivar Taro and Assistant Lawyer Christine Magi.

Sorainen has advised Montonio on its generation of EUR 500,000 from both Estonian and international investors.

According to Sorainen, “eleven investors from four countries participated in the investment round, including Charlie Songhurst, as well as former TransferWise executives Triin Hertmann and Martin Sokk. The investor lineup also included Baltic and Finnish venture capital funds Practica Capital, Gorilla Capital, and Lemonade Stand, several angel investors and earlier financiers of the company, Superangel, StartupWiseGuys, and Jevgeni Kabanov, the CPO of Bolt.”

Montonio has created a point-of-sale financing solution that allows online shoppers to receive several installment offers from competing creditors with a single credit application, from which the most suitable can be chosen. The shopper is presented with offers within a few seconds and receives a comparative overview of various financing options, including terms and conditions and cost.

According to Markus Lember, CEO of Montonio, “the customer’s options to receive point-of-sale financing have so far been mostly tied to a single creditor who has a partnership with the trader concerned. As a result, there is essentially no price competition in the market and unsuspecting clients pay hundreds of euros more than they should.”

Sorainen’s team included Partner Toomas Prangli, Senior Associate Robin Teever, and Assocaite Mirell Prosa.

The Tallinn office of Fort Legal has been joined by a three-person team from CORE Legal led by Partner Merit Lind and by Kristin Kamilla Kirss, the former Chief Legal Counsel and Head of Baltic Legal at Svenska Handelsbanken AB Estonian Branch.

Lind, who joins as Partner and Head of Finance and Public Law, spent almost four years as the Head of Deloitte Legal in Estonia, before leaving that firm to join CORE Legal in 2018. She is joined by former CORE Legal lawyers Ivo Vanasaun (who, the firm reports, “offers so-called one-stop shop counseling in tax-related matters as one of the leading tax experts in Estonia,” and joins as Specialist Tax Counsel) and Katrin Alliksaar (who “has gained extensive experience in the field of public law,” and joins as Counsel).

Kirss, who spent the last 13 years at Svenska Handelsbanken after getting her degree from the University of Tartu and an LL.M. from the University of Virginia School of Law, both in 1995, joins as Banking & Finance Counsel.

“The enthusiasm and energy that the new four team members have fits perfectly to the working culture of Fort’s team,” commented Fort Tallinn Managing Partner Kuldar-Jaan Torokoff. “Solving complicated legal problems requires creative environment and specialists with a positive attitude.”

“Fort’s team indisputably consists of top experts who have shown remarkable results in advising clients on most complicated matters,” added Merit Lind. “In doing so, they have maintained the client-focused approach and well-being of employees. I am extremely happy to join Fort and add new expertise to its practice areas.”

Former Glikman Alvin Partner Priit Raudsepp has joined Derling Primus.

Derling Primus describes Raudsepp, who joins as a Counsel, as “an established and well-known Tax expert.” According to the firm, “he is also experienced in Administrative Law, Dispute Resolution, Criminal Procedure, and Public Procurement. He has practiced Tax law in the Netherlands and attended universities in Austria and the Netherlands. He holds a Master’s degree (cum laude) in international tax law from the Maastricht University.”

Raudsepp spent the past six years at Glikman Alvin, and the five and a half years before that at Sorainen.

“I feel privileged to join Derling Primus – a firm known for its strong and ambitious team,” said Raudsepp. “Over the last years the firm has firmly established itself as a top legal practice in Estonia and the Baltics.”

“We are happy to welcome Raudsepp,” said Managing Partner Piret Blankin. “His joining Derling Primus confirms our outstanding position among competitors. Our Tax practice has now grown even stronger and we will now have two exceptional tax experts advising our clients – in addition to Partner Rolan Jankelevitsh.”

Ellex Raidla has successfully represented Enefit Green in a dispute over competition clearance the company received for its 2018 merger with Nelja Energia AS.

Enefit Green AS is a fully-owned subsidiary of Eesti Energia AS. According to Ellex Raidla, the November 6, 2018 endorsement of Enefit Green’s merger with Nelia Energia by Estonia’s Competition Authority was contested by Eleon AS, AS Eesti Elekter, Eurowind OU, Vaivara Tuulepark OU, Roheline Elekter AS, Aidu Tuulepark OU, Audru Tuulepark OU, and OU Estwind Energy.

According to Ellex, “the Tallinn Administrative Court on July 17 upheld the stance of the Competition Authority, dismissed the application of the appellants, and left the decision of the Competition Authority unchanged.

Cobalt has helped the Estonian Ministry of Economic Affairs and Communications obtain authorization to provide State aid from the European Commission.

According to Cobalt, “The European Commission approved, under the EU State aid rules, a EUR 20 million Estonian scheme to compensate four international passenger ferry operators active on the routes connecting Estonia with Finland and Sweden for damages suffered due to the COVID-19 restrictions. The compensation will cover up to 80% of the damages suffered, calculated as the difference between the lost revenues and the savings in variable costs for the period during which the ferry operators were prevented from operating, compared to the same period in 2019.”

Cobalt’s team included Partner Elo Tamm and Senior Associate Mart Blondal.