Ellex Raidla has advised the European Investment Bank on a EUR 25 million loan to the North Estonia Medical Centre.
According to Ellex, the proceeds of the loan will “support the construction of a new psychiatric clinic as well as the Y-building, where the oncology center, hematology, and pathology will start to operate.”
Ellex Raidla’s team included Managing Partner Ants Nomper, Partner Ermo Kosk, Counsel Rain Raa, and Associate Kairi Kilgi.
Sorainen has advised transportation platform Bolt on a EUR 100 million investment from London-based investment firm Naya Capital Management.
According to Sorainen, “Bolt operates one of the fastest-growing transportation platforms in Europe and Africa. With a presence in over 35 countries and in more than 150 cities, Bolt currently has the second-largest footprint of any ride-hailing company on the planet. Bolt plans to use the new funding to support growth across its range of services, rather than focusing on one specific segment.”
“Even though the crisis has temporarily changed how we move, the long-term trends that drive on-demand mobility such as declining personal car ownership or the shift towards greener transportation continue to grow,” commented Martin Villig, the founder and CEO of Bolt,
Naya Capital Managing Partner Masroor Siddiqu added that “the firm’s investment in Bolt will support its long-term view of expanding its business.” According to Sorainen, the deal boosts the value of Bolt to EUR 1.7 billion.
Sorainen’s team was led by Partner Toomas Prangli and included Associate Mirell Prosa.
Sorainen did not reply to our inquiry on the matter.
Cobalt has advised Nordea Bank Abp on amendments to a EUR 280 million loan agreement with AS Tallink Grupp, an Estonian shipping company, signed in 2016.
Cobalt’s team included Partner Girts Lejins and Senior Associate Inga Tenisa.
Sorainen has successfully represented the Polybius Foundation, which had conducted an initial coin offering, in a dispute involving one of the buyers, Maksim Velitsko, who was attempting to force a reversal of his token purchase.
According to Sorainen, “this was a landmark case, as the position of the courts is a further guidance for both the organizers of ICOs and parties wishing to buy tokens. The dispute began as Maksim Velitsko, who was disappointed that the value of the tokens had decreased, claimed his money back by first filing a bankruptcy petition to put pressure on Polybius Foundation. His claims were not successful and on April 13, 2020, the dispute was finally resolved when the Supreme Court dismissed his appeal in cassation, where he demanded the refund of the purchase price of the tokens from the Polybius Foundation. The dispute gave the company the opportunity to prove in courts that the innovative way of raising money was fair to token buyers.”
Sorainen’s team included Partner Reimo Hammerberg, Counsel Karl Kask, and Senior Associate Triin Toom.
Cobalt has advised AS LHV Pank, an Estonian credit institution with shares are listed on the Tallinn Stock Exchange, on the establishment of its EUR 1 billion Covered Bond Program.
Under the program, LHV may issue covered bonds with a maximum aggregate principal nominal value of EUR 1 billion outstanding at any time. Once issued, the covered bonds are expected to be admitted to trading on Euronext Dublin stock exchange.
Cobalt’s team consisted of Partner Marina Kotkas, Senior Associate Mattias Tammeaid, Associate Sven Bottcher, and Junior Associate Johanna Lumiste.
Ellex Raidla has advised NGO Back to Work on testing one of the world’s first digital immunity passports — an application that enables users to securely share data when a person has taken a COVID-19 virus test or an antibody test.
According to Ellex Raidla, “with the help of a digital immunity passport, a person can safely prove that they are healthy. The goal of the digital immunity passport is to reduce fears and encourage societies around the world to move forward with their lives in the midst of a pandemic,” said Taavet Hinrikus, a member of Back to Work.
Ellex Raidla’s team consisted of Partner Ants Nomper and Associate Merlin Liis.
Cobalt has advised Change Ventures on its investment in fintech startup askRobin.
Change Ventures is a seed-stage venture capital fund based in the Baltic States, backing ambitious Baltic founders across the world. Cobalt describes askRobin, which was founded in 2017, as “a fintech company founded in Estonia that operates a financial services marketplace for “underbanked’ customers in Latin America.”
Other investors in askRobin’s USD 1.7 million seed round include VC funds Vereeni Early Stage Fund, BENE Asia Capital, and Lemonade Stand, as well as several tech entrepreneurs from Estonia, including Ragnar Sass, co-founder of the CRM platform Pipedrive, and Taavi Tamkivi, founder of the anti-money laundering platform Salv.
Cobalt Partner Kristel Raidla-Talur and Senior Associate Greete-Kristiine Kuru advised Change Ventures.
Sorainen has assisted SeAH Changwon Integrated Special Steel Corporation with an asset recovery process.
The case involved cross-border criminal investigations into cybercrime, which involved fraudulent transfers of large sums of money and money laundering.
Due to what Sorainen describes as “effective cooperation with the investigative authorities and prosecutors,” SeAH Changwon was officially recognized as a victim in the Estonian criminal investigation. In April 2020, Sorainen reports, “the court decision was obtained and all the funds were successfully returned to the client.”
Sorainen’s team was led by Counsel Norman Aas.
Margit Lahevee has been made Partner at BNT in Tallinn.
BNT describes Lahevee as “an experienced and multi-talented attorney in the M&A, corporate, and commercial field, and … specialized in competition law. At BNT she also focuses on Life Science and Dispute Resolution. Margit is able to find a solution even in the most difficult situations. Thanks to her calm state, systematic approach, excellent listening, word-setting and argumentation skills, as well as accumulated diverse knowledge, she is a valued advisor among clients and colleagues.”
Prior to joining BNT in 2017, she spent a year at Hannes Snellman, eight and a half years at Tark Grunte Sutkiene, ten months at EY, and four years at NORM. Lahevee graduated from Tartu University in 2002.
Fort Legal has advised AS Selver, a subsidiary of Tallinna Kaubamaja Grupp AS, on its acquisition of a 100% shareholding in retailer ABC Supermarkets AS.
According to Fort Legal, the transaction adds 16 Comarket shops in Harju, Parnu, and Tartu County, two Delice shops in Viimsi and the city of Parnu and a Solaris shop in Tallinn to the Selver chain.
The Fort team consisted of Partners Minni-Triin Park and Kuldar-Jaan Torokoff and attorneys Karl Kahm, Margus Koiva, Riin Rehepapp, and Gerda Raag.