Cobalt has advised MCF Group Estonia on the development of a data center that is planned to be built in the Estonian city of Saue in 2019.
The project cost is estimated at EUR 100 million. According to Cobalt, “it will be the biggest data center in the Baltic States.”
MCF Group Estonia is a company that unites Finnish and Estonian investors and technology experts.
The Cobalt team included Partner Aivar Taro and Specialist Counsels Ott Aava and Aleksander Tsuiman.
Sorainen Estonia has acted as Estonian adviser to a syndicate of banks consisting of Skandinaviska Enskilda Banken, Crédit Agricole Corporate and Investment Bank, and HSH Nordbank in financing the investment of European Diversified Infrastructure Fund II SPSc in Utilitas.
EDIFII is an infrastructure fund managed by First State Investments. Utilitas is Estonia’s largest district heating company and a renewable power producer.
The Sorainen team was led by Partner Reimo Hammerberg and included Senior Associates Jane Eespold and Kaido Kunnapas.
Sorainen has been appointed as legal advisor to the FinEst Bay Area Development tunnel project, designed to enable a safe, high-speed connection between Helsinki Vantaa Airport and Tallinn Airport.
According to Sorainen, “the aim is to complete the project in 2024, after which a 20-minute train ride between Helsinki and Tallinn will be available. The link will consist of two tunnels, each 17 meters in diameter, bored by continuous drilling with 12 tunnel-drilling machines.” The firm reports that “the project vision of the future encompasses the twin Helsinki-Tallinn city of three million inhabitants in a society of intensive cross-border cooperation, education, and business life.”
The Sorainen advisory team is being led by Partner Paul Kunnap.
Ellex Raidla has advised Tallink on its public offering on Nasdaq Helsinki.
On December 3, 2018 Nasdaq announced that trading in AS Tallink Grupp shares commenced on Nasdaq Helsinki Main Market.
AS Tallink Grupp is a passenger and cargo transportation service provider in the northern region of the Baltic Sea, and Ellex Raidla reports that, over the past half-year, the price of its shares, which have been listed on the Nasdaq Tallinn Stock Exchange since December 2005, has increased by more than five percent.
Tallink Grupp is the 75th company whose shares are admitted to trading on the Nasdaq Nordic market and the 14th company listed on the Nasdaq Helsinki Stock Exchange in 2018.
Tallink was advised by Ellex Raidla Partner Raino Paron, Senior Associate Martin Maesalu and Associate Anna Trine Raudsepp.
Cobalt Estonia has advised European Diversified Infrastructure Fund II SPSC, a long-term infrastructure fund managed by First State Investments, on its acquisition of 85% of shares in Utilitas. Triniti reportedly advised the sellers on the deal.
According to an agreement signed in Tallinn on November 28, 2018, Utilitas’ current shareholders and managers will retain a 15% shareholding.
Utilitas is a district heating company and a renewable power producer in Estonia. The company operates 521 kilometers of district heating networks and supplies heat to approximately 166 thousand households in eight Estonian cities, including Tallinn.
Cobalt reports that the management and supervisory boards of all three Utilitas subsidiaries — AS Utilitas Tallinn, AS Utilitas Eesti, and OU Utilitas Tallinna Elektrijaam — will remain unchanged. Priit Koit will continue as the CEO and Kristjan Rahu as the Chairman of the Supervisory Board of Utilitas.
Cobalt’s team was led by Partner Martin Simovart and Senior Associate Heleri Tammiste. The team also included Partners Marina Kotkas and Aivar Taro, Counsel Jesse Kivisaari, and Associates Liina Saaremets, Mart Blondal, and Madis Reppo.
Eversheds Sutherland’s teams in Estonia and the US advised Click & Grow, the producer of smart indoor gardens, in the closing of a financing round through which the company raised over USD 11 million.
The principal investor in the financing round was Ingka Group, which operates IKEA stores, followed by: SEB Alliance (the corporate venture arm of French Groupe SEB), the US seed accelerator Y Combinator, Yunqi VC (a venture capital firm from China) and United Angels VC, a venture capital fund based in Estonia.
According to Eversheds Sutherland, “the largest market of the smart garden producer Click & Grow is in the US, followed by the EU and Singapore. Today the company is selling its third-generation smart gardens.”
The Eversheds Sutherland team included Managing Partner Maivi Ots and Legal Counsel Marten Amjarv.
Sorainen has advised A-Ulevaatus on its acquisition of Rael’s inspection stations.
A-Ulevaatus, which is the biggest vehicle inspector in Estonia, operates in Tallinn, Tartu, Viljandi, Rakvere, and Rapina.
According to A-Ulevaatus board member Andres Soots, “together with the purchase-sale agreement we acquired the customer database as well.” He added that personnel will stay the same.
The Sorainen team included Partner Paul Kunnap, Senior Associate Piret Lappert and Associate Nele Suurmets.
Sorainen reported that it had no information on which firm advised Rael.
Cobalt successfully represented AS Ragn-Sells in a dispute with the City of Tallinn regarding waste transport in the city’s Nomme and Lasnamae neighborhoods.
Ragn-Sells contested the unlawful activities of the City of Tallinn in organizing the waste transport in Tallinn’s Nomme and Lasnamae boroughs.
The Supreme Court found that the City of Tallinn had unlawfully transferred the waste transport service to a city-owned AS Tallinna Jaatmete Taaskasutuskeskus (TJT, Tallinn Recycling Center) and had failed to organise the public procurement required for the provision of a waste transport service. In addition, the awarded procurement contracts, where the original contractor was replaced with TJT, were declared null and void and the city was ordered to organize the proper public procurement to find the waste transport service provider.
The Cobalt team was led by Senior Associate Rauno Ligi and included Senior Associate Kaidi Reiljan-Sihvart. The team was supported by Partner Elo Tamm.
Earlier this year, Cobalt successfully represented AS Ragn-Sells in a similar dispute involving the waste transport area of Tallinn’s Kesklinn borough as reported by CEE Legal Matters on July 5, 2018.
Cobalt has successfully represented the European Commission in a dispute with the Republic of Estonia in the Court of Justice of the European Union regarding the amount to be charged for surplus sugar stocks.
The Republic of Estonia appealed a March 24, 2017 decision of the General Court. The CJEU dismissed the appeal, finding that the General Court provide sufficient reasoning for its conclusion that the Republic of Estonia’s request that the Commission change its decision on sugar stocks did not include new facts and thus was properly rejected.
Cobalt Senior Associate Liina Naaber-Kivisoo led the firm’s team.
Ellex Raidla has assisted Luminor with the establishment of a European Medium Term Note program in the amount of EUR 3 billion.
On October 10, 2018 Luminor issued a EUR 350 million senior unsecured inaugural bond with a maturity of three years under the newly established European Medium Term Note (EMTN) Program. The bonds are listed on the Irish stock exchange.
The investors are from 14 countries across the Baltics and Europe. The bond carries a provisional senior unsecured Moody´s rating of Baa2 – lower medium grade rating.
According to Ellex, the scale of the investment proves that Luminor’s financial profile is strong and that Luminor as a credit institution is an intriguing investment case for both Baltic and international investors. The issuing of bonds will also have an overall positive effect on the Estonia and Baltic capital markets.
The Ellex team consisted of Partner Raino Paron, Senior Associate Helen Ratso, and Lawyer Kevin Gerretz.
Editor’s Note: After this article was published Ellex Raidla informed CEE Legal Matters that it advised Luminor on Estonian law related matters related to its listing on the Irish Stock Exchange. The London offices of Allen & Overy and Clifford Chance advised Nordea Bank Abp, Citigroup Global Markets Limited, Goldman Sachs International, and J.P. Morgan Securities plc on the deal.