Cobalt Estonia has advised Estonian company AKA Investment OU on its acquisition of 95.5% of the shares of AS Wris from Holostovi Kinnisvarahalduse OU. The value of the deal is confidential.
Established in 1991, Wris is one of Estonia’s oldest travel agencies with offices in Tallinn, Kuressaare, and Johvi.
The Cobalt team was led by Counsel Ott Aava.
Cobalt did not reply to our inquiries about the deal.
TGS Baltic has advised Posti on Estonian law aspects of its acquisition of the Suomen Transval Group.
The transaction remains subject to the approval of the Finnish Competition and Consumer Authority.
“We have had extensive customer relations with Transval for several years and we learned to appreciate the values of Transval’s personnel and management, and their successful, customer-oriented, agile and quick procedures,” said Sari Helander, Senior Vice President of Posti’s Logistics Solutions.
According to Transval’s CEO Risto Vilo, Posti and Transval will produce unique efficiency for their customers.
Posti is a postal and logistics service company in Finland, offering postal, logistics, freight, and e-commerce services.
Transval is an in-house logistics service provider in Finland with more than 20 years of experience in improving operational efficiency and implementing different outsourcing solutions, especially on logistics and manufacturing sites.
TGS Baltic’s team was led by Partner Kadri Kallas and included Senior Associate Triin Kaurov.
TGS Baltic did not reply to an inquiry about the deal.
Sorainen has advised CTS Engtec on the purchase of SystemTest, an Estonian company supplying industrial and infrastructure projects with industrial automation systems.
CTS Engtec provides engineering, project management and consulting services in the fields of energy, forestry, mining, and petrochemicals, and in the chemical industry sector.
The Sorainen team was led by partner Pekka Puolakka, and included Senior Associates Cathriin Torop and Kai Vainola and Associate Robin Teever.
Sorainen informed CEE Legal Matters that it was not allowed to reveal any other information on the matter.
Sorainen and Jones Day Washington D.C. are representing Windoor in arbitration proceedings at the International Center for the Settlement of Investment Disputes in Washington, D.C., involving its claim against the Republic of Kazakhstan for EUR 23 million.
Windoor, an Estonian manufacturer of glass and aluminum facades, is claiming that Kazakhstan breached the treaty between the Estonian and Kazakh governments on the promotion and reciprocal protection of investments.
The alleged breaches relate to administrative and law enforcement actions taken by the Kazakh authorities in obstructing Windoor’s enforcement of an arbitral award issued in 2015 by the Stockholm Chamber of Commerce. That award ordered a Kazakh state enterprise to pay Windoor around EUR 23 million in a dispute concerning Windoor’s investment in the construction of an international business and conference centre in Astana.
According to Sorainen, for over two years after obtaining the award, Windoor pursued various legal and procedural avenues in Kazakhstan to enforce the arbitration award. In February and October 2016, Windoor notified the Kazakh government of its intention to seek international arbitration if Kazakhstan failed to fulfill its Treaty obligations.
On September 14, 2018, Windoor filed a request for arbitration to the International Center for the Settlement of Investment Disputes (ICSID), which is part of the World Bank Group headquartered in Washington D.C.
The Windoor case is the first involving a claim by Estonian company against a foreign state in the ICSID, which has been operating since 1966.
The Sorainen team consists of Partner Reimo Hammerberg and Senior Associate Maria Pihlak.
Cobalt has advised Denmark’s Sjolund Group on the acquisition of Estonian metal works company Cutform OU.
Sjolund Group is a global company specialized in section bending of steel and aluminum profiles.
Cutform specializes in the machining and fabrication of steel and aluminum components.
The Cobalt team consisted of Partner Marina Kotkas and Senior Associates Kristjan Kotkas and Heleri Tammiste.
Cobalt explained that it was unable to provide additional information on the deal.
Pohla & Hallmagi has advised Kunda Sadam AS, a company owned by the Baltic Maritime Logistics Group, on the acquisition of Kunda Port from Kunda Nordic Tsement AS, owned by the HeidelbergCement Group. Derling advised HeidelbergCement Group on the sale.
The transaction is scheduled to close during the last quarter of 2018.
The Port of Kunda, constructed by Kunda Nordic Tsement in 1994, is among the seven Estonian ports handling more than a million tons of cargo annually.
HeidelbergCement Group, founded in 1873 and operating in 60 countries, is a global building materials manufacturer.
The Pohla & Hallmagi team was represented by Attorney-at Law Toivo Viilup.
Editor’s Note: After this article was published, CEE Legal Matters was informed that Stockholm’s Mannheimer Swartling worked alongside Derling on the deal. The Mannheimer Swartling team was led by Partner Peter Linderoth. The Derling team consisted of Partner Rolan Jankelevitsh, Senior Associate Triin Ploomipuu, and Associate Kaisa Uksik.
The Tallinn office of Ilyashev & Partners has advises Cryptagio, a licensed Estonian platform for cryptocurrency exchange, on business operations and business development-related matters.
Cryptagio OU is a platform for digital currency exchange registered in Estonia. The platform supports seven digital tokens: Bitcoin, Ethereum, EOS, Tron, VeChain, OmiseGo, and Icon.
According to Ilyashev & Partners, ”the firm began accepting payments in Bitcoins for its professional services already back in 2017.”
Sorainen has advised the Kaamos Group on the sale of its majority stake in Estonian veneer producer Valmos to Poland’s Paged Group, which purchased the remaining shares from other sellers.
According to Sorainen, “Valmos has been developing dynamically. In 2017, company sales grew by 33% to EUR 11.3 million. According to the firm, “the Paged Group plans to support the company’s intensive development, including further investment in expanding production capacity and efficiency at Valmos’ production facility.”
“The decision to sell Valmos was a difficult one for Kaamos Group and its shareholders,” commented Marek Pohla, Chairman of the Kaamos Group Management Board. “Fifteen years ago when the shareholders acquired and restructured the company, high-flying ambitions were set and today these ambitions have been exceeded multifold. Today, Valmos is one of the world’s largest producers of birch veneer for furniture; approximately 97% of the company’s sales consist in export to Central and Eastern Europe, North America, and Asia.”
The Sorainen team advising the sellers was led by Partner Piret Jesse and included Senior Associate Piret Lappert and Associate Robin Teever.
Editor’s Note: After this article was published, CEE Legal Matters learned that Ellex Raidla has advised the Paged Group on the deal. The firm’s team consisted of Partner Sven Papp, Counsel Jaanus Ikla, Senior Associates Gerda Liik, Helen Ratso, and Reet Saks, Associate Kaisa Laidvee, and Lawyers Kairi Kilgi and Mirko Kikkamagi.
Cobalt Estonia has advised Alexela Kuumasinkitys Oy, a subsidiary of Alexela Group, on the acquisition of Finland’s Helon Kuumasinkitys Oy. The value of the deal was not disclosed.
Helon Kuumasinkitys Oy is a hot dip galvanizing company located on the western coast of Finland in the city of Rauma. The company was established in 1982.
The Cobalt team consisted of Partner Peeter Kutman, Counsel Jesse Kivisaari, Senior Associate Tonu Kolts, and Junior Associate Tiit-Gregor Mets.
Cobalt informed CEE Legal Matters that it was not allowed to disclose additional details, including the identity of sellers’ counsel.
Ellex Raidla has advised AS Infortar, the majority owner of the listed Estonian shipper Tallink Grupp, on the sale of Pirita Spa Hotel to Purje Vara OU.
Ellex reports that, from November 16, the spa hotel will be operated by the Estonian company Baltic Real Estate OU (BRE Hotels). The hotel has 267 guest rooms, the Regatta Restaurant, a grill bar, and a fitness center, as well as treatment and wellness packages available as additional services.
“We aim to turn the hotel into a modern and innovative recreation and entertainment centre, which offers memorable experiences to various age and interest groups,” explained Tonu Steinberg, Head of Sales and Marketing at BRE Hotels.
Pirita Spa Hotel was constructed in 1980 for the Olympic sailing regatta and the first guests were welcomed at the Baltic Regatta held during the Pre-Olympics that year. According to Steinberg, the building’s location, history, architectural nature, and traditions are highly valued, and it will be linked with both the Estonian history of sports and sailing. Current main services at the hotel will be preserved and developed further by adding innovative solutions and involving partners with similar goals.
Infortar is a private investment group in Estonia with interests in shipping and transportation, hospitality, real estate, printing, trading, financial service industries, and energetics.
The Ellex team consisted of Partner Martin Kaerdi and Lawyer Karin Tartu.
Ellex did not reply to our inquiries about the deal.