Ermo Kosk
Partner
+372 640 7170
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Ermo is one of the most recognized young generation transaction attorneys in Estonia, he advises clients on acquisitions and takeovers, complex financing and real estate transactions as well as everyday business issues. His 14-years’ experience with transactions covers different industries, from classical M&A transactions of manufacturing and service companies to sophisticated IT, start-up and fintech capital raising. Ermo has advised hundreds of deals both in Estonia and abroad, on purchase as well as sales, from the perspective of strategic buyers and financial and private equity investors.
He has extensive experience in cross-border M&A transactions in various European countries as well as North America, Asia and South America.
Several transactions advised by Ermo have received pan-Baltic or international recognition (including the Baltic M&A transaction of the year 2015). In the area of financing he focuses on syndicated loans, mezzanine-type financing, LMA-based lending and various types of debt instruments (including subordinated, guaranteed and unsecured bonds).
Ermo has experience in advising major real estate transactions from the buyer’s and seller’s side, primarily commercial real estate transactions (shopping malls, logistics parks and commercial buildings), as well as advising developers and financiers with housing development. He also advises real estate managers and owners on everyday real estate development, administration and management.
He has been highly recognized internationally (Legal500, IFLR1000, Chambers Europe and Chambers Global) in all his areas of work (M&A, banking and real estate). Ermo has been involved as a legal advisor in the work of managing bodies (including on the supervisory and management board level).
Ermo Kosk
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Key projects
Advising Swedish real estate investor CA Fastigheter AB on the sale of Postimaja shopping centre to Baltic Horizon Fund
Advising BaltCap Private Equity Fund on various acquisitions and transfers
Incl. the acquisition of auto24 AS and Kuldne Börs from Sanoma Media Finland OY; acquisition of a majority stake in AS Eesti Keskkonnateenused; acquisition of majority stake in medical company Qvalitas Arstikeskus AS; Quattromed HTI Laborid
Incl. the acquisition of auto24 AS and Kuldne Börs from Sanoma Media Finland OY; acquisition of a majority stake in AS Eesti Keskkonnateenused; acquisition of majority stake in medical company Qvalitas Arstikeskus AS; Quattromed HTI Laborid
Advising the leading telecommunication company AS Starman’s acquisition transaction regarding the buyout of East Capital Explorer (transaction value ca EUR 208 million) and later advising the sale of AS Starman to Elisa Corporation
Advising Elering AS on the acquisition of Estonian gas transmission network operator AS Võrguteenus Valdus
Advising AS LHV Varahaldus and its pension funds on several major Estonian bond issues
Advising leading Baltic production company Graanul Invest AS on several major acquisition and financing transaction in the region
Incl. acquisition of Latvian pellet producer SIA Latgran from BillerudKorsnäs and Baltic Resources –named the Baltic M&A Deal of the Year in 2015; also, the acquisition of shareholding in leading forestry company AS Roger Puit
Incl. acquisition of Latvian pellet producer SIA Latgran from BillerudKorsnäs and Baltic Resources –named the Baltic M&A Deal of the Year in 2015; also, the acquisition of shareholding in leading forestry company AS Roger Puit
Advising leading real estate developer VPG on the sale of Nehatu and Tänassilma logistics park to East Capital Real Estate
Advising Skeleton Technologies, world’s leading producer of ultracapacitors and leading Estonian start-up that has raised the most funds, on various capital raising transactions
Incl. latest capital raising with Malaysian investment fund FirstFloorCapital, Harju Elekter AS and several other investors and banks
Incl. latest capital raising with Malaysian investment fund FirstFloorCapital, Harju Elekter AS and several other investors and banks
Advising the shareholders of Viking Motors AS on the sale of 100% shares to Optigroup Invest OÜ, a company of the AS Tallinna Kaubamaja group which unites its car trade companies
Advising leading global investment company TPG on the sale of the web portal Delfi in Estonia, Latvia and Lithuania to Ekspress GRupp AS
Incl. the preceding restructuring of the Delfi group in the Baltics, Russia, Luxembourg and the Netherlands as well as advising on the sale of the directory and helpline business in the Baltics to BaltCap Private Equity Fund
Incl. the preceding restructuring of the Delfi group in the Baltics, Russia, Luxembourg and the Netherlands as well as advising on the sale of the directory and helpline business in the Baltics to BaltCap Private Equity Fund
News
We advised initial bond purchasers and mandated lead arrangers on Bite Group’s EUR 700 million bond issuance and financing
We advised initial bond purchasers and mandated lead arrangers Citigroup Global Markets Limited, Deutsche Bank AG, London Branch, ING Bank N.V., London Branch and UniCredit Bank AG on Bite Group´s EUR 700 million bond issuance and financing.
Bite Group is a telecommunications and media group based in the Baltics that is controlled by international asset management company Providence Equity Partners.
The proceeds from the bond offering, together with cash in hand, will be used to repay Bite Group’s existing financial debt and to return capital to shareholders. To secure the financing the issuer’s group will provide collateral packages in Lithuania, Latvia, and Luxemburg.
It is the largest bond issue by a private Baltic company to date.
We advised the clients in cooperation with international law firm Latham & Watkins. The pan-Baltic team included partner Ermo Kosk, senior associates Kadi Sink and Sandra Värk, counsel Rain Raa, in Estonia, foreign counsel Zinta Jansons, associate partner Valters Diure, senior associate Beata Plociņa and associate Marta Cera in Latvia, partner Giedrius Stasevičius, senior associate Gintarė Skrolienė, junior associate Ainis Augustas Petrulis, associate partner Miglė Petkevičienė, associate Dovydas Gudžiūnas, associate Paulius Vaitkevičius and associate Edita Sinickaitė in Lithuania.
We advised the European Investment Bank (EIB) on a EUR 25 million loan to the North Estonia Medical Centre
The European Investment Bank signed a 25 million loan agreement with the North Estonia Medical Centre which supports the construction of the new psychiatric clinic as well as the Y-building, where the oncology centre, haematology and pathology will start to operate.
The new facilities will enable the optimization of healthcare processes, the hospital reports. This is the second loan investment of the European Investment Bank to the North Estonia Medical Centre – in 2011, the construction of a new diagnostic and treatment building was financed.
Over the past five years, the European Investment Bank has allocated almost 835 million euros to Estonian projects, including to the technology, infrastructure and transport sectors.
Ellex Raidla's team assisted the European Investment Bank in matters of Estonian law in this transaction. The team included our managing partner Ants Nõmper, partner Ermo Kosk, counsel Rain Raa and associate Kairi Kilgi.
Find out more here.
We advised Operail AS in entering the Finnish market
International transport and logistics company Operail has launched a subsidiary in Finland, Operail Finland Oy, and is investing 50 million euros to begin freight transport on Finnish railways.
Operail is an international railway logistics and transport company whose main business lines are freight transport, wagon rental, and rolling stock maintenance and construction. In 2018, Operail carried 13.4 million tonnes of goods. The company has a fleet of more than 3,500 wagons, with almost 2,200 wagons leased to international customers.
Legal advice was provided by Ellex Raidla’s partner Ermo Kosk, tax counsel Dmitri Rozenblat and senior associate Rauno Klemm.
Read more here.
Ellex Raidla advised BaltCap on the sale of auto24
BaltCap Private Equity Fund II (BPEF II) has entered into an agreement to sell auto24, a leading automotive classifieds portal in Estonia, to Baltic Classifieds Group.
Founded in Tartu and headquartered in Tallinn, Estonia, auto24 is a leading automotive classifieds business in the country connecting buyers and sellers through itsauto24.ee portal. It also operates a generalist classifieds site (kuldnebors.ee) in a variety of categories.
BaltCap Private Equity Fund II (BPEF II) makes equity investments in innovative companies based in the Baltic region focusing on buy-and-build opportunities. BPEF II was established in cooperation with the European Investment Fund (EIF) involved in the project through the Baltic Innovation Fund (BIF).
Baltic Classifieds Group is a portfolio of online platforms in the Baltics, specialising in five key markets: specialised classifieds for automotive, real estate and jobs; generalist classifieds; and ecommerce.
BaltCap was advised by Ellex Raidla’s Partner Ermo Kosk, Counsel Toomas Kasesalu, Senior Associates Sandra Värk and Dmitri Rozenblat and Associates Merlin Liis and Marilin Laud.
Read more here.
We advised the European Investment Bank (EIB) on the EUR 20 million framework loan to the Municipality of Tartu
The city government of Tartu and the European Investment Bank (EIB) signed a 20 million euro framework loan agreement that will support the city's development plan and investments into education.
Through this financing, the EIB expresses its support for small to medium-sized education investments, and small-size municipal infrastructure schemes in Tartu. The investments are also expected to support local "smart city" and energy efficiency targets.
Tartu Mayor Urmas Klaas said the European Investment Bank's funding will help to advance the city's school renovation program.
The loan to be given to Tartu will be the first EIB loan for an Estonian municipality outside Tallinn.
The Ellex Raidla’s team, who acted as an outside counsel to the European Investment Bank (EIB), consisted of Partner Ermo Kosk and Counsel Toomas Kasesalu.
We advised LHV Varahaldus AS on the financial transaction where Nordica expanded its fleet
State-owned Estonian flag carrier airline Nordica is expanding its fleet with yet another Bombardier CRJ900 jet, the purchase and leasing to Nordica of which was financed by state-owned fleet owner Transpordi Varahaldus OÜ (TVH) issuing €10 million worth of bonds purchased in equal shares by LHV pension funds and LHV Bank.
LHV pension funds manager Romet Enok noted that their investment in TVH bonds offers a higher yield than can be found elsewhere on the international market under current conditions.
The new aircraft has already been employed in serving flights for the Scandinavian carrier SAS.
The financial transaction was advised by our Partner Ermo Kosk and Counsel Toomas Kasesalu.
To read more click HERE.
We are advising Lumi Capital and LHV pension funds on the acquisition of rental buildings
Lumi Capital, together with LHV pension funds, have concluded an agreement with Bonava, as a result of which two new rental buildings with all conveniences will be established in the future residential district of Uus-Mustamäe, on the outskirts of Mustamäe. The rental buildings will be completed in the second half of 2021.
The rental buildings to be built in the Uus-Mustamäe residential district will feature 84 one-, two- and three-room apartments. The rental buildings form a part of the comprehensive living environment developed by Bonava, in which 750 new homes will be completed over the next 5-7 years.
“Lumi Capital will continue looking for investments all over Tallinn, to create brand new rental apartments, for which there is a great demand. In cooperation with LHV pension funds we plan to increase the portfolio of rental houses to 500 apartments,” commented Martin Rekor, partner at Lumi Capital.
The transaction is the second investment in rental buildings in the cooperation of Lumi Capital and LHV Pension Funds. The first investment was the Lumi Kodud rental buildings, with 127 apartments, acquired in the Manufacture district, which will be completed next spring.
Ellex Raidla’s Partner Ermo Kosk, Senior Associate Sandra Värk and Associate Marilin Laud are advising Lumi Capital and LHV pension funds with establishing the legal structure of the transaction, conducting the legal due diligence and drafting and negotiating transaction documents. Ellex Raidla’s team previously assisted with the legal aspects in the Manufacture district rental buildings project.
We advised Graanul Invest AS on the sale of the boiler plants
Pelletiküte AS that belongs in the Graanul Invest group sold its boiler plants to one of the largest energy producers in Estonia, Adven Eesti, and left heat production business.
The contract was signed by the members of the management boards of Pelletiküte AS and Adven Eesti on 5 October. As a result of the acquisition, Adven will start supplying heat to the Kose district heating area, which comprises three boiler plants (Kose, Kose-Uuemõisa and Ravila) with a total capacity of 5.5 MW. Additionally, Adven acquired another 7 boiler plants with a total capacity of 9 MW situated across Estonia established for supplying commercial customers. Supplying energy to customers continues under the same terms and conditions as contracts of sale of heat are transferred together with assets in the composition of the business unit and will continue to be valid.
Graanul Invest is a company operating in the production of renewable energy, forestry, and developing bioprocesses. Graanul Invest group has grown to be the largest pellet manufacturer in Europe with its pellet factories and co-production plants across the Baltics.
Adven is one of the largest energy producers in Estonia, offering comprehensive energy solutions and the sale of energy in the industrial and real estate sector. The company also distributes district heating and/or natural gas in 21 settlements across Estonia.
The deal was advised by our Partner Ermo Kosk.
We are advising BaltCap Private Equity Fund II on the acquisition of Kaarli Hambapolikliinik OÜ
BaltCap through its holding company DenCap Investments acquires one of the leading
Estonian dental care providers Kaarli Hambapolikliinik OÜ. This is the largest deal in the dental care sector in Estonia.
BaltCap is the leading dedicated private equity and venture capital investor in the Baltic states (Estonia, Latvia and Lithuania ). BaltCap has a long experience in the medical sector and is strongly established in the field. The company is or has previously been the owner of several well-known companies in the Estonian medical sector: occupational health care company Qvalitas, the largest medical laboratory services provider SYNLAB (ex Quattromed) and clinical research organization eGeen. BaltCap also owns Unimed Group and their dental clinics in Tallinn, Tartu and Pärnu, as well as a dental laboratory Dental Design. In Lithuania BaltCap is the owner of the InMedica chain of primary care and specialized clinics, and Labochema, which offers laboratory supplies in the Baltics.
Kaarli Dental Lab was established in 1999 in Tallinn, Estonia. It is one of the biggest dental laboratories in Estonia with dental clinics in three locations in Tallinn, where they provide dental care using modern techniques and treatment methods. In 2017 Kaarli Dental Lab’s total turnover was 9.4 MEUR.
The deal is advised by Partner Ermo Kosk, Counsel Toomas Kasesalu, Senior Associates Sandra Värk, Dmitri Rozenblat, Associates Marilin Laud, Kerstin Jürgenson and Merlin Liis.
Estonian dental care providers Kaarli Hambapolikliinik OÜ. This is the largest deal in the dental care sector in Estonia.
BaltCap is the leading dedicated private equity and venture capital investor in the Baltic states (Estonia, Latvia and Lithuania ). BaltCap has a long experience in the medical sector and is strongly established in the field. The company is or has previously been the owner of several well-known companies in the Estonian medical sector: occupational health care company Qvalitas, the largest medical laboratory services provider SYNLAB (ex Quattromed) and clinical research organization eGeen. BaltCap also owns Unimed Group and their dental clinics in Tallinn, Tartu and Pärnu, as well as a dental laboratory Dental Design. In Lithuania BaltCap is the owner of the InMedica chain of primary care and specialized clinics, and Labochema, which offers laboratory supplies in the Baltics.
Kaarli Dental Lab was established in 1999 in Tallinn, Estonia. It is one of the biggest dental laboratories in Estonia with dental clinics in three locations in Tallinn, where they provide dental care using modern techniques and treatment methods. In 2017 Kaarli Dental Lab’s total turnover was 9.4 MEUR.
The deal is advised by Partner Ermo Kosk, Counsel Toomas Kasesalu, Senior Associates Sandra Värk, Dmitri Rozenblat, Associates Marilin Laud, Kerstin Jürgenson and Merlin Liis.
Ellex Raidla advises the sale of Olympic Entertainment Group AS to Odyssey Europe AS for 288.5 MEUR
Ellex Raidla team advises HansaAssets OÜ and Hendaya Invest OÜ on the sale of Olympic Entertainment Group to Odyssey Europe AS.
Odyssey Europe, a company belonging to the Novalpina Group, has announced its intention to make a takeover bid for the acquisition of shares of Olympic Entertainment Group AS at a price of 1.9 euros, which is 3.26% higher than the weighted average exchange price of the last six months for OEG shares.
The two majority shareholders of Olympic Entertainment Group AS, Armin Karu and Jaan Korpusov, have already accepted the offer.
Armin Karu commented in the press release that having started a small business in Estonia 25 years ago, he is proud that OEG has grown into such a large-scale enterprise with an exemplary business model and a strong position in six EU member states." The Novalpina Capital team has considerable experience with such investments that help companies expand their operations both geographically as well as digitally. Their vision is impressive and I am sure that they will become OEG's proud and business-driven owner. As the largest shareholder, I find the price offered fair and I encourage the shareholders to accept the offer," said Karu.
Madis Jääger, Chairman and CEO of OEG, also pointed out that over the years, Olympic has expanded its activities outside the home market in the Baltic States. "In the future, in the face of ever-increasing competition in online games, we need to increase our investments in the digital platform. We are confident that Novalpina Capital will be a good choice as a future owner to support these investments," he said.
After concluding the deal, the buyer intends to stop listing the shares of Olympic Entertainment Group AS on Nasdaq Tallinn Stock Exchange.
Novalpina Capital is a European private equity investment company, focusing on majority investments in medium-sized European companies. Before the establishment of the company in 2017, its founders were top European investment executives in leading global investment companies.
The transaction is advised by Ellex Raidla entertainment lawyers Gerli Kilusk, Ermo Kosk and Associate Kerstin Jürgenson. Learn more about the industry here.
We advised BaltCap Private Equity Fund and Unimed Ühendatud Kliinikud on the purchase of Eurodent Dental Clinic
Ellex Raidla Team advised BalCcap Private Equity Fund and Unimed Clinics on the purchase of the Eurodent Dental Clinic.
Unimed Clinics is one of the leading Estonian private medical centre that focuses on dental treatment and orthodontics. Unimed operates in Tallinn, Tartu, Pärnu and nine other smaller locations all over Estonia. The Group employs a total of 276 people. It is owned by management board members and since the end of 2015 by the investment firm BaltCap.
According to Marja-Liisa Alop, Chief Executive Officer of Unimed Clinics, the purchase of Eurodent is part of Unimed's plan to provide high-quality treatment and best patient experience. "We want to bring together the best dental clinics to create a strong base for sharing best practices, professional development, and collaboration opportunities between top players in our field. We are expanding to be the most comprehensive medical care institution in the dental sector," explained Alop.
The transaction was advised by Ellex Raidla’s Partner Ermo Kosk, Senior Associate Sandra Värk and Associate Kerstin Jürgenson.
We advised AS LHV Varahaldus and Swedbank Investeerimisfondid AS on a 25MEUR investment in the bonds of Alexela Tanklad OÜ
We advised pension funds managed by AS LHV Varahaldus and Swedbank Investeerimisfondid AS - in relation to a 25MEUR investment in the bonds of Alexela Tanklad OÜ, which was used to finance the purchase of the Euro Oil petrol station chain.
Chairman of the board of the Alexela group Andreas Laane told Estonia’s business daily Äripäev that they had been looking for suitable financing for over 6 months and the it was decided to raise money from pension funds because of the duration of the financing, which gives a benefit in the cyclical nature of the economy. "If it is possible for banks to talk about a maximum of five years of funding, then the funding of pension funds is ten years," said Laane.
The transaction was advised by Ellex Raidla’s Partner Ermo Kosk, Counsel Toomas Kasesalu, Senior Associates Dmitri Rozenblat and Sandra Värk, Associates Kerstin Jürgenson, Marilin Laud and Lawyer Kairi Kilgi.
We advised the sale of Postimaja Shopping Center to the Baltic Horizon Fund for 34.4 million euros
Ellex Raidla team advised Swedish real estate investor CA Fastigheter AB on the sale of Postimaja Shopping Centre to the Baltic Horizon Fund. Postimaja is a modern shopping centre located in the heart of Tallinn, at the Narva road 1.
The total current leasable area of Postimaja is 9 141 m2. The anchor tenants are Rimi, H&M, New Yorker, Eesti Post and MyFitness.
The total purchase price paid upon completion of the transaction is approximately EUR 34.4 million (plus VAT). Closing of the acquisition is dependent on a merger clearance from the Estonian Competition Authority.
The transaction was advised by Ellex Raidla’s Partner Ermo Kosk, Senior Associate Sandra Värk, Associate Kerstin Jürgenson and Counsel Toomas Kasesalu.
Education
Lex Mundi Institute, California, USA
Cross-Border Transactions Program
Cross-Border Transactions Program
University of Tartu, Estonia
Bachelor of Laws (LL.B.), officially equivalent to MA
Bachelor of Laws (LL.B.), officially equivalent to MA
Membership
2005
Estonian Bar Association
Member
Member
Publications
Legal Aspects of Doing Business in Europe
2011
Legal Aspects of Doing Business in Europe
Legal Aspects of Doing Business in Europe, Dennis Campbell, ed., Center for International Legal Studies (CILS), 2011, Estonian chapter.
Doing Business 2011 by World Bank Publications
2011
Doing Business 2011 by World Bank Publications
- Doing Business 2011 by World Bank Publications, Estonian chapter.
The state keeps control
2008
The state keeps control
The state keeps control, IFLR, 2008 co-author.