On Monday the Ministry of Economic Affairs and Communications (MEAC) and the infrastructure building group Verston signed the contract of sale and purchase, according to which Verston Holding, the company that submitted the best offer in the public tender, will acquire 100 percent of the state-owned roadbuilding company AS Eesti Teed.

 

On Monday, the contract was digitally signed by the Minister of Economic Affairs and Infrastructure Taavi Aas and the board member of Verston Holding OÜ, the entity that consolidates companies of the Verston group, Veiko Veskimäe. Before the contract enters into force it must be approved by the Competition Board.

 

According to the Minister of Economic Affairs and Infrastructure Taavi Aas, privatisation of AS Eesti Teed can be described as a great success. “In the course of the tender the real value of Eesti Teed in the open market was identified. The final price of the transaction was 3 million euros higher than the initial price, and a total of five different tenderers wanted to buy the company. Eesti Teed will get a new ambitious owner that is based on Estonian capital and is extremely interested in the expansion of its activities. From now on the state will be able to focus on the development of an attractive economic environment, and the assurance of the good quality of roads as a regulator,” said Aas.

 

Verston won the public tender for the sale of Eesti Teed organised by MEAC in October ahead of four other companies with an offer worth 19.7 million euros. The initial price of the tender was 16.9 million euros.

 

The sale transaction was advised by Ellex Raidla’s Partner Sven Papp, Counsels Jaanus Ikla and Toomas Kasesalu, and Senor Associates Gerda Liik, Sandra Värk and Kaisa Laidvee.

 

Find out more here.

We advised institutional infrastructure investors on the acquisition of Adven, a leading provider of clean energy solutions across the Nordics and Baltics, from Infracapital, the infrastructure equity investment arm of M&G Plc, and AMP Capital.

 

Adven is a leading provider of clean energy solutions, providing outsourced infrastructure with a comprehensive, competitive and sustainable offering. Adven's business is comprised of two segments, Industrial Energy Solutions, and Real Estate Heating & Cooling, which deliver clean energy solutions to its customers across five Nordic and Baltic countries. The company, which develops its energy infrastructure through a finance, build, own and operate model, currently delivers energy to well over 300 sites corresponding to an installed capacity of approximately 2GW. 

 

"If otherwise the Nordic winter can be scary for those coming from further afield, then the local climate creates good preconditions for the heat production and district heating business. Buyers' interest in infrastructure companies in our region is constant. Advising on an M&A transaction in the field of infrastructure requires the involvement and smooth cooperation of many experts. In addition to a good opportunity to participate in the project, we are pleased to see how continued investments in the heat sector will increase efficiency and promote environmental and climate goals,” said Martin Triipan, Ellex Raidla's partner who advised the client.

 

The Ellex Raidla team which advised on the transaction was led by partner Risto Vahimets and senior associate Alla Kuznetsova. The team included partner Martin Triipan, senior associates Hanna Pahk, Kaisa Laidvee and Martin Mäesalu, associate Merlin Liis and lawyer Andrei Nirk. 

 

White & Case acted as the lead counsel on this deal.

Veho has signed an agreement with Auto-Bon Oy on selling its Estonian subsidiary Veho Eesti AS.

 

Through its dealership network, Auto-Bon Oy imports, markets and sells Citroën and Peugeot passenger cars and vans, spare parts, accessories and related services to consumers in Finland. Auto-Bon Oy is a subsidiary of Bassadone Automotive Group.

 

Established in 1939, Veho is a Finnish automotive company that also operates in Sweden and the Baltics.

 

The parties have agreed not to publish the purchase price or other acquisition-related details. The acquisition is subject to approval by competition authorities.

 

Auto-Bon Oy was advised by Ellex Raidla’s partner Sven Papp, counsel Jaanus Ikla, senior associates Gerda Liik, Kaisa Laidvee and Martin Mäesalu as well as associate Kevin Gerretz.

 

Find out more here.