Corporate, M&A

Ellex Raidla advises on a wide range of matters related to public and private M&A with particular focus on complex, cross-border transactions. We have developed extensive domestic and international expertise and have been involved in a majority of large M&A transactions in Estonia. Our corporate advisory team offers day-to-day legal advice for a large number of Estonian and international companies in all aspects of law that affect their daily operations. We provide assistance from the formation of companies and partnerships to the details of their operations.
 
Key projects in the field

  • Commercial Code
  • Restructuring Act
  • Law of Obligations Act
  • Employment Contracts Act
  • Law of Property Act
  • Law of the General Part of the Civil Code
  • Bankruptcy Act
  • Foundations Act
  • Non-Profit Associations Act

Key contacts

Sven Papp

Partner

Head of Corporate / M&A practice group
+ 372 640 7170
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Jüri Raidla

Senior Partner

+372 640 7170
crypt:PGEgY2xhc3M9ImVtYWlsIiBocmVmPSJtYWlsdG86anlyaS5yYWlkbGFAZWxsZXguZWUiPmp5cmkucmFpZGxhQGVsbGV4LmVlPC9hPg==:xx

Risto Vahimets

Partner

+372 640 7170
crypt:PGEgY2xhc3M9ImVtYWlsIiBocmVmPSJtYWlsdG86cmlzdG8udmFoaW1ldHNAZWxsZXguZWUiPnJpc3RvLnZhaGltZXRzQGVsbGV4LmVlPC9hPg==:xx

Martin Käerdi

Partner

Head of Commercial & Compliance Law and Employment practice group
+ 372 640 7170
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Ermo Kosk

Partner

+372 640 7170
crypt:PGEgY2xhc3M9ImVtYWlsIiBocmVmPSJtYWlsdG86ZXJtby5rb3NrQGVsbGV4LmVlIj5lcm1vLmtvc2tAZWxsZXguZWU8L2E+:xx

Gerli Kilusk

Partner

+372 640 7170
crypt:PGEgY2xhc3M9ImVtYWlsIiBocmVmPSJtYWlsdG86Z2VybGkua2lsdXNrQGVsbGV4LmVlIj5nZXJsaS5raWx1c2tAZWxsZXguZWU8L2E+:xx

Toomas Kasesalu

Counsel

+372 640 7170
crypt:PGEgY2xhc3M9ImVtYWlsIiBocmVmPSJtYWlsdG86dG9vbWFzLmthc2VzYWx1QGVsbGV4LmVlIj50b29tYXMua2FzZXNhbHVAZWxsZXguZWU8L2E+:xx

Elisabet Fura

Counsel

+372 640 7170
crypt:PGEgY2xhc3M9ImVtYWlsIiBocmVmPSJtYWlsdG86ZWxpc2FiZXQuZnVyYUBlbGxleC5lZSI+ZWxpc2FiZXQuZnVyYUBlbGxleC5lZTwvYT4=:xx

Dmitri Rozenblat

Senior Associate

+372 640 7170
crypt:PGEgY2xhc3M9ImVtYWlsIiBocmVmPSJtYWlsdG86ZG1pdHJpLnJvemVuYmxhdEBlbGxleC5lZSI+ZG1pdHJpLnJvemVuYmxhdEBlbGxleC5lZTwvYT4=:xx

Gerda Liik

Senior Associate

+ 372 640 7170
crypt:PGEgY2xhc3M9ImVtYWlsIiBocmVmPSJtYWlsdG86Z2VyZGEubGlpa0BlbGxleC5lZSI+Z2VyZGEubGlpa0BlbGxleC5lZTwvYT4=:xx

Sandra Värk

Senior Associate

+372 640 7170
crypt:PGEgY2xhc3M9ImVtYWlsIiBocmVmPSJtYWlsdG86c2FuZHJhLnZhcmtAZWxsZXguZWUiPnNhbmRyYS52YXJrQGVsbGV4LmVlPC9hPg==:xx

Rutt Värk

Senior Associate

+372 640 7170
crypt:PGEgY2xhc3M9ImVtYWlsIiBocmVmPSJtYWlsdG86cnV0dC52YXJrQGVsbGV4LmVlIj5ydXR0LnZhcmtAZWxsZXguZWU8L2E+:xx

Reet Saks

Senior Associate

+ 372 640 7170
crypt:PGEgY2xhc3M9ImVtYWlsIiBocmVmPSJtYWlsdG86cmVldC5zYWtzQGVsbGV4LmVlIj5yZWV0LnNha3NAZWxsZXguZWU8L2E+:xx

Karl-Erich Trisberg

Senior Associate

+ 372 640 7170
crypt:PGEgY2xhc3M9ImVtYWlsIiBocmVmPSJtYWlsdG86a2FybC1lcmljaC50cmlzYmVyZ0BlbGxleC5lZSI+a2FybC1lcmljaC50cmlzYmVyZ0BlbGxleC5lZTwvYT4=:xx

Alla Kuznetsova

Senior Associate

+ 372 640 7170
crypt:PGEgY2xhc3M9ImVtYWlsIiBocmVmPSJtYWlsdG86YWxsYS5rdXpuZXRzb3ZhQGVsbGV4LmVlIj5hbGxhLmt1em5ldHNvdmFAZWxsZXguZWU8L2E+:xx

Kerstin Jürgenson

Associate

+370 640 7170
crypt:PGEgY2xhc3M9ImVtYWlsIiBocmVmPSJtYWlsdG86a2Vyc3Rpbi5qdXJnZW5zb25AZWxsZXguZWUiPmtlcnN0aW4uanVyZ2Vuc29uQGVsbGV4LmVlPC9hPg==:xx

Marilin Laud

Associate

+640 7170
crypt:PGEgY2xhc3M9ImVtYWlsIiBocmVmPSJtYWlsdG86bWFyaWxpbi5sYXVkQGVsbGV4LmVlIj5tYXJpbGluLmxhdWRAZWxsZXguZWU8L2E+:xx

Ursula Kosk

Associate

+372 640 7170
crypt:PGEgY2xhc3M9ImVtYWlsIiBocmVmPSJtYWlsdG86dXJzdWxhLmtvc2tAZWxsZXguZWUiPnVyc3VsYS5rb3NrQGVsbGV4LmVlPC9hPg==:xx

Anna Trine Raudsepp

Associate

+372 640 7170
crypt:PGEgY2xhc3M9ImVtYWlsIiBocmVmPSJtYWlsdG86YW5uYS50cmluZS5yYXVkc2VwcEBlbGxleC5lZSI+YW5uYS50cmluZS5yYXVkc2VwcEBlbGxleC5lZTwvYT4=:xx

Karin Tartu

Lawyer

+ 372 640 7170
crypt:PGEgY2xhc3M9ImVtYWlsIiBocmVmPSJtYWlsdG86a2FyaW4udGFydHVAZWxsZXguZWUiPmthcmluLnRhcnR1QGVsbGV4LmVlPC9hPg==:xx

Liisbeth Lillo

Lawyer

+372 640 7170
crypt:PGEgY2xhc3M9ImVtYWlsIiBocmVmPSJtYWlsdG86bGlpc2JldGgubGlsbG9AZWxsZXguZWUiPmxpaXNiZXRoLmxpbGxvQGVsbGV4LmVlPC9hPg==:xx

Key projects in the field

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 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.
Ellex and Allen & Overy advise Blackstone on the acquisition of a majority stake in Luminor for EUR one billion
On September 13, 2018 Luminor, one of the leading banks in the Baltics announced that it has entered into a new strategic corporate partnership with a consortium led by private equity funds managed by Blackstone (“Blackstone”). As part of the transaction, the consortium will acquire a 60% majority stake in the bank from its current owners Nordea Bank AB (“Nordea”) and DNB BANK ASA (“DNB”) for a cash consideration of €1 billion.
 
Nordea and DNB will retain an equal 20% equity stake in Luminor and will continue to support the bank with long term funding, expertise and ongoing representation on the Board of Directors. Additionally, Blackstone has entered into an agreement with Nordea to purchase their remaining 20% stake over the coming years. 
Ellex together with Allen & Overy is advising Blackstone on the acquisition of the billion-euro stake in Luminor. The deal is the largest M&A transaction in Baltic history.
 
The Ellex team was led by partner Sven Papp and senior associate Alla Kuznetsova in Estonia, partners Zinta Jansons, Egons Pikelis and associate partner Valters Diure in Latvia, and partners Dovile Burgiene and Gediminas Reciunas in Lithuania.
 
Blackstone stated about the acquisition: “The transaction represents the largest majority stake acquisition of a universal bank by private equity in the last decade globally, and one of the largest M&A transactions in Baltic history”.
 
Blackstone is one of the world’s leading investment firms, which seeks to create a positive economic impact and long-term value for its investors, companies and the communities. Blackstone leads a consortium of investors comprising funds managed by Blackstone and other long-term institutional investors.
 
Luminor is the third largest bank in the Baltic region and was established as an independent Baltic bank in 2017 built on the Baltic businesses of Nordea and DNB and combining the experience and knowledge from the Nordic countries.