Commercial, corporate and M&A in Estonia

Cobalt

Cobalt fields a deep bench of experienced corporate lawyers. The group is highly regarded for its expertise in M&A transactions, often representing clients in the financial services, energy, technology and private equity sectors in mandates. Venture capital transactions are also prominent in the team's workload, and the practice has seen an increase in work from clients in the private healthcare, defence and food innovation industries. Martin SimovartPeeter Kutman and Kristel Raidla-Talur co-head the department. Jesse Kivisaari and Ott Aava are practitioners to note.

Praxisleiter:

Martin Simovart; Peeter Kutman; Kristel Raidla-Talur


Weitere Kernanwälte:

Jesse Kivisaari; Grete Kuru; Ott Aava


Referenzen

‚Great understanding of the market.‘

‚Very available.‘

‚The team showed a very high level of expertise.‘

Kernmandanten

C.D Holding Internationale


SmartCap


Karma Ventures


European Investment Bank (EIB)


Stargate Hydrogen


Frankenburg


European Bank for Reconstruction and Development (EBRD)


Mirova Energy Transition 5 S.L.P


Goodyear Dunlop Tires


VKG


Livonia (KS Livonia Partners Fund II AIF)


BaltCap


Hansab


Yolo Group


Hanza AB


Bauhub


Highlight-Mandate


  • Advised C.D Holding Internationale on acquiring a 76.5% stake in Stebby OÜ.
  • Advised Admicom Oyj’s subsidiary Tocoman Oy on the acquisition of Bauhub OÜ, an Estonian SaaS developer of construction project management platforms.
  • Advised Balti Autoosad AS on the acquisition of AS Automeister.

Ellex Raidla

Ellex Raidla's team is notable for its expertise in complex corporate transactions. The group is well known for its established track record in advising on joint ventures, M&A, corporate governance and regulatory matters, often involving pan-Baltic elements. Antti Perli, who handles private equity investments, and Risto Vahimets, who assists with corporate finance issues, co-head the practice. Other key areas of instruction include acquisitions, management buy-outs and restructuring cases. Ermo Kosk, Sven Papp, Gerda Liik and Rutt Värk are other key practitioners to note.

Praxisleiter:

Risto Vahimets; Antti Perli


Weitere Kernanwälte:

Sven Papp; Ermo Kosk; Gerda Liik; Rutt Värk


Referenzen

‚Strong, in-depth knowledge.‘

‚Ellex Raidla’s Commercial, Corporate & M&A practice stands out for its depth, precision, and responsiveness. The team has a unique ability to combine strategic advisory with practical deal execution. They don’t just identify risks, but help design workable solutions that accelerate transactions. It brings an unusually strong blend of local regulatory knowledge and international transaction experience. Clients benefit from the team’s proactive communication style and a commitment to tailoring advice to the client’s business model rather than relying on standard templates.‘

‚The individual contribution of Rutt Värk has been exceptional. What sets her apart is her ability to see the full picture: she combines a meticulous legal eye with a deep understanding of commercial dynamics. She is highly engaged and hands-on. She is always available, always prepared, and consistently pushing deals forward. She balances technical accuracy with commercial sense.‘

Kernmandanten

ERGO International AG


Gren Eesti AS


Swedbank AS


Infortar AS


Printful


Operail OÜ


Elenger Grupp AS (Eesti Gaas)


Eleport OÜ


Telia Eesti AS


Bolt Operations OÜ


Enefit Green AS


Highlight-Mandate


  • Advised Elenger AS on the acquisition of all business operations of EWE group in Poland for €120 million.
  • Advised Latvian company Printful on its merger with print-on-demand (POD) platform Printify.

Sorainen

Sorainen is perhaps best known for its expertise in handling pan-Baltic, high-value corporate transactions. M&A deals form a key area of instruction, however the team's workload includes advising on the corporate finance aspects relating to large-scale renewable energy projects and cross-border joint ventures. Toomas PrangliPiret JesseKarin Madisson and Mirell Prosa are the quartet at the helm of the practice; Prosa is a key contact for start-up clients. Robin Teever is well versed in handling mandates from clients in the defence sector, and Triin Ploomipuu is a name to note for M&A transactions. Lauri Liivat left the firm in July 2025.

Praxisleiter:

Toomas Prangli; Piret Jesse; Karin Madisson; Mirell Prosa


Weitere Kernanwälte:

Robin Teever; Paul Kunnap; Piret Lappert; Triin Ploomipuu


Referenzen

‚Their approach to client service and efficiency is good. Sorainen’s team is known for its cross-border expertise, especially in the Baltics.‘

‚They are on top of what happens in the market, and they communicate exceptionally well.‘

‚Mirell Prosa is a true professional. She finds solutions and does not sugarcoat hard issues.‘

Kernmandanten

Nissan Nordic Europe


Technopolis Holding Oyj


BaltCap


Wildix


Berry Global Inc


Sunly


Glassense (former Klaasimeister)


Tallinn City Government


Milrem Robotics


Metsä Group


Kaamos


Dynatrace


Timento Capital OÜ


Salling Group


Mustamäe SPA


Highlight-Mandate


  • Advising Salling Group on the acquisition of RIMI Baltic, which operates retail chains in Latvia, Lithuania and Estonia.

Eversheds Sutherland Ots & Co

The team at Eversheds Sutherland Ots & Co continues to assist clients from a wide range of sectors with cross-border M&A deals and merger notifications. Practice head Maivi Ots is very experienced in handling matters relating to foreign investments, which Dmitri Zdobnõh is sought after for his expertise in advising on the tax law elements of corporate cases.

Praxisleiter:

Maivi Ots


Weitere Kernanwälte:

Dmitri Zdobnõh


Referenzen

‚Deep-rooted legal expertise, a client-focused approach, and an ability to provide strategic, business-oriented legal solutions.‘

‚The lawyers we work with don’t just provide legal advice, they act as advisors who understand the broader business context and can navigate complex matters with both technical precision and strategic foresight.‘

‚Strong team with strong individuals.‘

Kernmandanten

Agrone OÜ


Eesti Keskkonnateenused AS


EKT Teed


Laheotsa


IPF Digital


Kaupmees & Ko


Global Telecom Invest


Xolo


Admicom Oyj


Siena Ventures Partners


Toftan AS


FlowstepDesign


Clevon Investors AS


SCE E-Piim


ESTO Holdings OÜ


Textmagic AS


Oy Transmeri Ab


Karl Hedin Sågverk AB


Nuve Partners


Verston OÜ


Highlight-Mandate


  • Assisted Karl Hedin Sågverk AB with the disposal of the ownership in Toftan AS to Combiwood Grupp OÜ.

TEGOS (Formerly TGS Baltic)

TEGOS (Formerly TGS Baltic)‘s practice, which is led by the quartet of Sander KärsonKadri KallasLeonid Tolstov and Indrek Ergma, has a strong foundation for assisting clients with a range of M&A transactions. The team is well known for advising international investors on cross-border mandates, as well as venture capital and private equity investment matters. The group is also well equipped to handle shareholder relations cases and corporate governance issues. The department is routinely instructed by life sciences, healthcare, real estate and energy sector entities. Mirko Kikkamägi is a practitioner to note.

Praxisleiter:

Sander Kärson; Kadri Kallas; Leonid Tolstov; Indrek Ergma


Weitere Kernanwälte:

Mirko Kikkamägi


Referenzen

‚Excellent collaboration.‘

Kernmandanten

EQT Infrastructure VI


CUK Ubezpieczenia


Bolt Technology


SmartCap


Diotech OÜ


Rickman Trade


Dual Europe GmbH


Värska Originaal


University of Tartu


Clear Channel Outdoor Holdings, Inc.


Dawn Capital


EFA Holdings Plc


TÜV SÜD


3Dot Holdings Limited


1Home Group AS


Earthtide Labs OÜ (Soldera)


IVC Evidensia


Verge Eesti


AS ESTIKO


Bioforce Group OÜ


Highlight-Mandate


  • Advised OneMed on its acquisition of a 100% stake in ITAK OÜ (ITAK).
  • Advised Dawn Capital on an investment into Blackwall’s €45 million Series B investment round.
  • Advised the Tallinn City Government on legal and tax matters relating to merging several Tallinn-owned healthcare providers into a single unified entity, Tallinn Hospital.

WALLESS

WALLESS handles large-scale M&A transactions adeptly, often on a pan-Baltic basis, with the Estonian team working in tandem with the firm's Latvian and Lithuanian offices to support clients on mandates. Practice co-heads  Rolan Jankelevitsh and Kuldar-Jaan Torokoff are highly regarded M&A practitioners, and Karl-Erich Trisberg and Minni-Triin Park are well known for representing prominent international and Estonian financial institutions in corporate matters. Margus Kõiva is very experienced in assisting real estate clients with transactions, and Toomas Taube is a specialist in corporate law. Kaisa Üksik has a solid track record in advising on corporate restructurings.

Praxisleiter:

Rolan Jankelevitsh; Kuldar-Jaan Torokoff


Weitere Kernanwälte:

Minni-Triin Park; Karl-Erich Trisberg; Kaisa Üksik; Toomas Taube; Margus Kõiva


Referenzen

‚Professionalism, excellent communication skills, and a readiness to work in challenging time frames.‘

‚Flexibility, vast knowledge.‘

‚Rolan Jankelevitsh is a person we do not hesitate to turn to on any corporate, taxation and business matters.‘

Kernmandanten

ICA Gruppen


HeidelbergCement


Nortal


Bregal Milestone


éolane Tallinn


Bigbank Group


Alludo


LMT


Magnetic MRO Group


Mandatum Life Insurance Company


Šiaulių Bankas


Capitalica Asset Management


LHV Group


Elisa Oyj


Lidl Estonia


Phoenix Group


Swedbank


NORDWOOD


Enterstore a.s.


Highlight-Mandate


  • Acted for ICA Gruppen in a €1.3 billion exit from the Baltic Market via the sale of Rimi Baltic Group to Salling Group.
  • Advised Bregal Milestone on the acquisition of Ridango.

KPMG Law in Estonia

KPMG Law in Estonia has notable credentials in assisting construction and food production clients with M&A transactions, as well as working alongside the firm's tax team to advise on tax structuring matters and the tax aspects of cross-border mergers. Managing partner Sten Luiga co-heads the practice with transactions expert Priit Pahapill, who joined the team in September 2025. Karin Oras left the firm in December 2024.

Praxisleiter:

Sten Luiga; Priit Pahapill


Weitere Kernanwälte:

Kaia Kuusler; Sandra Metsamärt


Referenzen

‘Good availability.’

Kernmandanten

LEONHARD WEISS OÜ


AS Maag Group


Baltic Workboats AS


Combiwood Grupp OÜ


Everaus Kinnisvara OÜ


TIMBER AS


Rannarootsi Lihatööstus AS


Flexa 4Dreams Holding A/S


Merger Holding OÜ


DSV Estonia AS


OÜ NOBE


Highlight-Mandate


  • Advised Maag Grupp on the divestment of shares in Rannarootsi Lihatööstus AS and two related group companies to Rannarootsi Lihatööstus’s executive management.
  • Acted for Flexa4Dreams Holding A/S in the sale of Flexa Eesti AS to AS Viiratsi Saeveski.
  • Acted for Merger Holding OÜ and OÜ Adeo Trade in the sale of OÜ ITAK to OneMed OÜ.

LEADELL Pilv

Under the leadership of Pirkka-Marja PoldvereLEADELL Pilv's team is well-equipped to assist clients with corporate governance issues. The group continues to be kept busy advising on commercial and corporate agreements and contracts. Poldvere is very experienced in handling board liability matters, and managing partner Aivar Pilv is sought after for his expertise in cases involving shareholder relations. Marko Pilv 'understands the nuances of business law and corporate governance well'.

Praxisleiter:

Pirkka-Marja Põldvere


Weitere Kernanwälte:

Marko Pilv; Aivar Pilv


Referenzen

‚They have a good mix of very experienced team members.‘

‚Marko Pilv understands the nuances of business law and corporate governance well.‘

‚They involve us throughout the proceedings, provide recommendations based on best practices, and always highlight what should or should not be done, explaining the reasoning clearly.‘

Kernmandanten

Hitachi Energy Estonia AS


Avatud Lahendused OÜ


So Posh OÜ


Richter Gedeon Vegyeszeti Gyar Reszvenytarsasag Eesti Filiaal


Institute of the Estonian Language


EHC Lootsi OÜ


Bimmer Motors OÜ


Baltic Sea Bunkering OÜ


Swappie OY


LVM Kinnisvara OÜ


Highlight-Mandate


  • Advising So Posh OÜ on distribution contracts.
  • Advising LVM Kinnisvara OÜ on general commercial matters.
  • Acting as counsel to Hitachi Energy Estonia AS on a range of corporate and regulatory matters.

LINKLaw

LINKLaw has a practice which is sought after by clients in the film sector for its excellent track record in assisting with pre-production agreements. The group is equally adept at advising start-ups and prominent corporations on a broad spectrum of corporate and commercial matters, including drafting service agreements and commercial contracts, shareholder agreements, and corporate transactions. Practice head Kairi Kurisoo-Pärn is very well known for handling M&A transactions. Maksim Kozlov is a practitioner to note.

Praxisleiter:

Kairi Kurisoo-Pärn


Weitere Kernanwälte:

Kaarel Tammar; Maksim Kozlov


Referenzen

‚What I value most is their ability to combine strong technical knowledge with a practical business sense. Their advice is always clear, actionable, and delivered with efficiency.‘

‚Kaarel Tammar has been outstanding. He combines professionalism with a business-oriented approach, providing guidance that is precise and practical. Kaarel is approachable, engaged, and always ready to find solutions.‘

‚They approach their assignments with great seriousness and delve deeply to ensure the client achieves the best possible outcome.‘

Kernmandanten

Asymmetric Studios OÜ


Tomra Service OÜ


Telliskivi TLN OÜ


Articard OÜ


GENIUS SPORTS SERVICES EESTI OÜ


Harju Elekter Group


Reyktal AS


Ragn-Sells AS


Tallinna Jäätmete Taaskasutuskeskus AS


AS Eesti Raudtee


SailSafe OÜ


Magnusson

Magnusson's team is well known in Estonia for assisting multinational entities with a broad range of commercial work. The group's workload includes handling shareholder agreements and corporate governance issues. Practice head Jaanus Mägi is highly regarded for his M&A expertise. Nele Laas is a name to note. Priit Pahapill left the firm in September 2025.

Praxisleiter:

Jaanus Mägi


Weitere Kernanwälte:

Nele Laas


Kernmandanten

Elers Medical Finland Oy


Furnico OÜ


Inter Cars


Flixbus


Põhjala


Pro Farm


Orifarm


Estonian Marketing Association


Highlight-Mandate


  • Advised Inter Cars S.A.. on a wide range of corporate matters, such as franchise agreements and operational agreements.
  • Advised FlixBus on the commercial and regulatory framework for conducting operations in Estonia.
  • Advised Pro Farm on a range of corporate matters.

NJORD Law Firm

NJORD Law Firm is home to a team which 'combines strong local expertise with an international mindset'. The group's workload includes regulatory and compliance advice, corporate governance issues, restructuring processes and shareholder agreement matters. The department is regularly instructed by small- and mid-size businesses in mandates. Erik Salur is at the helm of the practice; he is ably supported by Henrik Link, who brings experience in handling cases concerning shareholder relations.

Praxisleiter:

Erik Salur


Weitere Kernanwälte:

Henrik Link


Referenzen

‚Henrik Link is straight to the point.‘

‚The lawyers are approachable, pragmatic, and proactive. They focus on practical business outcomes and consistently go the extra mile.‘

‚The team combines strong local expertise with an international mindset. They stand out for their responsiveness, adaptability, and ability to simplify complex cross-border issues.‘

Kernmandanten

Ultra Corporation


Xolo


Sutu


Mifundo


Coursy Technology


Estonian Japan Trading Company


Vabatahtlik Reservpäästerühm


Future Food Now


Sumitomo Corporation


Highlight-Mandate


  • Advised Milectria Group Oy on the exit from their Estonian business and sale to HANZA AB.
  • Advised Sumitomo Corporation on an M&A deal to acquire a 50% stake in an offshore windfarm development.

RASK Attorneys-at-Law

RASK Attorneys-at-Law has a practice which caters to clients in the financial services, energy, construction and real estate sectors in relation to corporate transactions. Ramon Rask, Karl-Kristjan Kahm and Annika Vait co-head the department. Timo Kullerkupp is highly regarded for his expertise in handling M&A deals.

Praxisleiter:

Ramon Rask; Karl-Kristjan Kahm; Annika Vait


Weitere Kernanwälte:

Timo Kullerkupp


Referenzen

‚Working with RASK Attorneys-at-Law has always been a smooth and positive experience. The team is supportive and very approachable, making complex legal matters easier to navigate. They respond quickly to questions, provide practical advice, and are strong professionals.‘

‚Annika Vait is knowledgeable, reliable, and always ready to offer clear guidance. Her responsiveness, problem-solving skills, and friendly approach make her a pleasure to work with.‘

‚The Commercial, Corporate and M&A practice at RASK Attorneys-at-Law stands out for its highly personal and committed approach to supporting clients. In our experience, the team was exceptionally responsive, clear, and precise in their guidance, ensuring that all necessary matters were handled efficiently and to a high standard.‘

Kernmandanten

EfTEN Kristiine OÜ


Bisly OÜ


Kestliku Ettevõtluse Liit KELL


Air Baltic Corporation AS


SmartLynx Airlines Estonia OÜ


Meliva AS


Zenith Family Office OÜ


Evecon OÜ


AS Modera


MAVE Varahalduse OÜ


Triniti

Triniti‘s corporate, commercial and M&A practice has established expertise in representing a broad range of clients, ranging from start-ups to state-owned entities, in transactional matters. Siim Maripuu spearheads the department, in which Ergo Blumfeldt and transactions expert Tõnis Tamme are names to note. Karin Oras joined the team in January 2025.

Praxisleiter:

Siim Maripuu


Weitere Kernanwälte:

Tõnis Tamme; Karin Oras


Referenzen

‚The partners at Triniti are very flexible and quickly offer competent solutions.‘

‚Very quick and professional approach, top-notch knowledge.‘

Kernmandanten

äio tech OÜ


Patchstack OÜ


Utilitas


Nordica


UG Investeeringud OÜ


Thermory AS


Rail Baltic Estonia


Transpordi Varahaldus


City of Tallinn


Lemonadestand OÜ


Amserv Grupi AS


AS Eesti Vanglatööstus


AS Mainor Ülemiste


Everaus Kinnisvara AS


Viirelaid Thailand Villas OÜ


Highlight-Mandate


  • Advised Medicum Valduse OÜ on the sale of a majority stake in the Medicum Group to Livonia Partners.

Hedman Partners

With a strong presence in both Estonia and Finland, Hedman Partners is well-known for its track record in handling mandates for clients in the technology sector. Led by Kati Pino, the group routinely assists fintech companies with transactional work, and Brigitta Jõgi brings experience in advising on corporate restructurings. Merlin Seeman represents international and Estonian start-ups in a wide range of corporate and commercial matters. Taavi Kõiv left the firm in March 2025.

Praxisleiter:

Kati Pino


Weitere Kernanwälte:

Brigitta Jõgi; Merlin Seeman


Referenzen

‚Hedman Partners combines decades of business law experience with sharp, practical advice across international and Finnish-Estonian transactions.‘

Kernmandanten

Qminder OÜ


UniTartu Ventures OÜ


DriveX Technologies OÜ


Adact OÜ


NordicNinja VC Limited


VK16 OÜ


POS11 OÜ


Swarmer, Inc


Highlight-Mandate


  • Advised Adact OÜ on its acquisition by Optimove.
  • Assisted Qminder OÜ with a group restructuring as part of a €3 million fundraising matter.
  • Advised NordicNinja VC on legal and regulatory due diligence matters relating to the client’s $23 million series B round investment in Lightyear.

NOVE

NOVE's team continues to handle a high volume of corporate and commercial work, including restructurings, transactional matters and shareholder issues. Laura Raadik heads up the practice.

Praxisleiter:

Laura Raadik


Weitere Kernanwälte:

Arsi Pavelts


Referenzen

‚The team has a very personal, down to earth, focused approach.‘

‚Laura Raadik is very well versed in corporate law, and has guided us through several complex transactions with exceptionally well-kept deadlines, delivery, quality, and depth.‘

‚They are good if you have a challenging case.‘

Kernmandanten

ValueSpace OÜ


Kinnisvaravalduse AS (Rimi)


Finnlog OÜ


Medemis OÜ


Good Bits Studio OÜ


Bildgren Ehitus OÜ


Danpower Eesti AS


Billerud Estonia OÜ


BLT Holding OÜ


Cargoson OÜ


Highlight-Mandate


  • Advised a minority shareholder of BLRT Grupp on the sale of shares to majority shareholders.

WIDEN

At WIDEN, the team has a solid track record in advising on the regulatory compliance aspects of M&A transactions, as well as handling due diligence, share purchase agreements and contractual matters. Kristi Sild and Ants Karu co-head the practice; Karu is well-known for assisting with the tax aspects of M&A deals. The client roster includes prominent Estonian companies in the financial services, insurance, and fintech sectors. Martin Nikolajev is a name to note.

Praxisleiter:

Kristi Sild; Ants Karu


Weitere Kernanwälte:

Martin Nikolajev


Referenzen

‚WIDEN’s team combines real technical mastery with a down-to-earth, client-first approach. Working with them, you immediately notice how seamlessly deep legal knowledge translates into practical, business-driven solutions. Ants Karu is at the heart of this – his decades of experience mean he sees not just the legal issues but the bigger commercial picture. He has that rare ability to explain complex matters with clarity, making clients feel confident and in control. What also stands out is the dynamic support from Martin Nikolajev. He brings energy, precision, and a remarkable ability to keep large, high-pressure transactions moving smoothly. Together, they create a team that feels both highly capable and approachable – you always know they are available, attentive, and deeply invested in getting the best outcome.‘

‚Ants Karu genuinely stands apart in the Estonian market. His combination of corporate and tax expertise gives him an edge that many competitors simply don’t have. In practice, this means he doesn’t just solve problems as they appear — he anticipates them, and often finds creative, tax-efficient ways to structure deals that make life easier for the client long after the transaction is complete. Beyond the technical ability, I’ve valued his calm, pragmatic style. He is approachable, easy to speak with, and has an extraordinary ability to explain complex matters clearly. That kind of clarity is rare and incredibly reassuring when decisions are high-stakes. Working alongside him, Martin Nikolajev brings an energy and sharpness that complements Ants perfectly. In high-pressure situations, he is reliable, detail-focused, and remarkably quick to respond. Together, they bring a combination of deep experience and fresh perspective. They make complex corporate and M&A work not only manageable but truly client-friendly.‘

‚A dynamic and passionate team with a fresh, modern approach.‘

Kernmandanten

Arco Vara


Alfasan Holding B.V.


ESRO AS


Jacquet Metals


TBB Pank AS


Delfi Meedia AS


Modena Group


Rail Baltica


Musti Group Nordic Oy


Highlight-Mandate


  • Advised Arco Vara AS on the acquisition of the Luther Quarter in central Tallinn.
  • Advised Alfasan Holding B.V. on the acquisition of majority shareholdings in Estonian pharmaceutical manufacturing companies, the establishment of a joint venture for veterinary pharmaceuticals, and related corporate, financing, and tax matters.
  • Advised Musti Group Nordic Oy on its €18 million cross-border acquisition of Pet City operations in Estonia, Latvia, and Lithuania.