The resilience of the transactions market and the trust of investors in the Baltic region has proved remarkable, although figures show a 15% decrease in global mid-market M&A deals (according to the Refinitiv published M&A Review of the first half of 2022). Despite the Ukraine war and mounting global challenges the deal flow, although at a much calmer pace, continues and remains promising for the second half of the year. Looking back on the first six months, COBALT experts highlight the main trends in each of the Baltic countries.

ESG has moved from conference halls to a daily function for many companies worldwide. In Estonia, stakeholder expectations for corporate ESG are still evolving, yet rising. Some companies are already incorporating ESG into their daily business, as they understand its value. Along with stakeholder expectations, regulatory scrutiny is also increasing, showing a dramatic increase in ESG reporting requirements worldwide.

PwC Legal has advised the Wolf Group on the issuance of non-fungible tokens.

Sorainen has successfully represented Kirsti Valdstein-Timmer in litigation proceedings regarding the publishing of incorrect facts and statements in media by Ekspress Meedia and former Kroonika journalist Vahur Joa.

PwC Legal Estonia has successfully represented the interests of Espak Ehitustood in a construction contracts dispute.

PwC Legal has advised the eAgronom start-up on the spin-off transaction of blockchain-based carbon credit trader Solid World DAO, as a decentralized autonomous organization.

Sorainen has advised Estonia-based startup 99math on its USD 2.1 million investment round led by Play Ventures, with existing shareholders Flyer One Ventures and Change Ventures participating.

Ilyashev & Partners has announced it has started a cooperation with Glimstedt to expand the firm's capabilities in EU countries.

Cobalt has advised Asuntosalkku on its listing to the Nasdaq First North Growth Market in Finland. Bird & Bird reportedly also advised Asuntosalkku.

Triniti has advised UG Investments on its acquisition of a 50% stake in Fourings from Tallinn-headquartered Decem. Reportedly, Grant Thornton advised Decem on the deal.

Cobalt has advised vehicle parts distributor Meko on its EUR 122 million acquisition of spare parts and services provider Koivunen.

Sorainen has advised IK Partners and the Renta Group on the acquisition of the Uprent Group.

On July 1, 2022, Sorainen announced that INVL’s acquisition of the Mandatum Life Baltic insurance business (reported by CEE Legal Matters on June 29, 2021) had closed, after obtaining all the necessary licenses and permits from the Baltic and Finnish supervisory authorities (as reported by CEE Legal Matters on March 18, 2022).

Why do entrepreneurs choose Estonia?

PwC Legal has advised LimeWire on raising USD 10.4 million in a private sale of its native token, LMWR, in a round led by Kraken Ventures, Arrington XRP Capital, and GSR.

Pohla & Hallmagi has successfully represented Estonian official distributor of Electrolux professional industrial kitchen appliances Farwell Kaubandus before the Estonian Public Procurement Dispute Board.

PwC Legal has advised certification service provider SK ID Solutions on a five-year concession contract with the Estonian Information System Authority to continue the Mobile-ID service.

Sorainen has advised Livonia Partners and their joint venture with the target’s management on the acquisition of Stebby.