As the main trends of the transaction market in the first half of 2022, the boom of startups and the changes in their valuations, the undiminished confidence of foreign investors despite the geopolitical situation, and the ongoing consolidation of the health care and renewable energy sectors can be singled out.

Cobalt has advised Coffee Address Holding on its EUR 5 million unsecured bond issuance. Eversheds Sutherland Bitans advised on collateral agent matters and undertook collateral agent functions for the term of the bonds. Signet Bank was the arranger of the issuance.

The first half of 2022 has not (yet) yielded such high profile deals as seen in 2021 (like Printful becoming the first Latvian “unicorn”) but there has been a steady trickle of transactions following the larger wave of 2021.

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.

Taylor Wessing has advised the MLP Group on a public bond offering and listing on the Catalyst alternative trading system. Pekao Investment Banking was the issuing agent.

Brandl Talos has advised Kiprion on registering as a virtual currency service provider before the Austrian Financial Market Authority.