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Sorainen and Cobalt Advise on Luminor’s Acquisition of Maksekeskus

Sorainen and Cobalt Advise on Luminor’s Acquisition of Maksekeskus

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Sorainen has advised Luminor Bank on its acquisition of a 99% stake in Maksekeskus (MKK). Cobalt advised MKK shareholders Inbank, Omniva, Olsson & Nielsen Nordic, and Art Lukas, the company’s CEO.

The transaction remains contingent on regulatory approval by the Estonian Financial Supervision Authority and the Estonian Competition Authority.

Luminor is a Tallinn-headquartered financial services provider operating in the Baltics.

MKK offers e-shops and their customers secure and convenient payment solutions and other services related to e-commerce in Estonia, Latvia, Lithuania, and Finland.

"The Baltics is one of the most dynamic e-commerce markets in Europe and this acquisition will allow us to participate in this fast-growing and developing area," Luminor CEO Peter Bosek commented. "It will also transform our small and medium-sized enterprise offering for the benefit of our customers. We see great alignment with our vision to support the growth in small and medium-sized enterprises and the broader Baltic economies. Our pan-Baltic reach will help to accelerate MKK's expansion into Latvia and Lithuania, and the acquisition will strengthen our small and medium-sized enterprise footprint in Estonia."

The Sorainen team was led by Estonia-based Counsel Lauri Liivat and included Partners Toomas Prangli and Katlin Krisak, Counsel Piibe Lehtsaar, Of Counsel Isabella Barbara Tisenhusen, Senior Associates Monika Tomberg and Britta Retel, Associates Liisa Kuuskmaa, Nele Suurmets, and Kristi Tammiku, and Assistant Lawyer Karl Joonas Kendla, as well as Latvia-based Partner Rudolfs Engelis and Of Counsel Martins Rudzitis, and Lithuania-based Partner Tomas Kontautas and Associate Ieva Dagyte.

The Cobalt team was led by Senior Associate Madis Reppo and included Partner Peeter Kutman and Assistant Lawyer Ken Saksniit.

Cobalt at a Glance

COBALT is a closely integrated alliance of top-tier law offices across the Baltics, uniting more than 250 attorneys and support staff. During 25 years of experience, we have become a strategic partner to our clients in handling both daily matters and complex large–scale transactions and disputes.

The firm’s broad spectrum of expertise and established position as the market leader gives a comprehensive basis for providing full-service business law advice.

Top international and regional businesses, financial institutions, state and local governments, and the region’s most promising start-ups are among our clients. We offer leading-edge solutions in key industry sectors: Consumer Products, Trade & Distribution, Real Estate & Construction, Pharmaceuticals & Healthcare, Energy & Utilities, Communications, Media & Technologies, Financial Services, Transport & Logistics.

COBALT has been named Baltic Law Firm of the Year 7 times receiving Chambers Europe, IFLR, The Lawyer and Mergermarket awards, and we are regularly listed amongst the top-performing M&A legal advisors in the Bloomberg, Refinitiv and Mergermarket deal tables. Recognized as the No.1 Lithuanian law firm in the Prospera Law Firm Review 2021 and No. 1 law firm in Latvia in 2022, 2020, 2019, and 2018 client satisfaction surveys. We were recognized as a Baltic-wide Law Firm of the Year at the 2022 Chambers Europe Awards ceremony and named the Baltic States Tax Firm of the Year and Pro Bono Firm of the Year at the annual ITR EMEA Tax Awards 2021 ceremony. 

More information on COBALT can be found at www.cobalt.legal.