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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.

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