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Debt pushdown structures have become a prevalent strategy in Estonia for company acquisitions. However, up until now, the absence of clear regulatory guidance has left companies and their legal advisors navigating uncertain terrain, particularly concerning the tax implications. The (at the time of writing) soon-to-be-published guidance on the taxation of debt pushdowns is poised to provide much-needed clarity.

Ellex has advised on the privatization of Operail’s business operations via a sale of its business operations along with its subsidiary Operail Repairs for EUR 19 million to Tiigi Keskus, an Estonian company that won the sale auction. Sirel & Partners advised Tiigi Keskus.