Triniti has advised the owners of OU Utilitas on the acquisition of an 85% shareholding of the company by investment fund EDIF II.
According to Triniti, "Utilitas is a leading privately held Estonian energy company with two combined heat and power plants in Tallinn and distance heating networks in eight cities in Estonia. The company supplies heat to 166,000 households in Estonia."
EDIF II is an investment fund based in London that specializes in investments in energy, transport and infrastructure with a total volume of over 2.1 billion euros. Utilitas constitutes the first investment in the Baltic states for EDIF II. In addition to the fund investors, the transaction was financed by a syndicate pf Skandinaviska Enskilda Banken, Credit Agricole, and HSH Nordbank.
“By engaging this foreign investor, Utilitas will have new opportunities in sector where it is already the market leader in Estonia," explained Triniti Partner Ergo Blumfeldt, who led the firm's team on the deal. "The investment by EDIF II is another quality mark for Estonia which indicates how attractive our country and also the renewable energy sector appears to be."
Triniti did not reply to our inquiries about the deal.