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Varul and Cobalt Advise on Stova Acquisition of Citypark Eesti

Varul and Cobalt Advise on Stova Acquisition of Citypark Eesti


Varul, the Estonian member of Tark Grunte Sutkiene, has advised the shareholders and management of Citypark Eesti, one of the largest parking services providers in Estonia, on the sale of 100% of its shares to Stova, a member of Lithuania's Modus Group. Cobalt advised Stova on the deal. Financial terms were not disclosed.

The privately-held Citypark Eesti was established in 2008 and owns 6500 parking spaces in Tallinn. Varul describes it as being "one of the market leaders in providing long and short term parking services in Estonia, including construction of parking areas, devising traffic solutions and maintenance thereof."

Stova already provides parking services under the Unipark brand in Lithuania, Latvia, and Belarus. The company also plans to expand to Poland. In addition to providing parking services, the parent company of Stova, the Modus Group, is active in car dealership, renewable energy, service business, and real estate.

The Varul team was led by Associate Partner Kadri Kallas.

The Cobalt team was advised by Partner Peeter Kutman, Senior Associate Triin Ploomipuu, and Associate Madis Reppo.

Estonian Knowledge Partner

COBALT is closely integrated alliance of top-tier law offices in Estonia, Latvia, Lithuania and Belarus, making us one of the largest law firms in the Baltic market. 

COBALT is a trusted partner for daily matters and complex large-scale transactions and disputes. The firm’s broad spectrum of expertise and established position as the market leader give a comprehensive basis for providing advice on special areas of business law.

We advise top international and regional businesses, financial institutions, state and local governments, and the region’s most promising start-ups. 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 6 times. We were recognized as the Most Innovative Law Firm of the Year 2019 in the Baltics at the IFLR European Awards in London. COBALT also won CEE Legal Matters Deal of the Year Award for Estonia, Latvia, and Lithuania, as well as the overall Baltic Deal of the Year, at the 2019 CEE Legal Matters Awards. We have received multiple awards from the Chambers Europe, IFLR, The Lawyer and Mergermarket and we are regularly listed amongst the top performing M&A legal advisors in the Bloomberg, Thomson Reuters and Mergermarket deal tables

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

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