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Cobalt and Baker McKenzie Advise on Port of Tallinn IPO

Cobalt and Baker McKenzie Advise on Port of Tallinn IPO


Cobalt and Baker McKenzie have advised on the initial public offering of the shares of Estonian state-owned company AS Tallinna Sadam, the Port of Tallinn.

Cobalt describes it as "the first IPO of a state-owned company in almost two decades."

In the firm's press release Cobalt reports that "the Port of Tallinn is the owner of the third largest passenger port in the Baltic Sea Region, the fourth largest passenger port in Northern Europe in terms of passenger traffic, and the largest cargo port in Estonia in terms of cargo volumes.”

The Port and its subsidiaries have a diversified portfolio of operations, including passenger harbors, cargo harbors, domestic ferry service connecting Estonia's mainland with its two largest islands, and other services.

The IPO, which was oversubscribed by more than three times, attracted 102 institutional investors from 22 countries and a record size of total subscriptions from 13,723 Estonian retail investors, and it generated total gross proceeds of EUR 147.4 million.

CEO of Port of Tallinn Valdo Kalm said: “The interest of investors, both Estonian retail investors and pension funds, as well as international funds, in Port of Tallinn shares was substantial, and that provides us with a sense of security that we have earned the trust of investors as a stable dividend share.”  

Cobalt’s team was led by Partner Marina Kotkas,  supported by Senior Associate Mattias Tammeaid and Partner Karina Paatsi.

Baker McKenzie's London-based team included Partners James Thomson and Simon Porter. 

Editor's Note: After this article was published, Cleary Gottlieb announced that the firm has acted as international counsel to Citigroup, Carnegie Investment Bank, Erste Group, Swedbank and LHV as underwriters in the initial public offering of the ordinary shares of AktsiaseltsTallinna Sadam, Port of Tallinn, and listing on the Baltic Main List of the Nasdaq Tallinn Stock Exchange. Sorainen acted as Estonian counsel to the underwriters.

The Cleary Gottlieb London team was led by Partner Pierre-Marie Boury and included Partners David Gottlieb and Richard Sultman, as well as Associates Chrishan Raja, Mohamed Taha, Raluca Dumitru, and Andrew Hurwitz. The US based team involved Partner Paul Marquardt, Senior Attorney James Corsiglia, and Associates Nathanael Kurcab, Michael Alcan, and Lorenz Haselberger.

The Sorainen team consisted of Partner Reimo Hammerberg, Senior Associates Jane Eespold, Piret Lappert, Kaido Kunnapas, Kaspar Endrikson, and Associates Kadi Sink and Mirjam Vichmann, Olivia Kranich, and Britta Retel. 


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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