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Cobalt Advises EDIF II on Investment in Utilitas

Cobalt Advises EDIF II on Investment in Utilitas


Cobalt Estonia has advised European Diversified Infrastructure Fund II SPSC, a long-term infrastructure fund managed by First State Investments, on its acquisition of 85% of shares in Utilitas. Triniti reportedly advised the sellers on the deal.

According to an agreement signed in Tallinn on November 28, 2018, Utilitas’ current shareholders and managers will retain a 15% shareholding.

Utilitas is a district heating company and a renewable power producer in Estonia. The company operates 521 kilometers of district heating networks and supplies heat to approximately 166 thousand households in eight Estonian cities, including Tallinn.

Cobalt reports that the management and supervisory boards of all three Utilitas subsidiaries — AS Utilitas Tallinn, AS Utilitas Eesti, and OU Utilitas Tallinna Elektrijaam — will remain unchanged. Priit Koit will continue as the CEO and Kristjan Rahu as the Chairman of the Supervisory Board of Utilitas.

Cobalt’s team was led by Partner Martin Simovart and Senior Associate Heleri Tammiste. The team also included Partners Marina Kotkas and Aivar Taro, Counsel Jesse Kivisaari, and Associates Liina Saaremets, Mart Blondal, and 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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