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.
