Cobalt concentrates on technology, renewable energy and infrastructure-related M&A, which is often of a cross-border nature, and often acts for large European banks. The group is also able to advise on a range of private equity transactions, and offers assistance to a range of financial institutions. Heading up the team are divestments expert Martin Simovart and commercial law expert Peeter Kutman, while Jesse Kivisaari is a key factor behind the group’s cross-border M&A prowess due to his experience of the legal markets in Finland and elsewhere in the Nordics. Ott Aava and Heleri Tammiste are other key figures in the team.

Ellex handles classic M&A transactions adeptly, both in Estonia and internationally, as well as being well equipped to handle a range of corporate governance matters, private equity capital investments, joint ventures, private equity and management buy-outs and restructuring processes. Risto Vahimets, who clients regularly come to for company valuations, and Antti Perli lead the team. The latter is key for corporate matters in the venture capital and emerging technology spaces, while Sven Papp is key for the group’s corporate governance matters, and Ermo Kosk is especially knowledgeable in cross-border acquisitions, financings and takeovers. Gerda Liik and Rutt Värk are also noted.

Hailed for its ‘competent, quick and friendly‘ service, the team at Sorainen works in a pan-Baltic manner, leveraging this to act in some of the highest-value M&A deals in the Baltics. As well as traditional M&A, the group ‘provides exceptional support to its customers in the field of venture capital‘. Toomas Prangli is key for the group’s work on joint ventures and shareholder advice, leading the team alongside Piret Jesse and Karin Madisson. Mirell Prosa ‘knows the ins and outs of startup transactions’, Lauri Liivat is also a key name to note for advising on shareholder relations, and Triin Ploomipuu is another key contact.

Eversheds Sutherland Ots & Co has a strong foundation for assisting clients with a range of M&A transactions, and also has a strong track record of working on merger notifications. As part of the wider firm network, the group’s lawyers are in a strong position to advise on urgent cross-border issues. Practice head Maivi Ots is a go-to lawyer in the team for advising foreign investment companies, and is well supported by Dmitri Zdobnõh, who counts banks and large venture capital firms among his varied client roster.

Following its merger with PwC Legal, TGS Baltic continues to field a deep bench of M&A experts. The group’s expertise further extends to venture capital and private equity transactions, complex restructurings, and asset deals. Kadri Kallas, who is described as ‘a very sharp and quick-thinking M&A lawyer‘, Sander Kärson, Leonid Tolstov, and Indrek Ergma are the quartet leading the team. Kärson has expertise in the healthcare and life sciences sectors, while Kallas stands out for work in the energy and infrastructure sectors.

Described as a ‘very competent team with a wide skill set’, WALLESS‘ team is notable for its sector breadth, which includes energy, infrastructure, real estate and telecoms. The group, which also stands out for its M&A work in the financial services sector, has recently undergone a merger with FORT, which led to the additions of Kuldar-Jaan Torokoff and Minni-Triin Park. The former leads the team alongside Rolan Jankelevitsh. Park stands out for adding expertise in regional M&A transactions to the existing team, while Torokoff brings with him experience of large-scale acquisitions. Karl-Erich Trisberg also stands out for large-scale M&A transactions. Other key contacts include Toomas Taube, Margus Kõiva and Kaisa Üksik.

KPMG Law in Estonia, which is a strong choice for fund managers, is noted for its ‘strong network, fast reactions, and custom-made thinking‘. Managing partner Karin Oras leads the group, which is well versed in large reorganisation projects, and is able to lean on the wider firm’s tax expertise to work on tax structuring matters for corporates, often of a cross-border nature, as well as shareholder acquisitions and pre- and post-acquisition due diligence. Oras is backed up by Kaia Kuusler, adding to Oras’ expertise with experience in long-term reorganisation projects.

LEADELL Pilv has a practice which caters to start-ups and large corporations alike in relation to corporate issues such as drafting commercial contracts and service agreements. Pirkka-Marja Poldvere is at the helm, often working on shareholder rights issues and board liability issues within corporations, utilising managing partner Aivar Pilv‘s experience in shareholder relations. The group also draws upon Marko Pilv‘s corporate law expertise in this regard.

LINKLaw is notable for its provision of sector-specific corporate and commercial advice to clients, with detailed knowledge of areas including the environmental sector and the film industry, where the group is able to assist with pre-production phase agreements, as well as other agreements throughout production. The group is headed by Kairi Kurisoo-Pärn, who has many years of experience in M&A and who is praised for her ‘dedication and understanding of the wider picture’.

Magnusson has a large network throughout the Baltic and Nordic region, and often operates in a cross-border fashion. Led by Jaanus Mägi, the group’s strengths lie in investments, company incorporations, acquisitions, and day-to-day corporate and commercial matters.

NJORD Law Firm has notable credentials in assisting start-ups and small and mid-sized businesses, as well as fintech companies and investors which are looking to access the Estonian market. The team is skilled in advising on the incorporation and fundraising rounds of start-ups, in addition to drafting shareholder agreements. Practice head Erik Salur is particularly active in this regard.

RASK Attorneys-at-Law‘s corporate and M&A team is highly regarded by investment funds and has recently advised on major private equity and pan-Baltic real estate investments. The group is led by the trio of Ramon Rask, Karl-Kristjan Kahm and Annika Vait, who joined from ALTERNA in March 2024, a year in which the group has also been particularly active in the energy sector. Fellow practitioners also offer individual sector expertise, an example of which is Timo Kullerkupp‘s strength in the technology and aviation sectors.

Triniti has a strong reputation for M&A transactions in Estonia, and continues to build on this foundation with an increasing volume of venture capital and private equity advice. Clients range in size from startups to Estonia’s national airline, demonstrating the group’s versatility. This versatility also extends to sector expertise: the team’s in-depth knowledge of the IT sector stands out, as well as its knowledge of highly regulated sectors such as renewable energy. Practice head Siim Maripuu ‘stands out for commercial & M&A case management’, while Ergo Blumfeldt is also noted.

Hedman Partners is a firm dedicated to advising start-ups, with decades of experience of advising clients in the technology industry from offices in Estonia and Finland. The corporate and M&A group assists clients with cross-border mergers, acquisitions and divestitures, along with exit strategies. Kati Pino heads up the team, and is well supported by corporate law and M&A expert Taavi Kõiv.

NOVE‘s corporate and M&A group sits within a firm which excels in ‘complex business law and regulatory matters‘ and is singled out for its German-speaking expertise. Laura Raadik heads up the team, and is able to advise on restructurings, day-to-day corporate matters, and large M&A transactions throughout the Baltic region, all areas of activity for the wider group.

WIDEN‘s broad practice, praised for its ‘innovative problem-solving techniques‘, ranges from advice on complex contracts and share purchase agreements to conducting due diligence and regulatory compliance on M&A transactions. Practice head Ants Karu ‘stands out for his forward-thinking approach’ and deep experience in the tax law elements of corporate transactions. Martin Nikolajev stands out for assistance with large-scale M&A transactions and capital raisings.