Pohla & Hallmagi has helped Verston Ehitus acquire Estonia's state-owned road maintenance company AS Eesti Teed at public auction with a winning bid of EUR 19.7 million. Ellex Raidla reportedly advised the Ministry of Economic Affairs and Communications on the auction.
The agreement is set to be executed within a period of two months, following the end of the auction, and will be subject to regulatory approval.
Eesti Teed was founded in 2012 as a result of the merger of five road maintenance companies: AS Parnumaa Teed, AS Tartumaa Teed, AS Vorumaa Teed, AS Virumaa Teed, and AS Saaremaa Teed.
Verston Ehitus is a road construction service company that started operating in the Estonian city of Paide in 2010.
Pohla & Hallmagi’s team was led by Partners Martin Mannik and Toivo Viilup.
Editor's note: After this article was published, Ellex confirmed its involvement in the deal. The firm's team included Partner Sven Papp, Counsels Jaanus Ikla and Toomas Kasesalu, and Senior Associates Gerda Liik, Sandra Vark, and Kaisa Laidvee.