Upon reflection, 2018 feels like a year of reversal – the long economic expansion, fueled by quantitative easing by central banks, is losing steam, love for FAANGs and Big Tech turned into techlash, trade wars emerged and escalated, a negotiated divorce between the UK and the EU is descending into a disorderly no-deal Brexit, and so on. There is much to ponder in the short-term. Long-term challenges for the legal profession, however, lie elsewhere.
Cobalt has advised Finnish private equity fund KJK on its acquisition of a 50% stake in Estonian Tahe Outdoors OÜ. Subsequently, Ellex Raidla advised Tahe Outdoors on its use of those funds to acquire BIC Sport for somewhere between EUR six and nine million, creating the second largest water-sports equipment producer in Europe.
Ellex Raidla has advised Estonian pension fund manager LHV Varahaldus and LHV Bank on their equal subscription to and acquisition of EUR 10 million in secured notes issued by Transpordi Varahaldus, Estonia's state-owned holding company, to finance its purchase and leasing to Estonian airline Nordica of a Bombardier CRJ900 jet. Transpordi Varahaldus [TVH] was advised by Triniti, Derling Primus acted as the security agent appointed by the finance parties, and Nordica was advised by the Tark law firm.