Although Lithuania no longer has a national airline, charter companies are popular in the market, especially during holiday periods. Although the Lithuanian aviation industry was heavily affected by the COVID-19 pandemic, no charter company has gone bankrupt. In fact, just recently in spring 2024, one charter company undergoing restructuring finished restructuring procedures earlier than planned and successfully continues its operations from Lithuania.

Cobalt has advised Elektrum Eesti on its acquisition of Solarpark Kuusalu from Justkull.

Cobalt has advised BaltCap on its investment in Fitekin and Onea software platforms of the Unifiedpost Group.

Cobalt has advised Karma Ventures on leading the USD 20 million Series B funding round for Pactum AI with other investors including 3VC, Atomico, Project A, Superangel, PortfoLion, and Maersk.

Cobalt has advised C.D Holding Internationale on its acquisition of Stebby from Livonia Partners.

Cobalt has advised IISUTIB Raft Capital Baltic Equity Fund on raising EUR 50 million in investments.

Estonia's legal landscape in dispute resolution remains surprisingly stable amid economic turmoil, Cobalt Managing Associate Annika Peetsalu reports. Despite a surge in bankruptcies, particularly in the construction sector, the volume of legal disputes has not significantly increased.

Cobalt has advised Balti Autoosad on its acquisition of Automeister.

Cobalt has advised Esgrid on its pre-seed funding.

Latvia has recently taken significant steps to amend its arbitration law, introducing a set-aside mechanism among other necessary changes. This article provides an overview of the background to these changes, the specifics of the new set-aside mechanism, and other amendments made to the Latvian arbitration law.

Cobalt has advised BPM Capital on financing for Estonian paint manufacturer Eskaro via the BPM Mezzanine Fund II.

Cobalt has advised the privately held investment fund Livonia on its acquisition of a stake in Telema. Ellex advised Telema. Eipre & Partners reportedly advised the target company.

Former Managing Associates Jesse Kivisaari and Lembit Tedder have been promoted to Partner at Cobalt Estonia.

After prolonged delays, the Estonian Parliament finally incorporated the EU Whistleblowing Directive into national law on 15 May 2024 by passing the Act on the Protection of Whistleblowers of Work-Related Violations of European Union Law (referred to as the Whistleblower Protection Act).

Cobalt, working with Dentons, has advised Latvian national airline AirBaltic on its EUR 340 million issuance of senior secured bonds with a maturity of 5.25 years to be listed on the Euronext Dublin stock exchange. TGS Baltic, working with Linklaters, advised joint global coordinators BNP Paribas, Citi, and JP Morgan, joint bookrunners Morgan Stanley and SEB, and co-managers LHV and Signet Bank.

Across Europe, defense sectors are experiencing significant transformations and budgetary escalations, driven by a need for enhanced military readiness and modernization. Avellum Partner Andriy Romanchuk, Cobalt Partner Deividas Soloveicik, Nagy es Trocsanyi Partner Gyorgy Kiszely, and Tuca Zbarcea & Asociatii Partner Serban Paslaru take a closer look at defense spending in their respective countries.

In a compact nation like Estonia, the prominence of construction projects can swiftly transcend local interests and become matters of national interest. The escalation of public attention toward large-scale construction projects invites heightened scrutiny by different interest groups. Notably, several recent projects have become entangled in legal disputes, profoundly impacting anticipated timelines and financial forecasts. This article aims to delineate emerging patterns from recent cases and offer recommendations aimed at preventing and avoiding legal contentions.

Linklaters and Cobalt have advised Mirova on its investment in the Estonia-based Baltic Storage Platform energy storage project, a joint venture between Corsica Sole and Evecon established in 2023.