Cobalt has advised Nextwood Two, a member of the HS Timber Group, on obtaining unconditional merger clearance from the Latvian Competition Council for the acquisition of Kurekss and its subsidiary Kurzemes Granulas.
Kurekss is a Latvian sawmill. Kurzemes Granulas is a wood pellet manufacturer.
According to Cobalt, the transaction strengthens HS Timber’s presence in Latvia, following its earlier acquisition of Vika Wood in January 2025. Both Kurekss and Vika Wood are key players in Latvia’s sawmilling sector, situated within close proximity in the country’s north-west.
Earlier this year, Cobalt and Sorainen advised on the sale of Kurekss to HS Timber Group (as reported by CEE Legal Matters on November 10, 2025).
The Cobalt team included Partner Ugis Zeltins and Senior Associates Ivo Maskalans and Kristine Ravina.
