TEGOS (formerly TGS Baltic) advised AS ESTIKO, the largest investments group in Southern Estonia involved in the production of packaging materials, real estate, accommodation services, and energy, on a significant transaction.
AS ESTIKO sold a 49% stake in Estiko Energia, a subsidiary focused on renewable energy and operator of a solar photovoltaic park near Tartu, Estonia, to UBRE Solar Ky. UBRE Solar Ky is part of United Bankers Group, a Finnish asset manager listed on Nasdaq Helsinki.
TEGOS project team, led by Leonid Tolstov and Mirko Kikkamägi and including Joonas Kartsep and Grete Kruustük, advised the client throughout the transaction. The team’s roles encompassed negotiation of the term sheet, assistance with the due diligence process, drafting of transaction documents, and completion of the sale.
This transaction is noteworthy as it represents UBRE Solar Ky’s first investment in Estonia, requiring in-depth regulatory and market practice guidance. The deal also involves future joint development of the second, larger stage of the solar park.
