Kadri Kallas

Partner, Head of M&A Practice Group, Member of the Baltic Board

Phone
+372 529 3107
Email
kadri.kallas@tegos.legal
Country
Estonia
Languages
Estonian, English

About

Recognised by Legal 500, Chambers & Partners, Best Lawyers, and IFLR as a leading expert, Kadri is known for her pragmatic, quick, and solution-oriented approach.

With extensive experience in commercial and corporate law, M&A, private equity, and venture capital, Kadri Kallas advises strategic investors, private equity funds, and growth companies on investments, joint ventures, mergers, and acquisitions. She has also worked at the London office of a major US-based law firm.

Beyond the desk, Kadri enjoys playing tennis, where her strategic mindset comes equally into play.

Practice areas

Industries

Testimonial

"Kadri Kallas is a very sharp and quick-thinking M&A lawyer. I think she is the top M&A lawyer in Estonia."

Legal 500

"Kadri Kallas and Mirko Kikkamägi are just an absolute pleasure to work with. There is no other legal team that I trust as much. Their advice is always valuable and looks at the bigger picture."

Legal 500

CV

Professional career

Since 2018

Partner, law firm TEGOS (formerly TGS Baltic)

2017–2018

Associate Partner, law firm TGS Baltic

2016–2017

Associate Partner, law firm Varul

2011–2016

Specialist Counsel, law firm Sorainen

2008–2011

Senior Associate, law firm Sorainen

2005–2008

International Associate, law firm Vinson & Elkins (London)

2004

Associate, law firm Sorainen

2003–2004

Lawyer, law firm Sorainen

1999–2003

Lawyer, SEB Pank

1998–1999

Assistant Lawyer, SEB Pank

Memberships

2018

Management Board Member of Estonian Bar Association

2016

International Bar Association (IBA)

2008

International Association of Young Lawyers (AIJA)

2004

Estonian Bar Association

Education

2005

University College London, Corporate and Securities Law, LLM

1999

University of Tartu, Faculty of Law, BA

Deals & cases

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News

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Publications

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Kadri Kallas

Testimonial

CV

Deals & cases

TEGOS advised Lendurai on its €5.5M investment round led by Expeditions Fund, HCVC and Vsquared Ventures

TEGOS advised OneMed on the acquisition of ITAK

TEGOS advised defence industry conglomerate EFA Group on its strategic investment into Wayren

TEGOS advised 2C Ventures on investment into ESG risk management startup Esgrid

TEGOS advised Dawn Capital on a EUR 45 million Series B investment in Estonian cybersecurity startup Blackwall

TEGOS advised SmartCap’s Green Fund on making an investment into energy technology startup Fusebox

TEGOS assisted Clear Channel Outdoor Holdings, Inc. with the sale of its Europe-North business segment for USD 625 million

TEGOS advised Estiko-Plastar on the acquisition of packaging manufacturer Sefko’s plant

TEGOS advised 2C Ventures and AS SmartCap

TEGOS advised TÜV SÜD AG on the acquisition of Carspect Group Holding AB

TEGOS advised Estonia’s state fund SmartCap on making an investment into Estonian deeptech startup Up Catalyst in its 4MEUR seed round

TGS Baltic assisted Enefit Green AS with selling Brocēni pellet mill and cogeneration plant in Latvia to Warmeston OU, the leading Estonian wood pellet producer.

TGS Baltic assisted Enefit Green AS with selling Paide and Valka district heating businesses in Estonia and Latvia to AS Utilitas Eesti, Estonia’s largest district heating company.

TGS Baltic advised the private equity fund BaltCap on the acquisition of VKG Elektrivõrgud

TGS Baltic advised Hawesko on entering into a strategic partnership with the Dunker Group

TEGOS advised Paul-Tech in attracting an investment of 1.4 million from leading Estonian venture capital investors

TGS Baltic advised venture capital fund NFT.VC on making an investment into FoodTech startup äio tech OÜ

TGS Baltic advised VOOL on raising 1.7 MEUR investment

TGS Baltic advised the founder of SpiderFoot, a best-in-class provider of open-source intelligence, attack surface management and digital investigations

TGS Baltic advised Truffle Capital on leading a 5.5 MEUR investment into insurtech startup Cachet

TGS Baltic advised ZAKA Startups who led the Alpha AR investment round

We advised AS Eesti Post on the acquisition of the newspaper delivery service provider AS Express Post

TGS Baltic advised Open Air Group AB

TGS Baltic advised BaltCap on the sale of BPT Real Estate, one of the largest property management companies in the Baltics, to Newsec

TGS Baltic assisted OptiGroup with its acquisition by FSN Capital.

TGS Baltic advised the venture capital fund OTB Ventures as the lead investor in Fractory’s 7.5 MEUR Series A round

We advised Merko Ehitus Eesti on acquisition of 35% holding in Connecto Eesti

We advised Nõo Lihatööstus on repurchase of 29% holding

We advised BaltCap in its exit from the leading Estonian waste management company AS Eesti Keskkonnateenused.

TGS Baltic assisted investment company De Maria Project in acquisition of Energate

TGS Baltic advised Mubadala Investment Company on 14 million dollar investment in MEL Science

We are advising a US Nasdaq listed leading business-to-business supplier of internet gaming software-as-a-service solutions Gan Limited on acquisition of online gaming platform Coolbet

We advised Nasdaq-listed fintech company Opera on the acquisition of Pocosys

TEGOS advised Veho on selling its subsidiary

Advising JPJ Group plc on the acquisition of Gamesys (Holdings) Ltd

Advising Creandum on making an investment into Klaus

Advising on the divestment of KAFO Eesti

Advising Chaga on investment round on the Funderbeam platform

Advising selling the shares of Vopak E.O.S. to Abu Dhabi based Liwathon

TGS Baltic assisted LMT GROUP AB (Sweden) with acquisition of a number of PLM Group companies in Latvia and Estonia.

Advising Posti on Estonian law aspects during the acquisition of Transval

Assisting IK Investment Partners in the acquisition of Katsastus Group’s operations

Advising Ermitažas in acquiring Bauhof

Advising Bergs Timber in acquiring Norvik’s operations in the Baltics and the United Kingdom

Euroapteek completed the transaction to acquire Ülikooli Apteek pharmacy network

Advising Euroapteek on the acquisition of Ülikooli Apteek pharmacy chain in Estonia

Advising AxFlow on entering Baltic fluid-handling market

Assisting Ascalon Holding GmbH in acquiring 47% ownership in Scancerco Oy

TGS Baltic ranks high in IFLR1000

Advising LHV Pension Funds on investing into Lithuanian based cable TV and internet services provider Cgates

Advising EstateGuru in the investment by Helmes

Advising Citypark Eesti in selling its shares to Modus Group

News

TEGOS Achieves Outstanding Results in IFLR1000 Central & Eastern Europe Rankings

TEGOS Shortlisted for Legal500 CEE Awards 2025

TEGOS Earns 73 Rankings in The Legal 500 EMEA 2025 Guide

TEGOS Celebrates Top Rankings in Chambers Europe 2025

TEGOS Recognised Among the Region’s Leading Law Firms in Chambers Global 2025

Today, the TEGOS Estonia (formerly TGS Baltic) team consists of 68 attorneys, including 15 partners

Publications

Baltic Private M&A Deal Points Study 2022

The Buzz in Estonia: Interview with Kadri Kallas