Category: News

2016

The Guide to the World’s Leading Financial Law Firms, IFLR 1000, recognized TARK as a leading Estonian law firm in corporate/financial referring to our recent work highlights including assisting Mezzanine Management with its €23.3 million investment into Mogo Finance and advising GFC Good Finance Company on securing licence from the Financial Supervision Authority of Estonia for provision of payment services in Finland, Germany, Czech and Slovakia.

IFLR 1000 ranked TARK as a notable law firm in the field of energy and infrastructure.

2016

TARK has successfully advised Swiss drug manufacturer Acino on acquisition of medication packing plant from drug manufacturer Takeda. TARK transaction team has provided full legal support to Acino during the extensive acquisition process. TARK´s partners Lada Riisna, Hannes Küün, Tanel Tark, Marit Savi and senior associate Tanel Küün were involved in this project.

Acino International AG develops, manufactures, and markets pharmaceuticals in novel drug delivery forms worldwide. The company hires more than 1,300 employees.

The packaging site located in Põlva, in Estonia, is an excellent opportunity for Acino to support its emerging markets and out-licensing activities, and to grow its contract manufacturing business. The purchased medication packaging plant`s target markets include the Baltic States, Europe and Russia, while the drugs packaged at the plant are brought in from manufacturing plants in Germany, Denmark and Poland. Sales revenue and net profit of the Põlva factory in 2014 and 2015 were at 25,743,000 euros and 929,000 euros, respectively, in both years.

2016

TARK has successfully represented payment institution GFC Good Finance Company AS before the Estonian Financial Supervision Authority in the proceedings for application of the cross-border payment services provision in Finland, Germany, Czech Republic and Slovakia. As from 22 November 2016, GFC Good Finance Company AS can render payment services including issuance the payment cards in the territory of Czech Republic and Slovakia.

2016

TARK has successfully represented Tallinn Machinery Factory in sale of big industrial area in Tallinn (Põhja Tallinn area) to Krulli Kvartal.
In the transaction Tallinn Machinery Factory was represented by TARK`s partner Lada Riisna.

We celebrated 25th business anniversary with our good friends on 22nd of September 2016 in restaurant Korsten, Armastus & Hea Toit.

2016

TARK advised the spin-out of a tech start-up Pairby from its mother company. Pairby is developing a mobile dating app, providing users with one of a kind interactive experience, allowing them to efficiently uncover more meaningful connections than ever before.

Our team consisting of partners Hannes Küün and Marit Savi and senior associate Tanel Küün assisted Pairby in drafting and negotiating all transaction documents from term sheet to shareholders and financing agreements and closing.

2016

TARK advised AB Bank SNORAS in closing bank`s local business in Estonia and in finalizing the liquidation proceeding of AB Bank SNORAS Estonian branch.

AB Bank SNORAS Estonian branch was founded in 2008. The Estonian branch liquidation proceeding was initiated in 2011 due to the bankruptcy of AB Bank SNORAS. Deletion of AB Bank SNORAS Estonian branch from the Commercial Register of Estonia was executed in the end of August, 2016.

AB Bank SNORAS, founded in 1992 in Lithuania, was a commercial bank that operated in all three Baltic States. It was a member of the financial group Konversbank and was listed on the NASDAQ OMX Vilnius stock exchange. On November 16, 2011, 100% of the bank shares were nationalized by the Lithuanian government and the bank was placed into temporary administration. On November 24, the bank was declared bankrupt.

TARK´s experts involved in the liquidation process were partner Allar Aru and senior associate Tanel Küün.

2016

TARK has successfully advised Estonian Ministry of the Interior on the sale of 100% shares of AS Andmevara to IT investment company INVL Technology. TARK transaction team together with the financial advisor Redgate Capital assisted Estonian Ministry of the Interior in compiling the deal structure, preparing and conducting the public privatisation auction and negotiating and closing the share purchase agreement. TARK´s experts involved in the project were partner Hannes Küün and senior associate Tanel Küün.

The purchase price for 100% shares, including cash and liabilities of Andmevara, was EUR 654.6 thousand. Enterprise value of AS Andmevara offered by INVL Technology amounted to EUR 231 thousand. Prior to privatization the Estonian state also received EUR 1.25 million in dividends and related taxes.

AS Andmevara is a complex IT solutions and services provider to public sector organisations with expertise in e-Government solutions that include development of registries, important national information systems and software, digitisation, database development and hosting services. The Company was formed in 1997 based on a former governmental organisation Riigiarvutuskeskus, the history of which dates back to 1970. AS Andmevara actively contributes to implementation of Estonian E-Government project, offers several ready-made software products to municipal and governmental institutions, and mostly serves Estonian public sector organisations.

Publicly listed INVL Technology operates as a cluster of B2B and B2G-oriented IT businesses with a focus in four key areas: business climate improvement and e-governance, IT infrastructure, cyber security and IT intensive industries‘ solutions. The largest INVL Technology investments currently are companies in Lithuania, Norway, Tanzania, Uganda and Rwanda.

2016

IK VII Fund reached agreement to acquire NeTel Group AB (Netel) from Axcel. Netel is a leading infranet service provider to telecom operators, utilities and municipalities in Nordic and Baltic region. Financial terms of the transaction are not disclosed, and completion of the transaction is subject to legal and regulatory approvals.

NeTel Group AB was founded in 2000 and has grown to become a leading Nordic infranet service provider to telecom operators, utilities and municipalities. With presence in Sweden, Norway, Finland and the Baltics and around 340 employees, NeTel Group AB generated pro forma revenues of approximately MSEK 1,500 in 2015.

IK Investment Partners (IK) is a Pan-European private equity firm focused on investments in the Nordics, DACH region, France, and Benelux. IK funds support companies with strong underlying potential, partnering with management teams and investors to create robust, well positioned businesses with excellent long-term prospects

TARK in cooperation with Swedish law firm Mannheimer Swartling assisted IK in carrying out of legal due diligence on Netel´s Estonian business and advised the transaction on certain Estonian law aspects. TARK´s experts involved in the project were partner Marit Savi and senior associate Tanel Küün.