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COBALT is advising Utilitas on acquisition of shareholding in AS Tallinna Vesi

2021-02-03

On February 3, 2021, the Tallinn City Government approved an agreement whereby the City of Tallinn and energy group Utilitas will jointly acquire shares held by United Utilities Tallinn B.V in AS Tallinna Vesi, the largest water utility company in Estonia. The shares will be acquired on an equal basis at a price of 14.20 euros per share, and the total consideration is 100.3 million euros. As a result of the transaction, the the City of Tallinn will become the majority shareholder in AS Tallinna Vesi, holding 52.35% of the shares, and Utilitas will own 17.65%. The acquisition requires the approval of the Tallinn City Council and merger clearance from the Estonian Competition Authority.

Utilitas is the largest district heating company and the largest renewable energy producer in Estonia. The company operates 550 km of district heating networks and supplies heat to 174,000 households in eight Estonian cities, including in Tallinn, the capital city.

COBALT is advising Utilitas throughout the acquisition process. Our team is led by partners Martin Simovart and Marina Kotkas and Senior Associate Heleri Tammiste.

See the press release here.