The second quarter of 2026 was another active period for corporate and financial transactions across the Baltic region. During the quarter, COBALT advised clients on 15 major transactions spanning mergers and acquisitions, capital markets, venture capital and financing, reflecting continued activity across a broad range of industries and jurisdictions.
Mergers & Acquisitions
COBALT advised on several strategic acquisitions and sell-side mandates across the Baltics, including:
- Coop Estonia’s acquisition of Prisma stores in Estonia
- Terveystalo’s acquisition of Silmäasema
- Creditinfo Group’s acquisition of full ownership of KIB Latvia
- Closing of Stonepeak’s acquisition of TeleTower from Bitė Group
- RENOMIA GROUP’s acquisition of a majority stake in Draudimo bitės and Žalų sprendimai
- Nic. Christiansen Group’s divestment of its Honda operations in Finland and the Baltics
- Admeo’s sale to Civinity
- E energija’s sale of two renewable energy projects to Energix
- NCH Capital’s sale of Gaižēni to Merito Partners
Capital Markets
Our capital markets team advised on several landmark debt issuances, including:
- Latvia’s EUR 1 billion sustainability bond issuance
- Maxima grupė’s EUR 350 million bond offering
- Latvenergo’s inaugural EUR 300 million EU Green Bond issuance
Venture Capital
COBALT continued to support the Baltic innovation ecosystem by advising on venture capital investments, including:
- Practica Capital’s EUR 2 million pre-seed investment in Outcraft
- Practica Capital’s co-led EUR 2 million seed round for kopa.ai
Financing
The quarter also included a significant cross-border financing transaction, advising on PKO Bank Polski’s first financing transaction in Lithuania, marking the bank’s entry into the Lithuanian financing market.
