` Heleri Tammiste | COBALT

Heleri Tammiste

Senior Associate / Estonia


Heleri Tammiste is one of the most experienced Senior Associates in M&A practice group in COBALT Estonia, focusing on advising complex M&A and private equity transactions. Heleri has been involved as project manager and coordinator in a significant part of the high-profile M&A transactions advised by COBALT, including establishment of the pan-Baltic Luminor banking group by DNB and Nordea, and subsequent sale of majority stake in Luminor to consortium led by Blackstone.

Heleri is a long-time member of Estonian Bar Association’s Business Law Committee (comprising a selected group of highly skilled practicing attorneys), where she contributes to legislative processes impacting Estonian Business Law.

Heleri is one of the very few members of the Estonian Bar Association holding a degree from Harvard Law School.


  • The Legal 500, Commercial, corporate and M&A, Rising Star – 2023 / 2024
  • IFLR 1000, M&A, Expert Consultant – 2022
  • IFLR 1000, M&A, Rising Star – 2019 / 2020 / 2021


  • Estonian, English, German, Russian

Membership & education

  • Business Law Committee of the Estonian Bar Association (2013)
  • Harvard Law School Association of Europe (2011)
  • Estonian Bar Association (2006)
  • Estonian Moot Court Society (Board member 2004 – 2005)
  • Administrative Committee of Raidla & Partners’ foundation (a sub-foundation of the Estonian National Culture Foundation), issuing annual scholarships to law students (2007-2011)
  • Estonian Debating Society (2002-2014)
  • Master of Laws (LL.M.) degree, Harvard Law School, USA (2009)
  • Baccalaureus artium degree in law (BA), cum laude, University of Tartu, Faculty of Law, Estonia (2005)

VKG sold VKG Elektrivõrgud to Baltcap

COBALT advised the sale of district heating network company VKG Soojus to Gren

COBALT advises Neo Performance Materials Inc. upon development of magnet manufacturing plant in Estonia

COBALT advised Nordea in selling its shareholding in Luminor

COBALT advised Avena Nordic Grain on selling its grain trade business to Scandagra Group

COBALT advised clients on the financing of acquisition of Graanul Invest by a subsidiary of Apollo Global Management Inc

COBALT advised Zurich Insurance Group on acquiring AlphaChat

COBALT advised IBM on reorganization for separation of Kyndryl regarding Baltic jurisdictions

COBALT advised GS Acquisition Holdings Corp II on the business combination with Mirion Technologies

COBALT advised EdgeCap Partners on investment in Roofit.solar

COBALT advised Swedbank on evaluating structural changes at the Baltic level

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

COBALT advises Ardian on acquiring Nevel Oy

COBALT advised Hansab Group on selling their stake in Moya OÜ

COBALT advised Luminor, Nordea and DNB on closing transaction with Blackstone

COBALT advised Silberauto on selling its business in Estonia and Lithuania

COBALT advised shareholders of TMB Group on selling a major part of its business to Consolis

COBALT advised Scope on acquiring lingerie brand Miss Mary of Sweden

COBALT advised Luminor on cross-border merger

COBALT advised European Diversified Infrastructure Fund II on investment in Utilitas, leading private Estonian energy group

COBALT advised the sale and purchase transaction of Merit Tarkvara to Oslo-based Visma

COBALT advised Sjølund Group on the acquisition of Cutform OÜ

COBALT advised Luminor on EUR 1 billion majority stake acquisition by Blackstone

COBALT advised Luminor on obtaining ECB approval for cross-border merger in the Baltics

COBALT advised Port of Tallinn on its IPO and listing on Nasdaq Tallinn Stock Exchange

COBALT advises HHLA on acquiring Estonia’s biggest terminal operator Transiidikeskuse AS

COBALT advises Luminor on reorganising its management structure

COBALT advised Yliopiston Apteekki OY on selling its pharmacy chain

COBALT advised DNB on the creation of Luminor – largest ever transaction in the Baltic banking market

COBALT advised AS DNB Pank in applying for an additional authorisation

COBALT advised NASDAQ-listed The Middleby Corporation on acquisition of Sveba Dahlen Group

COBALT advised Korona Invest Fund in an investment to the digital agency Wunder

COBALT advises on sale of Nordic Cinema Group

COBALT advised the sale of the leading Northern-European marketing automation company Element to Nortal

COBALT advises DNB upon combining its operations with Nordea in the Baltics

COBALT advised Outdoor Life Group Holding B.V. on acquisition of shares of Lasita Maja

COBALT advises RSA Insurance Group on the sale of businesses

COBALT advised Amphenol on acquisition of Ionix Aerospace Ltd and its subsidiaries

COBALT advised KASSIR.RU Baltics OÜ in acquisition of the biggest ticket sales network in the Baltics

COBALT advised Komas & funds managed by CapMan creating of Europe’s leading engineering industry manufacturing partner Fortaco

COBALT advised Realeyes – internationally active start-up with Estonian background

COBALT advised one of Europe’s leading suppliers of industrial coatings Teknos Group Oy on the acquisition of Kemiflora’s paints and coatings business

COBALT advised Outokumpu – global leader in stainless steel – in divesting part of its European stock operations to Amari

COBALT advised Xilinx, Inc. upon acquisition of business from wireless backhaul solutions provider Modesat Communications

COBALT advises SRV in development of VAASAN Group’s new bake-off factory in Estonia

COBALT advised Komas Oy upon acquisition of component manufacturing business in Estonia from Cargotec’s Group

We are driven by your recognition

Recommended as associate to watch: Heleri Tammiste "puts her heart into her work and makes it her personal concern to get the project done as perfectly as possible."