
About
Marina Kotkas is a Partner and Co-Chair of the Banking & Finance practice group at COBALT Estonia, she also co-leads the Banks and Financial Institutions industries. Marina has extensive experience in advising Estonian and cross-border financing and capital market transactions, including project, real estate and acquisition financing, refinancing, public offerings and private placements of capital securities and debt instruments and admitting thereof for trading on regulated markets, public M&A and tender offers.
Marina is the regular adviser to the largest local and international credit and financial institutions and, in addition to financing and capital markets transactions, her expertise also covers assisting with mergers, sale of loan portfolios and all regulatory aspects of the activities of banks and financial institutions. Marina’s clientele also includes listed companies, local and international private equity houses and industrial investors whom she advises on capital raising and public M&A transactions and the variety of regulatory issues. Marina is also known for her vast experience in aircraft financing field.
Marina has advised clients on many major financing transactions, including advising a syndicate of banks with Luminor as mandated lead arranger upon financing the business activities of AS Graanul Invest, the largest wood pellet producer in Europe, and assisting European Diversified Infrastructure Fund II (EDIF II) upon their investment into Utilitas, the leading Estonian energy group. Marina has also advised Luminor and LHV upon establishment of their covered bond programmes and has lead the COBALT team upon conducting the IPO of shares of the Port of Tallinn and issue of secured bonds by PRFoods.
Marina has been a member of the Estonian Bar Association since 2003.
- Banking, Finance, and Capital Markets – Leading Partner, The Legal 500 2025
- Banking and Finance – Band 1, Chambers Europe 2025
- Banking and Finance – Ranked Lawyer, Band 1, Chambers Europe 2024
- Banking, Finance, and Capital Markets – Leading Individual, The Legal 500 2024
- Banking, Capital Markets – Market Leader, IFLR 1000 2024
- Banking, Capital Markets – Women Leaders, IFLR 1000 2024
Languages
- Estonian, Russian, English
Membership & education
- Securities and Capital Markets Committee, International Bar Association (2025)
- Capital Markets Practice Group, FinanceEstonia (2015)
- Bank Finance and Regulation Practice Group, Lex Mundi (2011)
- Young Professionals Committee, American Chamber of Commerce in Estonia (2003)
- Estonian Bar Association (2003)
- Cross-Border Transactions Program, Lex Mundi Institute, Monterey, USA (2011)
- Master of Laws (LL.M.) degree, University of Tartu, Faculty of Law, Estonia (2001)
EIB grants EUR 18 million loan to boost EU’s critical raw material production through UP Catalyst
EIB, SEB, and Luminor finance Sunly’s solar power expansion with EUR 62 million
Estonian cyber tech company receives EUR 1.5 million from SEB’s new Venture Debt program
Inbank signs its first synthetic securitisation with the European Investment Bank Group
Coop Pank AS received an additional license for issuing covered bonds
NORD/LB and Swedbank finance one of the largest renewable energy projects in Estonia
The shareholders of TMB Element sells its shares to INHUS
Livonia Partners acquires a stake and invests in Wildix OÜ
One of this year’s largest IPOs in Scandinavia is completed
COBALT advised Luminor Bank on renewal of its EMTN and promissory note program
COBALT advised Enery Estonia OÜ on obtaining funding for the construction of a new solar park
COBALT advised LHV Asset Management and LHV pension funds on the financing of Dimedium Group deal
COBALT advises AS PRFoods in selling its Swedish business
COBALT advised Asuntosalkku Oyj in the listing to the Nasdaq First North Growth Market Finland
COBALT advised LHV Pank, ING, and the European Investment Bank on financing the E-Piim project
COBALT advised PRFoods regarding the sale of Heimon Kala Finnish business
COBALT advised Asteria Group on the acquisition of Nordic Label and Data Print
COBALT advised Swedbank regarding the public offering of shares of AS Tallink Grupp
COBALT advised PRFoods on the issue of subordinated convertible notes and placement of secured notes
COBALT advised Mid Europa Partners on acquisition of leading Baltics e-commerce platforms
COBALT is advising Utilitas on acquisition of shareholding in AS Tallinna Vesi
COBALT advised AS Ekspress Grupp in connection with option programs
COBALT advised Alexela Varahaldus on taking a loan of 37 million euro from Sihtasutus KredEx
COBALT advises Ardian on acquiring Nevel Oy
COBALT advised Capfield on receiving a loan of EUR 85 million
COBALT advised LHV Pank on the establishment of its covered bond program
COBALT advised AS PRFoods on the public offering and listing of secured notes
COBALT advises AS PRFoods on the issue of notes
COBALT advised EIB on giving EUR 50 million venture debt facility to Bolt
COBALT advises Zeppelin Group on acquiring Baltic Marine Contractors
COBALT advised Luminor, Nordea and DNB on closing transaction with Blackstone
COBALT advised European Investment Bank on EUR 12 million loan to Elcogen
COBALT advised Scope on acquiring lingerie brand Miss Mary of Sweden
COBALT advised Sjølund Group on the acquisition of Cutform OÜ
COBALT advised Luminor on EUR 1 billion majority stake acquisition by Blackstone
COBALT advised SEB and Swedbank in extending a EUR 185 million financing to EUROAPOTHECA group
COBALT advised Port of Tallinn on its IPO and listing on Nasdaq Tallinn Stock Exchange
COBALT advised Alexela Tanklad OÜ on bond issue
COBALT advises on sale of Nordic Cinema Group
COBALT advises a syndicate of banks on €280m loan facility to AS Tallink Grupp
COBALT advised subsidiaries of Kaamos Grupp upon obtaining a financing from the EBRD
COBALT advised in a major refinancing transaction in Estonia
COBALT acted as local counsel in a transaction between leading global aircraft leasing companies
COBALT acted for a syndicate of banks in a major financing transaction with AS Graanul Invest
COBALT assisted Rakuten, Inc in the acquisition of 100% of the shares in Fits.me Holdings Limited
COBALT acted as joint counsel for Viru Keemia Grupp
COBALT acted as joint counsel in a major syndicated financing transaction
COBALT advised Ambient Sound Investments on the formation of a joint venture with Danish Autolog
COBALT advised Swedbank’s subsidiary FR&R Nemo B.V. on sale of stake in Arealis
COBALT advises SRV in development of VAASAN Group’s new bake-off factory in Estonia
COBALT advised parties in connection with a major syndicated financing in Estonia