` Marina Kotkas | COBALT

Marina Kotkas

Partner / Estonia


Marina Kotkas is a Partner and co-chair of the Banking & Finance practice group at COBALT Estonia. 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.


  • Chambers Europe, Banking and Finance, Ranked Lawyer, Band 1 – 2008 – 2024
  • Legal 500, Banking, Finance, and Capital Markets, Leading Individual – 2020 / 2021 / 2022 / 2023 / 2024
  • IFLR 1000, Banking, Capital Markets, Market Leader – 2020/ 2021 / 2022


  • Estonian, Russian, English

Membership & education

  • 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)

    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 Mirova Energy Transition on obtaining funding for the construction of their new solar parks

    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 Luminor in its 500 million euro Covered Bond emission and updating the Covered Bond Programme

    COBALT advised LHV Pank, ING, and the European Investment Bank on financing the E-Piim project

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

    COBALT advised LHV Asset Management and LHV pension funds on the financing of the Liven project development

    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 Luminor Bank in updating its EUR 3 billion Euro Medium Term Note and Covered Bond Programme

    COBALT advised Nordic Aviation Capital regarding contract amendments and re-registration of guarantees

    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 Nordic Aviation Group on entering into an 8 million euro revolving loan facility agreement with Sihtasutus KredEx

    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 advised Luminor Bank on the first issue of covered bonds in the Baltic region, in the amount of EUR 500 million

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

    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 Morgan Stanley in connection with the financing of the acquisition and takeover bid of Olympic Entertainment Group shares

    COBALT advised Alexela Tanklad OÜ on bond issue

    COBALT advises managers of the Baltic entities of pharmaceutical wholesale company Oriola in management buy-out

    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 AS TMB, one of the largest manufacturers of concrete elements in the Baltics, on its acquisition of Betonimestarit-Group

    COBALT advised a leading aircraft management company in a transaction for the transfer of aircraft lease agreements

    COBALT advised in a major refinancing transaction in Estonia

    COBALT advised Export Development Canada on the sale and transfer of loans and collateral to Osaühing Transpordi Varahaldus

    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 advised Nordea Bank AB

    COBALT assisted Rakuten, Inc in the acquisition of 100% of the shares in Fits.me Holdings Limited

    COBALT acted for Nordea Bank AB Estonia branch and Swedbank AS in two major syndicated financing transactions for Alexela Group OÜ

    COBALT acted as joint counsel for Viru Keemia Grupp

    COBALT acted as joint counsel in a major syndicated financing transaction

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

    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 advised East Capital Explorer upon acquisition of majority stake in leading Estonian communication services provider Starman

    COBALT advises EPhaG AS on the investment into its Moscow-listed subsidiary Pharmsynthez by US based OPKO Health Inc.

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

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

    COBALT advised ATEA Baltic UAB, a part of ATEA – the leading Nordic and Baltic supplier of IT infrastructure, in an acquisition

    COBALT advised an Estonian private equity investment company OÜ Ambient Sound Investments on an acquisition

    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

    We are driven by your recognition

    Clients describe her as a "very smart and knowledgeable" partner, with one source reporting: "She was responsive to our questions, delivered on time and was also proactive in making her own recommendations."
    Chambers Europe 2021, Banking & Finance