` Mart Blöndal | COBALT

Mart Blöndal

Specialist Counsel / Estonia


Mart Blöndal is a Specialist Counsel, specialising in European Union, competition law and state aid at COBALT Estonia.

Mart has advised clients in all areas of competition law, including merger control, dominance, and prohibited cooperation issues. In the field of state aid, Mart has advised clients on various complex state aid issues, including various proceedings with administrative bodies and the European Commission. In addition, Mart is focused on energy and information technology sectors.

Mart’s work in advising clients has contributed to the creation of significant players in the Estonian market and the clarification of key state aid principles. In this way, Mart has contributed to the creation of Luminor as the first truly Baltic bank and represented the European Commission in the landmark Eesti Pagar case.


  • Chambers Europe, Competition/Antitrust, Up and coming – 2024


  • Estonian, English, German

Membership & education

  • Estonian Bar Association (2017)
  • Master of Laws (LL.M) degree in European business law, Lund University, Sweden (2016)
  • Bachelor of Arts in Social Sciences (B.A.), law, University of Tartu, Faculty of Law, Estonia (2014)

    Livonia (KS Livonia Partners Fund II AIF) acquired a stake in Telema AS

    AS Terminal defends its rights in the liquid fuel market regarding violations committed by Olerex

    Mirova invests in Baltic Storage Platform, a joint venture between Corsica Sole and Evecon

    Combiwood Group acquires the Estonian wood supply business from Metsä Group

    The shareholders of TMB Element sells its shares to INHUS

    Warmeston OÜ acquires Brocēni cogeneration plant and pellet factory in Latvia from Enefit Green

    Livonia Partners acquires a stake and invests in Wildix OÜ

    FootonVolt OÜ sold Estonia’s first industrial solar park to KC Energy OÜ

    Change Ventures invests in startup Formaloo

    COBALT advises the majority shareholder of AS TOODE, Amber Trust II S.C.A. in the sale of its shares to Kingspan Group

    The majority shareholder of Hansab sells its majority stake to BaltCap

    HellermannTyton acquires Estonian microduct manufacturing company Höhle

    COBALT advised SCHWENK on acquiring a majority stake in Betoonimeister

    COBALT advised Mirova Energy Transition 5 S.L.P on signing a contract with renewable energy developer Evecon OÜ

    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 assisted the client in an internal investigation and successfully defended the client in a cartel criminal case

    COBALT successfully represented Tallinna Sadam in Tallinn Circuit Court

    COBALT advised Elektrum Eesti on the acquisition of three energy companies

    COBALT advised Elektrum Eesti on acquiring the Imatra Elekter electricity retail sales business

    COBALT advised Wolt in supervision proceedings of the Estonian Competition Authority

    COBALT successfully represented AS Tallinna Sadam in a civil dispute

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

    COBALT advises Flügger on gaining the majority stake in Eskaro group

    COBALT assisted in obtaining the state aid authorisation from the European Commission

    COBALT advised Steel Import Finland Oy on acquiring FinEst Metallid

    COBALT advised Baltic Agro Machinery OÜ on the sale of John Deere business

    COBALT advised DA Agravis Machinery Holding on acquiring 55% of AS Konekesko Eesti

    COBALT advised Hansab Group on selling their stake in Moya OÜ

    COBALT advised SEB life insurance undertakings on cross-border merger in the Baltics

    COBALT represented the European Commission in major state aid cases in Estonian courts and Court of Justice

    COBALT advises Zeppelin Group on acquiring Baltic Marine Contractors

    COBALT advised Silberauto on selling its business in Estonia and Lithuania

    COBALT advised BP plc on a deal

    COBALT analysed compliance of activities of AS Eesti Teed with rules on state aid

    COBALT advises AS RAGN-SELLS on OSA project

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

    COBALT advises BaltCap Growth Fund on investing in Pihlakodu chain

    COBALT successfully represented UEFA

    COBALT advised Luminor on cross-border merger

    COBALT advised the majority shareholders of Baltic Media Holding on selling their shares to Havas

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

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

    COBALT advised Alexela Oil on the acquisition of 220 Energia

    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 Baltic Horizon Fund on acquisition of Postimaja shopping center

    COBALT advised Yliopiston Apteekki OY on selling its pharmacy chain

    COBALT advised BPM Capital on financing the investment of Tahe Outdoors

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

    COBALT advises DAVA Agravis Machinery Holding on acquisition of 45% of shares in Konekesko Ltd