Experts / Tõnu Kolts

Tõnu Kolts

Managing Associate / Estonia

About

Tõnu Kolts is a Managing Associate at COBALT Estonia, specializing in tax law, corporate restructuring, and equity compensation plans. He co-leads COBALT’s tax advisory services and the Private Wealth industry group in Estonia.

Internationally recognized as a tax expert, Tõnu advises domestic and international clients on complex tax matters. He has played a key role in several of Estonia’s most significant transactions, providing tax-efficient structuring solutions for mergers, acquisitions, and reorganizations.

Alongside his tax practice, Tõnu has extensive experience in equity compensation, helping businesses design and implement tailored incentive schemes — from local stock option programs to global equity strategies — with a focus on compliance and strategic alignment.

Before joining COBALT, Tõnu worked as a tax advisor at a Big Four firm in Estonia. He has been a member of the Estonian Bar Association since 2015 and, since 2020, serves on its Tax Law Committee.

Practice

Recognition

Experience

Publications

Tax – Leading Associate, The Legal 500 2025
Tax controversy – Rising Star, ITR World Tax 2025
Tax – Associates to watch, Chambers Europe 2025
Tax – Rising Star, The Legal 500 2024

Languages

Estonian, English

Membership & education

Estonian Bar Association’s Tax Law Committee (since 2020)
Estonian Bar Association (2015)
Master of Arts in Law (M.A.) , University of Tartu, Faculty of Law, Estonia (2010)
Bachelor of Arts in Law (B.A.), University of Tartu, Faculty of Law, Estonia (2008)

COBALT successfully represented a client in a complex dispute about the division of assets

Admicom acquires Estonian IT company Bauhub OÜ

Conus Assets sells logistics center, leased by ELP Logistics OÜ, to EfTEN

Karma Ventures invests in the Estonian cybersecurity startup Patchstack leading the USD 5 million Series A investment round

BonVenture invests in Fairown, supporting EUR 5.7 million seed extension for German expansion

BaltCap invests in FitekIN and ONEA software platforms

Karma Ventures leads Pactum AI’s $20 million Series B round

C.D Holding Internationale acquires a majority stake in Stebby OÜ

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

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

Via3L Spedition OÜ won in court against firm’s former managers

VKG sold VKG Elektrivõrgud to Baltcap

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

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

COBALT advised SCHWENK on acquiring a majority stake in Betoonimeister

COBALT advised Nordtreat on raising a 4 million euro investment

COBALT advised Ekspress Group on acquiring Geenius Meedia

COBALT advised Zurich Insurance Group on acquiring AlphaChat

COBALT advised Hambalaser on the sale of dental clinics to Unimed Clinics

COBALT advised Asteria Group on the acquisition of Nordic Label and Data Print

COBALT advised the sale of Icefire to Checkout.com

COBALT advised AS Green Marine on obtaining an excise warehouse license

COBALT advised on sale of 50% of logistics company Nordassets

COBALT advised AS Ekspress Grupp in connection with option programs

COBALT advised Ambient Sound Investments in sale of InBio to Semetron

COBALT advised Fortumo on selling its business to Boku

COBALT advised Steel Import Finland Oy on acquiring FinEst Metallid

COBALT advised Hansab Group on selling their stake in Moya OÜ

COBALT advised EIB on giving EUR 50 million venture debt facility to Bolt

COBALT advises Zeppelin Group on acquiring Baltic Marine Contractors

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 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 subsidiary of Alexela Group in acquisition of a Finnish company Helon Kuumasinkitys

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

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

COBALT advised AS Helmes on launching their option program

COBALT advised Ambient Sound Investment on sale of Ecofleet Holding

COBALT advised Yliopiston Apteekki OY on selling its pharmacy chain

COBALT advised BaltCap on sale of Magnetic MRO

COBALT advised Baltic Horizon Fund on acquiring Piirita shopping centre

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

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

COBALT advised Hanza Holding AB in the Estonian aspects of the acquisition of Metalliset Group

Key amendments in Estonian tax legislation in 2025

The long-written guidance from the Tax Administration provides much-needed clarity

Comprehensive guide to taxation and key aspects of equity and cash-based compensation plans in Estonia

We are driven by your recognition

"I normally work with Tõnu Kolts, who clearly stands out of the crowd. He's very talented and also understands non-tax issues so that the answer is comprehensive enough for the purposes of the client."

Legal 500 2025, Tax

"Tõnu Kolts is very easy to work with. He has strong legal skills and is practical in his advice."

Chambers Europe 2025, Tax

"He has experience across the spectrum, is able to understand and help with any question and is one of the smartest people to work with."

Chambers Europe 2024, Tax