` Tõnu Kolts | COBALT

Tõnu Kolts

Managing Associate / Estonia


Tõnu Kolts is a Managing Associate at COBALT Estonia, specializing in tax law, equity compensation plans, and company restructuring.

Internationally recognized as a tax expert, Tõnu possesses extensive experience advising both domestic and international clients. He has played a pivotal role in advising on several recent major transactions in Estonia from a tax perspective. Tõnu’s comprehensive background in tax law allows him to provide clients with tax-efficient solutions for company restructuring.

In addition to his tax expertise, Tõnu brings substantial knowledge and experience in equity compensation plans, offering clients tailored solutions that meet the diverse needs of businesses navigating the complex landscape of employee incentives. Whether you are looking to create a stock option plan or seeking to implement global equity compensation strategies, Tõnu is dedicated to delivering results that align with your unique business objectives.

Prior to joining the COBALT team, Tõnu worked as a tax advisor for one of the BIG4 audit firms in Estonia.

Tõnu has been a member of the Estonian Bar Association since 2015 and has been actively contributing to the Estonian Bar Association’s Tax Law Committee since 2020.


  • Chambers Europe, Tax, Associates to watch – 2024
  • The Legal 500, Tax, Rising Star – 2020 / 2021 / 2022 / 2023 / 2024


  • 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)

    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 advised Ekspress Group on acquiring Geenius Meedia

    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