Mainor Ülemiste AS acquired a 51% stake in Technopolis Ülemiste AS, thereby taking full control of Ülemiste City, the largest business park in the Baltics. As part of the transaction, Mainor Ülemiste also attracted a new investor, Mulligan Capital OÜ, a joint investment company established by Anders Anderson and Ivar Vendelin, both with Estonian capital.
As a result of the transaction, Mainor Ülemiste has become the sole shareholder of Technopolis Ülemiste. According to Guido Pärnitsa, Chairman of the Supervisory Board of Mainor Ülemiste, this transaction will breathe new life into the development and growth of the Ülemiste campus and pave the way for new projects that will make the Ülemiste campus one of the most valuable economic areas in the region. Pärnits added that TRINITI proved to be a very good partner to consult and execute such complex, international deals, both in terms of its professionalism and its cooperation capabilities. The very good work attitude and high work ethics cannot be overlooked either, Pärnits added.
Mainor Ülemiste is a subsidiary of Mainor AS, whose core business is the development of Ülemiste City, the largest business district in the Baltics, covering an area of 30 ha. Over the past 20 years, 167 000 m2 of office space, health centres and residential buildings have been completed in Ülemiste. The Ülemiste Campus is ranked third in Estonia in terms of labour taxes paid, and the annual turnover of the entire campus is more than €2.4 billion, of which one fifth is accounted for by exports from the IT sector. Ülemiste City is home to nearly 500 companies and a working, learning and living environment for 16 000 people.
TRINIT’s legal assignment included advising on the design of the transaction structure in relation to the raising of the investment on the one hand and the acquisition of the stake in Technopolis Ülemiste on the other hand, drafting and negotiating a large number of transaction documents (including the documents governing the relations between existing and future shareholders and the financing of the transaction) with all parties, the merger control procedure of the Competition Authority and the overall legal execution of the transaction.
On TRINITI’s side, the task was led by Siim Maripuu, head of the firm’s transaction team and partner. Transaction documents were drafted and negotiated by Ain Kalme and Sten Veidebaum and assisted by Peeter Paju. Partner Tanel Kalaus and seenior associate Mikk Põld played an important role in the transaction structure planning, corporate procedures, shareholder relations and merger control procedures. Janel Jan-Marcus Lohvart, juunior associate, also assisted in advising on the transaction.
