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TRINITI advised Utilitas, the largest district heating company of Estonia, in capital raising

TRINITI Law Firm advised the owners of OÜ Utilitas in a transaction whereby the company raised capital by private placement to investment fund EDIF II which acquired an 85% holding in the company.

Utilitas is a leading privately held Estonian energy company with two combined heat and power plants in Tallinn and distance heating networks in eight cities in Estonia. The company supplies heat to 166 000 households in Estonia.

EDIF II is an investment fund based in London and specialising in investments in energy, transport and infrastructure with the total volume of over 2.1 billion euros. Utilitas constitutes the first investment in the Baltic states for EDIF II. In addition to the fund investors, the transaction was financed by the syndicate banks Skandinaviska Enskilda Banken, Crédit Agricole and HSH Nordbank.

Ergo Blumfeldt, the attorney at law leading the transaction team from TRINITI, explained: “By engaging this foreign investor, Utilitas will have new opportunities in sector where it is already the market leader in Estonia. The investment by EDIF II is another quality mark for Estonia which indicates how attractive our country and also the renewable energy sector appears to be. From legal point of view, it was one of the most exciting transactions that TRINITI has ever had and it really made it possible to apply the knowledge and experience of various experts of our law firm. Thank you, Ain Kalme, Mikk Põld, Sandor Elias, Ramil Pärdi, Tõnis Tamme, Sten Veidebaum, Birgitta Ots, Karmen Turk, Klen Laus, Maarja Lehemets, Maarja Pild, Martin Järve and Siim Maripuu!”

TRINITI is a Pan-Baltic law firm specialising in business law and we advised Utilitas and the owners of the company in conducting a vendor legal due diligence and negotiating transaction documents with the investor and financers.