Baker McKenzie and COBALT selected the legal advisers of the IPO of the Port of Tallinn
The Port of Tallinn says it continues preparing to have its shares listed on the Nasdaq Tallinn Stock Exchange. An international competition for finding the legal adviser of the issuer was organised jointly with the independent financial advisers of the process, STJ Advisors and Superia. Eight joint tenders were received during the competition and the one submitted by the internationally renowned Baker McKenzie and COBALT, which operates in Estonia, was declared the best.
CFO and Board Member of the Port of Tallinn Marko Raid said that the deciding factors in the selection were the reasonable price combined with the international experience of Baker McKenzie and the local market knowledge of COBALT. Both firms have extensive prior advisory experience, both in terms of capital market transactions in general as well as in providing legal advice in similar IPOs.
The role of the legal adviser will be to assist the issuer in all legal aspects of the IPO process, incl. the organisation of the preparation of the issue prospectus and giving the legal confirmations related to the issue.
The next steps will be the submission of the detailed action plan and schedule of the IPO to the Government in September and then to start selecting the companies that will carry out the IPO.
The public quotation of up to 30% of the shares of the Port of Tallinn was agreed in the coalition agreement of the Government. The company’s goal is to list the shares on the Nasdaq Tallinn Stock Exchange by the end of the first half of 2018. This is an important and positive process for the Port of Tallinn, which allows it to focus even more on its areas of business and improve the international reputation of the company and Estonia alike.