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Kadri Kallas
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Kadri Kallas

Partner
Head of M&A Practice Group
Member of the Baltic Board
Tallinn, Estonia

Reputable international legal market directories, such as Legal 500, Chambers & Partners, Best Lawyers and IFLR, have recommended Kadri Kallas as a leading expert in her field, complimenting her "pragmatic, quick, reliable, solution-oriented and straightforward approach".

 Kallas Kadri v2NGP 2021 Kadri v2    chambers europe 44 v2    chambers global 44 v2     iflr 44    

Practices

Industries

  • About

    Kadri Kallas has extensive experience in the areas of commercial and corporate law, mergers and acquisitions, private equity and venture capital. She has advised strategic investors, private equity funds and companies included in their portfolios, as well as venture capital investors and growth companies on strategic investments, joint ventures, mergers, acquisitions and demergers, and provided general business advice. She has also worked for the London office of an international US-based law firm.

    Reputable international legal market directories, such as Legal500, Chambers Europe, Best Lawyers and IFLR, have recommended Kadri Kallas as a leading expert in her field.

  • Major Projects
    • 25.09.2024

      TGS Baltic advised 2C Ventures and AS SmartCap

      TGS Baltic team advised 2C Ventures and AS SmartCap Green Fund on making investments into deeptech startup ÄIO tech.

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    • 04.09.2024

      TGS Baltic advised TÜV SÜD AG on the acquisition of Carspect Group Holding AB

      TGS Baltic team assisted TÜV SÜD AG, a global provider of testing, inspections and certification solutions, with the acquisition of Carspect Group Holding AB, with subsidiaries in Sweden: Carspect Group AB, Carspect Sweden Holding AB, and Carspect AB, in Estonia – Osaühing A-Ülevaatus, and Latvia – Scantest SIA.

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    • 16.01.2024

      TGS Baltic advised Estonia’s state fund SmartCap on making an investment into Estonian deeptech startup Up Catalyst in its 4MEUR seed round

      TGS Baltic advised AS SmartCap Green Fund on making an investment into Estonian deeptech startup Up Catalyst in its 4 MEUR investment round led by German climate tech VC fund Extantia, supported by SmartCap along with the existing investors Sunly, Little Green Fund, Scottish Baltic Invest, and UniTartu Ventures.

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    • 03.01.2024

      TGS Baltic assisted Enefit Green AS with selling Brocēni pellet mill and cogeneration plant in Latvia to Warmeston OU, the leading Estonian wood pellet producer.

      Enefit Green AS has agreed to divest Brocēni pellet mill and biomass CHP plant to Warmeston OU by selling 100% shares of Enefit Green SIA (now Warmeston SIA) and SIA Technological Solutions. Brocēni business includes a pellet mill and a biomass cogeneration plant, both built in 2016.

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    • 29.11.2023

      TGS Baltic assisted Enefit Green AS with selling Paide and Valka district heating businesses in Estonia and Latvia to AS Utilitas Eesti, Estonia's largest district heating company.

      Enefit Green AS has agreed to divest Paide and Valka district heating businesses to AS Utilitas Eesti by divesting Paide business and 100% shares in the Valka district heating company SIA Enefit Power & Heat Valka. In Paide, the transaction consists of a district heating enterprise whose assets include a cogeneration plant commissioned in 2015, a biomass boiler plant, a reserve boiler house, and a solar park.

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    • 24.10.2023

      TGS Baltic advised the private equity fund BaltCap on the acquisition of VKG Elektrivõrgud

      TGS Baltic advised BaltCap, the leading Baltic private equity fund on entering into the agreement for the acquisition of VKG Elektrivõrgud. VKG Elektrivõrgud is the second largest regulated distribution network in Estonia after the state-owned Elektrilevi.

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    • 13.10.2023

      TGS Baltic advised Hawesko on entering into a strategic partnership with the Dunker Group

      TGS Baltic represented the stock exchange listed premium wines trading group Hawesko who is entering into a strategic partnership with the Dunker Group, the leading wine and spirits wholesale trading group in the Baltics, and in this context is acquiring 50 percent of the shares in Dunker Group OÜ. 

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    • 12.10.2023

      TGS Baltic advised Paul-Tech in attracting an investment of 1.4 million from leading Estonian venture capital investors

      TGS Baltic advised the client throughout the entire transaction, from the negotiation and preparation of Estonian transaction documents to the completion of the transaction. The investment round was led by the Estonian venture capital fund Superangel, in which SmartCap, Honey Badger Capital, Estonian Business Angels Network (EstBAN), Tatoli AS, Overkill VC and business angels from Sweden participated.

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    • 10.02.2023

      TGS Baltic advised venture capital fund NFT.VC on making an investment into FoodTech startup äio tech OÜ

      TGS Baltic advised the client during the entire transaction, from legal due diligence of äio tech OÜ until negotiation and finalisation of the transaction documents and closing of the investment into äio tech OÜ.

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    • 06.02.2023

      TGS Baltic advised VOOL on raising 1.7 MEUR investment

      TGS Baltic advised VOOL, a start-up developing a complete electric car charging solution, on raising 1,7 MEUR investment. The investment round included leading Estonian venture capital investors as well as various known angel investors, including the former President of Estonia, Kersti Kaljulaid.

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    • 08.11.2022

      TGS Baltic advised the founder of SpiderFoot, a best-in-class provider of open-source intelligence, attack surface management and digital investigations

      TGS Baltic advised on the sale of SpiderFoot to Intel 471 Inc., the premier provider of cybercrime intelligence for leading security, fraud, and intelligence teams in the world.

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    • 18.05.2022

      TGS Baltic advised Truffle Capital on leading a 5.5 MEUR investment into insurtech startup Cachet

      Law Firm TGS Baltic advised the European fund Truffle Capital SAS on leading a 5.5 MEUR investment round into startup Cachet, which provides smart insurance solutions. TGS Baltic advised the client during the entire transaction, from legal due diligence of Estonian companies to drafting and negotiating the transaction documents and closing the investment.

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    • 31.03.2022

      TGS Baltic advised ZAKA Startups who led the Alpha AR investment round

      TGS Baltic advised ZAKA Startups on leading a EUR 728,000 investment round in Alpha AR OÜ. Alpha AR plans to use the raised financing to develop its 3D-modelling platform.

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    • 21.03.2022

      We advised AS Eesti Post on the acquisition of the newspaper delivery service provider AS Express Post

      Law Firm TGS Baltic experts Triinu Järviste, Kadri Kallas, and Mari Anne Valberg advised AS Eesti Post on the transaction by which AS Ekspress Grupp and AS Postimees Grupp sell the shares of AS Express Post, which is providing the newspaper delivery service in bigger cities, to Omniva.

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    • 27.02.2022

      TGS Baltic advised Open Air Group AB

      TGS Baltic advised Open Air Group AB, a holding company focusing on products for hunting and outdoor, currently active in Finland, Sweden and Norway in a transaction, where Open Air Group AB acquired Aclima, the leading manufacturer of professional and outdoor merino wool clothing in the Nordics.

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    • 01.02.2022

      TGS Baltic advised BaltCap on the sale of BPT Real Estate, one of the largest property management companies in the Baltics, to Newsec

      TGS Baltic advised BaltCap, the largest private equity investor in the Baltic region, selling one of the largest property management companies in the Baltics – BPT Real Estate.

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    • 06.01.2022

      TGS Baltic assisted OptiGroup with its acquisition by FSN Capital.

      On 18 December 2021, FSN Capital VI signed an agreement to acquire OptiGroup and the Dutch company Hygas to create a European Group in the business-to-business distribution industry. FSN Capital VI will be the leading shareholder in the combined Group, and OptiGroup’s current shareholders, Altor Fund II, Triton II Fund and RoosGruppen AB will remain as minority owners. The transaction is expected to be finalised in the first quarter of 2022 subject to customary statutory approvals. The parties have agreed not to disclose the details of the transaction.

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    • 09.09.2021

      TGS Baltic advised the venture capital fund OTB Ventures as the lead investor in Fractory’s 7.5 MEUR Series A round

      The transaction is the first investment of the venture capital fund OTB Ventures in Estonia and is also one of the largest early-stage capital raisings in Estonia. OTB Ventures operates mainly in Central and Eastern Europe and focuses on early-stage high-tech start-ups. With the investment, the start-up Fractory, which is developing a cloud-based metal work ordering platform, plans to grow its team and enter new markets in the USA, France, and Italy.

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    • 26.07.2021

      We advised Merko Ehitus Eesti on acquisition of 35% holding in Connecto Eesti

      TGS Baltic advised Merko Ehitus Eesti AS, the largest construction and property development company in Estonia, on the acquisition of a 35% holding in the company Connecto Eesti.

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    • 16.07.2021

      We advised Nõo Lihatööstus on repurchase of 29% holding

      TGS Baltic’s partners Leonid Tolstov, Kadri Kallas, Helmut Pikmets and associate Maris Vutt advised Nõo Lihatööstus – Estonia’s largest enterprise operated with local capital – on the repurchase of a 29% holding from a competitor with whom they have been engaged in several disputes over the years.

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    • 01.07.2021

      We advised BaltCap in its exit from the leading Estonian waste management company AS Eesti Keskkonnateenused.

      TGS Baltic advised BaltCap, the largest private equity fund manager in the Baltic states, in its exit from the leading Estonian waste management company AS Eesti Keskkonnateenused.

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    • 05.01.2021

      TGS Baltic assisted investment company De Maria Project in acquisition of Energate

      TGS Baltic assisted investment company De Maria Project in the acquisition of Energate, a natural gas distribution, sales and network development company in Estonia, from a group of private financial investors led by investment company Capital Mill.

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    • 15.12.2020

      TGS Baltic advised Mubadala Investment Company on 14 million dollar investment in MEL Science

      MEL Science has raised USD 14 million in Series B funding from investors to support expansion of its subscription-based science education business.

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    • 24.11.2020

      We are advising a US Nasdaq listed leading business-to-business supplier of internet gaming software-as-a-service solutions Gan Limited on acquisition of online gaming platform Coolbet

      TGS Baltic are advising Gan Limited on all Estonian law aspects, from conducting legal due diligence and advising on regulatory matters to assisting the client in the finalisation of the transaction documents.

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    • 05.02.2020

      We advised Nasdaq-listed fintech company Opera on the acquisition of Pocosys

      TGS Baltic advised the Opera group, which is listed on stock exchange Nasdaq in the USA, on entry into a contract of purchase for the acquisition of fintech company Pocosys and its sister company, a licensed payment institution, Pocopay from Poco Holding where Indrek Neivelt has a large shareholding.

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    • 31.12.2019

      TGS Baltic advised Veho on selling its subsidiary

      TGS Baltic advised the largest car dealership in the Scandinavian and Baltic region Veho on selling its subsidiary Veho Eesti AS. In addition, we advised in the sale of two registered immovables where Veho car show rooms operate. Established in 1992, Veho Eesti was, until now, engaged in import of Citroën passenger cars and utility vehicles and retail sale of Honda.

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    • 23.07.2019

      Advising JPJ Group plc on the acquisition of Gamesys (Holdings) Ltd

      TGS Baltic’s M&A team, consisting of partner Kadri Kallas and junior counsel Mirko Kikkamägi, advised London-listed online gaming operator JPJ Group plc on the Estonian law aspects of its £490m conditional acquisition of Gamesys (Holdings) Limited.

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    • 16.07.2019

      Advising Creandum on making an investment into Klaus

      TGS Baltic advised Creandum, the leading European early-stage venture capital firm, on making an investment into the Tallinn-based startup Klaus (formerly Qualitista), a customer support platform.

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    • 26.06.2019

      Advising on the divestment of KAFO Eesti

      TGS Baltic advised on the divestment of the seller of coffee dispensing machines and coffee KAFO Eesti to Lithuanian wholesale group Eugesta.

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    • 30.04.2019

      Advising Chaga on investment round on the Funderbeam platform

      TGS Baltic's team, led by partner Kadri Kallas, advised Chaga, an Estonian producer of organic food supplements, on its investment round on Funderbeam, a funding and trading platform which enables small investors to buy and sell equity stakes in private companies.

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    • 04.04.2019

      Advising selling the shares of Vopak E.O.S. to Abu Dhabi based Liwathon

      TGS Baltic's M&A team led by partner Kadri Kallas advised Royal Vopak N.V and Global Ports Investments PLC in selling the shares of Vopak E.O.S., the largest independent oil terminal operator in the Baltics, to Abu Dhabi based Liwathon. The new name of the logistics company will be Liwathon E.O.S.

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    • 07.02.2019

      TGS Baltic assisted LMT GROUP AB (Sweden) with acquisition of a number of PLM Group companies in Latvia and Estonia.

      TGS Baltic assisted Bengt Svante Liljedahl company LMT GROUP AB (Sweden) with closing of acquisition of PLM Group companies in Latvia, Estonia, Sweden, Denmark, Finland, Norway, and Iceland.

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    • 04.10.2018

      Advising Posti on Estonian law aspects during the acquisition of Transval

      TGS Baltic’s M&A team led by partner Kadri Kallas advised Posti, the leading postal and logistics service company in Finland, on Estonian contract law and employment law aspects regarding acquiring the in-house logistics company Suomen Transval Group. The transaction is subject to the approval of the Finnish Competition and Consumer Authority.

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    • 11.09.2018

      Assisting IK Investment Partners in the acquisition of Katsastus Group’s operations

      IK Investment Partners acquired the shares of vehicle inspection companies A-Ülevaatus OÜ in Estonia, SIA Scantest in Latvia, A-Katsastus AB in Sweden and Autotest Polska Sp. Z o.o. in Poland (“the Group”) from A-Katsastus Group Oy, one of the leading European companies providing vehicle inspection, trade-in inspection and registration services.

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    • 21.08.2018

      Advising Ermitažas in acquiring Bauhof

      TGS Baltic advised UAB Ermitažas, a major Lithuanian chain offering finishing goods, gardening items, and construction materials, in the acquisition of the Estonian company Bauhof, which is a leader in the same sector. After the acquisition UAB Ermitažas became the third largest merchant of construction materials and household items in the Baltics.

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    • 26.04.2018

      Advising Bergs Timber in acquiring Norvik’s operations in the Baltics and the United Kingdom

      TGS Baltic’s cross-border M&A team led by partner Kadri Kallas advised Swedish Bergs Timber AB (publ) in acquiring Vika Wood and Byko-lat (Latvia), EWP AS and Laesti AS (Estonia) and Norvik Shipping (United Kingdom) from Icelandic Norvik hf.

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    • 16.03.2018

      Euroapteek completed the transaction to acquire Ülikooli Apteek pharmacy network

      Estonian M&A team of TGS Baltic led by partners Kadri Kallas and Sander Kärson advised Euroapteek on the acquisition of Ülikooli Apteek pharmacy chain in Estonia.

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    • 01.02.2018

      Advising Euroapteek on the acquisition of Ülikooli Apteek pharmacy chain in Estonia

      Estonian M&A team of TGS Baltic led by partners Kadri Kallas and Sander Kärson advised Euroapteek, part of the Nordic and Central and Eastern Europe’s leading pharmacy group Euroapotheca, on the acquisition of Ülikooli Apteek pharmacy chain in Estonia, after which Euroapteek integrated 13 Ülikooli Apteek branded pharmacies to its network of 73 pharmacies.

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    • 16.01.2018

      Advising AxFlow on entering Baltic fluid-handling market

      The M&A team at TGS Baltic led by associate partner Kadri Kallas advised AxFlow, the Fluid Handling Solutions business group of Axel Johnson International, on entering the Baltic market by acquiring Bahr Pump OÜ (Estonia), Pumptechnique SIA (Latvia) and Flow Technologies UAB (Lithuania). The firm advised AxFlow on the due diligence, structuring of the transaction and assisted on the closing.

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    • 18.12.2017

      Assisting Ascalon Holding GmbH in acquiring 47% ownership in Scancerco Oy

      TGS Baltic’s M&A team led by associate partner Kadri Kallas assisted Austrian headquartered Ascalon Holding GmbH in acquiring a 47% ownership in Finnish Scancerco Oy, a wholesale company for door, window and building industry. The existing shareholders will keep the majority shareholding in Scancerco Oy.

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    • 10.07.2017

      Advising LHV Pension Funds on investing into Lithuanian based cable TV and internet services provider Cgates

      The cross-border team at TGS Baltic led by associate partner Kadri Kallas (Estonia) advised one of the largest Baltic pension fund managers LHV Pension Funds on investing in Cgates, a leading Lithuanian provider of cable television and internet services, together with consortium partners Livonia Partners, a pan-Baltic private equity firm, and Ambient Sound Investments.

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    • 28.03.2017

      Advising EstateGuru in the investment by Helmes

      The firm’s M&A team led by Associate Partner Kadri Kallas advised real estate crowdfunding platform EstateGuru in the transaction whereby Helmes, one of the leading software developers in Estonia, acquired 4% of the company’s shares.

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    • 07.03.2017

      Advising Citypark Eesti in selling its shares to Modus Group

      The firm’s M&A team led by associate partner Kadri Kallas advised Citypark Eesti, one of the largest parking services providers in Estonia, on selling its shares to a Stova which belongs to the Lithuanian headquartered Modus Group.

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    • Advising on the divestment of an invoicing and financial automation business

      Advising on the divestment of an invoicing and financial automation business to a major private equity fund.

    • Advising a global 3D printer manufacturer in acquiring a start-up

      Advising a global 3D printer manufacturer in acquiring a start-up focused on developing engineering software.

    • Advising on the acquisition of a leading Baltic food production and sales company

      Advising on the acquisition of a leading Baltic food production and sales company, as well as conducting the post-acquisition cross-border merger of the company.

    • Advising on the restructuring of an energy group

      Advising on the restructuring of an energy group and preparing and carrying out the divestment of the sales and infrastructure companies formed in the course of the restructuring.

  • CV

    Memberships

    2018
    Management Board Member of Estonian Bar Association
    2016
    International Bar Association (IBA)
    2008
    International Association of Young Lawyers (AIJA)
    2004
    Estonian Bar Association

    Professional career

    Since 2018
    Partner, law firm TGS Baltic
    2017–2018
    Associate Partner, law firm TGS Baltic (formerly Varul)
    2016–2017
    Associate Partner, law firm Varul
    2011–2016
    Specialist Counsel, law firm Sorainen
    2008–2011
    Senior Associate, law firm Sorainen
    2005–2008
    International Associate, law firm Vinson & Elkins (London)
    2004
    Associate, law firm Sorainen
    2003–2004
    Lawyer, law firm Sorainen
    1999–2003
    Lawyer, SEB Pank
    1998–1999
    Assistant Lawyer, SEB Pank

    Education

    2005
    University College London, Corporate and Securities Law, LLM
    1999
    University of Tartu, Faculty of Law, BA
  • Publications