Rūta Karpičiūtė, Partner at Ellex Lithuania, has been awarded the Lexology Index 2026 Client Choice award. She was recognised as the winner in the Healthcare & Life Sciences category and is the only recipient of this distinction in Lithuania.
This recognition reflects her long-standing commitment to delivering outstanding client service. Rūta has been consistently recognised by Lexology Index (formerly Who’s Who Legal) for nearly two decades, since 2007.
What makes this recognition even more meaningful is that it is based entirely on client feedback. Unlike many other legal rankings, it is not driven by peer review or submissions from law firms, but by nominations from corporate counsel. Thus, the award places a strong emphasis on service excellence – recognising not only professional reputation or deal size, but also how clients experience working with their legal advisers.
The awaited Legal 500 Europe, Middle East & Africa (EMEA) 2026 edition has once again recognised Ellex among the leading law firms in the Baltic region, reaffirming its position as a top-tier legal advisor across key practice areas.
This year, Ellex has achieved an exceptional number of Tier 1 rankings across Estonia, Latvia, and Lithuania, demonstrating consistent excellence and strength across the full-service offering.
Ellex offices in Estonia, Latvia, and Lithuania have been ranked Tier 1 in the following practice areas:
Banking, finance and capital markets;
Commercial, corporate and M&A;
Dispute resolution;
EU and competition;
IP, IT and telecoms / Intellectual property;
Real estate and construction;
Shipping and transport.
Additional Tier 1 recognitions include Employment (Latvia & Lithuania), and in Lithuania also Fintech, Projects & energy, and TMT (Technology, Media & Telecommunications). Tier 2 rankings in Tax across all three Baltic countries and Employment in Estonia. Our experts have received individual recognitions across key categories, including 14 Hall of Fame rankings, 23 Leading Partners, 17 Next Generation Partners, and 14 Leading Associates.
Our performance across the Baltics has remained stable and strong, and we see these results as an encouragement to keep doing what matters most – working closely with clients, gaining the perspective that helps us see further, and supporting them in navigating both today’s decisions and tomorrow’s challenges.
For over three decades, The Legal 500 has been analysing the capabilities of law firms worldwide, with a comprehensive research programme that is updated annually to provide the most current and in-depth view of the global legal landscape. The directory assesses the strengths of law firms in more than 150 jurisdictions.
Chambers & Partners has published the Chambers Europe Guide 2026, once again recognising Ellex as one of the leading law firms across the Baltics. The latest results highlight our focus on delivering strategic and client-focused legal solutions and reflects the high level of trust our clients place in our pan-Baltic team.
According to the rankings announced on March 19th, Ellex has maintained its Band 1 position in Dispute Resolution across all Baltic jurisdictions. Ellex have also been ranked as Band 1 for Corporate/Commercial (Estonia, Lithuania), Competition/Antitrust (Latvia, Lithuania), Banking & Finance (Estonia, Lithuania), Employment (Latvia, Lithuania), Intellectual Property (Estonia), and Real Estate (Estonia, Latvia).
This year, 65 Ellex professionals were ranked across 8 practice areas. Notably, 5 of our experts were honored with the highest individual distinctions: Filips Kļaviņš nominated as Senior Statespeople (Corporate/Commercial), Jevgēnijs Salims – Senior Statespeople (Dispute Resolution), Valentinas Mikelėnas – Senior Statespeople (Dispute Resolution), Giedrius Stasevičius – Senior Statespeople (Banking & Finance), Rolandas Valiūnas – Eminent Practitioner (Corporate/Commercial).
The Chambers Europe Guide is one of the most prestigious benchmarks in the legal industry, providing an objective analysis of law firms across the continent. These rankings are the summary of independent research, including interviews with clients and peers.
Ellex has maintained its presence in these rankings for two decades. For us, consistently being ranked at the top is not only a reflection of past achievements, but also a proof of our ongoing ambition to set the pace for legal innovation and client-focused excellence in the Baltics.
You may explore the full Chambers Europe Legal Guide 2026 here.
As of 9 March, Kevin Gerretz, senior associate, takes on the role of Head of Financial Regulatory at Ellex in Estonia. His work focuses on financial services regulation, anti-money laundering and counter-terrorist financing requirements, and capital markets. Kevin advises clients on complex regulatory matters, helping them navigate decisions that are informed, carefully balanced, and business‑oriented.
Extensive experience across the financial regulatory landscape
Kevin has a long-standing experience interpreting financial services and product regulation, compliance obligations and requirements applicable to market participants. His advisory practice covers financial products, services and critical financial infrastructure. He has assisted clients in areas including:
investment services and products;
credit provision and banking;
payment services;
securities market infrastructure, including central securities depositories and trading venues;
anti-money laundering and counter-terrorist financing measures, as well as international sanctions.
Kevin also has substantial experience representing clients in supervisory and licensing proceedings and in interactions with regulatory authorities, including situations where regulatory issues directly affect clients’ operational possibilities.
Key role in capital markets transactions
Alongside regulatory work, Kevin has broad experience in capital markets. He has advised on numerous debt and equity offerings and has participated in the issuance and admission-to-trading processes for a wide range of instruments.
Leadership and commitment to develop the next generation
Kevin leads the financial regulatory team at Ellex in Estonia and is actively involved in mentoring junior colleagues and interns. He values creating opportunities for younger lawyers to work on substantive matters and take responsibility early, strengthening both their professional growth and the long-term sustainability of the team.
Balancing detail and the bigger picture
Kevin emphasises that the highly regulated nature of the financial sector requires a precise understanding of detailed rules as well as the ability to see the broader context. Striking the right balance between risk-based compliance and business opportunity is essential, and central to the advice he provides.
Five deals advised by Ellex team have been shortlisted for the 2025 CEE Legal Matters Deal of the Year Awards. Organised by CEE Legal Matters, a leading legal industry publication covering Central and Eastern Europe (CEE), the awards, including shortlist, highlights transactions with major regional impact – from defence financing and renewable energy to cross‑border tech acquisitions and strategic infrastructure projects.
The shortlisted Ellex-advised deals in the Baltics:
Valstybės investicinis kapitalas’ UAB EUR 25 million bond issue, the first in the Nordic and Baltic markets to be listed under the Nasdaq European Defence, Resilience, and Infrastructure (NDRI) framework, specifically to finance the Rheinmetall ammunition factory and other Lithuania’s national security initiatives.
Eesti Energia’s voluntary takeover offer, squeeze-out of minority shareholders, and delisting of Enefit Green AS from the Nasdaq Tallinn Stock Exchange.
The divestment of 100% of the shares in security technology company Defendec Holding OÜ and its Estonian, UK and US subsidiaries to VOSKER, a Montreal-based provider of advanced surveillance solutions.
EUR 85.6 million financing from EBRD, NIB and Edmond de Rothschild AM to Baltic Storage Platform for Estonian BESS Projects.
Advising the lender on the Tele2 – Global Communications Infrastructure (GCI) 50/50 joint venture establishing a pan‑Baltic tower infrastructure company.
The Deals of the Year Awards this year received 301 submissions and a total of 253 deals are eligible for one or (in some cases) multiple awards this year.
The winners of the 2025 Deals of the Year award will be announced in May.
As of 9 March, Siim Vahtrus leads the environment and planning practice at Ellex in Estonia. Siim is a counsel who is one of Estonia’s most respected experts in environmental and planning law.
Siim has been a key member of our regulatory group since November 2025. Stepping into a leadership role is a natural next step in a field where decisions are both business‑critical and of broad public significance. His strengths lie in clear argumentation, strategic thinking and the ability to stay several steps ahead – giving clients confidence that every matter will reach a solid, well‑grounded outcome.
Experience that shapes decisions and the environment around them
Over 15 years, Siim has advised companies, the public sector and other clients on large‑scale projects that form the foundation of Estonia’s economy, spatial development and green transition:
major infrastructure (high‑voltage lines, railways),
renewable energy developments,
mining and waste management,
residential and commercial real estate planning.
His work also covers the stages following spatial planning – design conditions, building permits and use permits – enabling Siim to support clients throughout the entire lifecycle of development projects, from concept to execution.
Siim is also an experienced litigator with several significant victories in the Supreme Court, and a strong partner in regulatory matters where both investment and public interest are at stake.
Expertise that drives development
Siim is the co‑author of several key legal publications, including:
commentary to the general part of the Environmental Code Act,
the strategic environmental assessment guidelines,
the green network planning guidelines,
and he was one of the authors of the draft of the Industrial Emissions Act.
His background as a trainer in argumentation and negotiation gives him a clear advantage in situations that require both substantive accuracy and the ability to bring different stakeholders to a shared understanding.
International perspective and high standards
Siim graduated cum laude from the University of Tartu, having also spent a year at the University of Konstanz in Germany, where he gained professional proficiency in German. Before joining Ellex, he worked at the Estonian Environmental Law Centre and in two leading Estonian law firm. Experience that has given him a balanced and comprehensive view of the intersection between law and spatial development.
Siim summarises his work philosophy in three principles: passion for the field, objectivity in every situation, and awareness of one’s limits – both recognising them and working to exceed them. And yes, he believes humour has its place even in the most technical matters.
Welcome to the new role, Siim. Together, we see further.
Ellex Baltic Fintech Legal Outlook offers a comprehensive overview of the most significant legal developments and market trends expected to shape the fintech sector in Estonia, Latvia and Lithuania during 2026. Involving insights from leading legal experts in fintech, this publication highlights key regulatory changes (including PSD3/PSR, CCD II, EU AML package, MICAR, EU AI Act, Digital EURO) as well as country specific initiatives and elaborates on their impact to the local fintech markets.
In 2026, the Baltic FinTech landscape is defined by regulatory maturity, consolidation and cross-border ambition. Estonia remains a digitally advanced and credible fintech hub, benefiting from constructive engagement by the regulator and a shift towards sustainable, pan-European scaling. Latvia gains momentum with its FinTech Strategy 2026–2027, supported by active regulators´ backing and increased licensing activity, strengthening its position as an attractive innovation hub. Lithuania continues to offer efficient access to the EU market, while facing heightened supervisory expectations around AML, operational resilience, AI, cybersecurity and governance as EU regulatory integration deepens.
You can start reading or download the full report HERE.
Estonia: From rapid expansion to sustainable, regulated growth
Estonia enters 2026 as a mature fintech hub, building on its strong start-up culture, advanced digital infrastructure and a well-experienced regulator in technology-driven business models. While the market has peaked statistically in terms of start-ups and unicorns per capita, the focus has shifted from rapid growth to sustainability and cross-border scaling.
Regulation continues to play a decisive role in the sector in line with broader EU trends. Estonia’s relatively compact regulatory environment remains as an advantage, allowing for swift and constructive dialogue with the regulator. The regulator is placing strong emphasis on further enhancing the efficiency of Estonia’s regulatory landscape by reducing administrative burdens for market participants, streamlining regulatory requirements and introducing new solutions to facilitate a smoother and more efficient licensing process. At the same time, supervisory practice has become more selective resulting in higher licensing standards and a smaller but more credible market.
From a regulatory perspective, 2026 is defined by implementation rather than transition. MiCAR has changed the digital asset landscape, DORA has shifted the focus to operational resilience and ICT risk management, the upcoming application of the PSD3/PSR is redefining the provision of payment services and artificial intelligence is reshaping how the financial services are provided in general. These developments require fintech companies to combine technological innovation with regulatory maturity, reinforcing Estonia’s position as a stable and credible jurisdiction for financial services innovation.
Latvia: a coordinated push toward competitiveness
Latvia steps into 2026 with a new FinTech Strategy for 2026–2027 with a main objective to ensure that Latvia becomes a competitive FinTech hub in Europe by offering an attractive environment for licensing, innovation and growth.
With strong support from the legislators and the financial supervisory authority, Latvijas Banka, the country is on the right path to achieve this ambitious goal, as evidenced by an increasing number of authorizations issued to FinTech companies in 2025, including several CASP authorizations.
Lithuania: Alignment with evolving EU frameworks and stricter supervisory expectations
In 2026 Lithuania’s fintech ecosystem should anticipate alignment efforts with evolving EU frameworks, as well as stronger supervisory emphasis on AML, operational resilience, AI/automated risk models, cybersecurity and governance arrangements. Deeper EU regulatory integration with MiCAR, AML regulation, PSR and PSD3, among others, will be critical in ensuring both a growing competitiveness and appropriate risk management. While Lithuania remains as one of the key players in the European fintech ecosystem with a rapid market entry potential, stricter conduct expectations, supervisory oversight and maturity of compliance and risk management are expected to be defining topics this year.
About Ellex
Ellex is a leading law firm in the Baltics, providing comprehensive legal services to fintech companies and other business sectors. With a client-focused approach and unparalleled industry knowledge, we empower businesses at the forefront of innovation to thrive in an ever-evolving digital economy. Ellex stands out with its deep expertise and proven track record in navigating the complex legal landscape of fintech, digital assets, and IT law. Our clients say:
There are quite a lot of firms offering FinTech legal services, but not many of them have Ellex´s track record in real executions and experience with regulators and different market participants.
Our colleagues – Liga Merwin, Managing Partner at Ellex Latvia, and Ieva Dosinaitė, Partner at Ellex Lithuania, have been independently nominated as Stand-out Lawyers by Thomson Reuters as part of its global research with senior in-house counsel.
The recognition is based on confidential nominations from corporate clients who identify lawyers that have delivered exceptional value and impact in their work over the past three years. Lawyers included in the research are nominated directly by clients without involvement from their firms.
Clients have appreciated Ieva Dosinaitė for her strong expertise, efficient work, and high-quality results, noting her ability to share knowledge and work at a quick pace.
Liga Merwin has been recognized for her responsiveness, reliability, and readiness to provide support whenever issues arise.
Following these nominations, both lawyers have been included in the Thomson Reuters Stand-out Lawyers database, a global resource used by corporate legal departments to identify trusted, peer-recommended legal advisers.
This recognition reflects the trust our clients place in our team and the consistent commitment of our lawyers to delivering high-quality legal advice and practical solutions.
Congratulations to our colleagues on this well-deserved recognition.
Our colleagues the Head of Employment practice group Irina Rozenšteina and Sworn Attorney Ints Skaldis successfully represented an employer – a company operating in the financial services and debt management sector – in a complex dispute concerning the legality of an employment termination and a claim for moral damages.
The employee, a senior-level manager, challenged the liquidation of his position during a corporate reorganisation and sought reinstatement, compensation for average earnings, and moral damages. During the proceedings, several witnesses were heard, and the reorganisation process – both within the company and at the wider group level – underwent extensive examination.
Both the first-instance and appellate courts upheld the employer’s actions as lawful and justified, and the Supreme Court refused to initiate cassation proceedings. As a result, the appellate court judgment has entered into force.
The courts confirmed several important principles regarding employers’ rights and obligations in the context of reorganisations:
Business organisation is within the employer’s autonomous competence, not a matter of employee interpretation. The employer has the exclusive right to determine the optimal organisational structure, its scope, implementation model, and timing.
Reorganisation may be implemented gradually, including at the group level. At the time of giving notice, the employer is not required to present all future structural changes or planned units – only to provide a justified explanation for the liquidation of the specific position.
An employer must offer only those vacant positions that the employee is actually qualified and competent to perform. A clear and objective justification is sufficient as to why other positions are not suitable for that employee.
Chambers & Partners has published the Chambers Global Guide 2026, once again recognising Ellex among the leading law firms in the Baltics in Corporate/Commercial and Dispute Resolution.
The 2026 results reflect the strength of Ellex as one integrated Baltic team, combining top-tier department rankings with broad individual recognition across Estonia, Latvia and Lithuania.
Across the Baltics, Corporate/Commercial practices are ranked in the top bands – Band 1 in Estonia and Lithuania and Band 2 in Latvia, while Dispute Resolution holds Band 1 positions in all three jurisdictions. In total, 27 Ellex lawyers are individually recognised. These results reflect Ellex’s continued leadership in complex cross-border transactions and high-stakes disputes across the region.
The rankings also demonstrate exceptional depth of talent. Multiple partners are recognised in Band 1, alongside distinctions such as Eminent Practitioner, Senior Statespeople, Band 2-4 rankings, as well as Up and Coming and Associates to Watch recognitions. This individual recognition highlights not only our established market leaders, but also the next generation of legal talent shaping the future of our firm and the region.
A ranking in the Chambers Global Guide is based on extensive independent research and client feedback across more than 200 jurisdictions worldwide, and is regarded as a benchmark of excellence in the legal profession. The 2026 results reaffirm Ellex’s commitment to delivering strategic and client-focused legal solutions across the Baltics.
You can explore the full Chambers Global Guide 2026 rankings HERE.
In early February 2026, the Riga Regional Court (as the court of appeal) adopted a final decision in favor of our client in proceedings on proceeds of crime. The court dismissed the investigator’s appeal and the prosecutor’s protest, upholding the first-instance court’s (Economic Affairs Court) decision to terminate the proceedings and recognizing that the funds seized in the client’s ABLV Bank account (approximately EUR 700,000) are not of criminal origin.
This is yet another victory for our client in this category of cases. Senior Counsel Roberts Rimša successfully represented the client in both court instances.
Ellex received highest recognition in Intellectual Property rankings by World Trademark Review. The guide particularly highlights the team’s work in enforcement and litigation.
In Estonia, WTR notes the team’s long-standing experience across IP, IT and telecoms. The practice is led by Ants Nõmper, recognised for his strategic approach and consistent results, especially in life sciences. Mari Must, one of two attorney-at-laws qualified also as an Estonian and European trademark attorney, is commended for her comprehensive trademark strategies and her recent success for Cult Beauty in complex revocation proceedings.
In Latvia, the guide underlines Ellex’s strong litigation capabilities. With nearly three decades of experience, Mārtiņš Gailis is noted for his confident handling of high-profile disputes and clear strategic direction. Edvijs Zandars, recognised for his work at the intersection of IP and IT, is valued for shaping precise strategies in technically complex infringement matters.
In Lithuania, Rūta Karpičiūtė is recognised for her work on multijurisdictional matters and her insight into regulated industries. Her ability to guide clients through intricate disputes, especially in life sciences’ industry, reinforces Ellex’s longstanding reputation in the IP field.
At Ellex, we help clients see further, protecting their brands with clarity and long-term perspective across the Baltics.
World Trademark Review is the world’s only independent daily news and information service dedicated exclusively to reporting on trademark issues for in-house and private practitioners internationally.
WTR 1000 is a unique guide that identifies the top trademark professionals in key jurisdictions around the globe. The WTR 1000 focuses exclusively on trademark practice and has firmly established itself as the definitive ‘go-to’ resource for those seeking world-class legal trademark expertise.
On January 1, 2026, amendments to the Civil Procedure Law came into force providing that the State Public Company “State Real Estate” (hereinafter – SRE) will ensure handling of property belonging to the state – real estate, movable property, intangible property, as well as confiscated property that can be sold at the request of an EU member state or a foreign institution. The tasks of SRE will also include accounting, storage, destruction, free transfer, sale (except for financial resources and instruments) of property, as well as operations with property in accordance with Cabinet of Ministers Regulation No. 901 of December 17, 2024 “Regulations on Competent Institutions and Handling of Property Belonging to the State”.
The SRE already manages state-owned land, cultural and historical heritage, ancient and new buildings, state borders, and customs infrastructure.
Previously, the State Revenue Service (hereinafter – SRS) ensured the handling of state-owned property, but upon evaluating the functions of the SRS, it was concluded that this is not typical of the SRS’s operations. In turn, the SRE, considering its competence in real estate management, alienation of movable property, knowledge of employees and internal resources, is suitable to become a competent institution. The SRE is already taking over state-owned real estate from the SRS.
It is planned that the takeover of the state-owned property process from the SRS will be fully implemented by 1 January 2027.
Litigation used for intimidation (SLAPP)andhow it will be limited in Latvia
By 7 May 2026, Latvia will introduce a legal framework aimed at limiting the use of civil litigation as a tool of pressure or intimidation against persons acting in the public interest (the so-called anti-SLAPP framework), through both the adoption of a new law and the introduction of corresponding amendments to the Civil Procedure Law.
The new law adopts a broad definition of “acting in the public interest”. This may include not only journalism or NGO activities, but also publications, commentary, research, advertising and marketing activities, as well as artistic or academic expression, provided that these relate to matters of public importance (for example, the environment, corruption, business activities, public figures, public authorities, courts, etc.).
For businesses, this means that claims relating to reputational harm, publications, criticism, data use, or other matters of public debate will in the future also be assessed from the perspective of the risk of abusive litigation. If a court finds that the primary purpose of a claim is to deter or punish the exercise of public-interest activities, rather than to genuinely protect civil rights, significant negative procedural consequences may arise for the claimant.
In practical terms, this means that the court may terminate proceedings at an early stage; the claimant may be required to provide security for the anticipated litigation costs, the claimant may be subject to a fine and obliged to reimburse all litigation costs in full. Moreover, these consequences may apply even if the claim is later withdrawn, amended, or the amount of the claim is reduced.
In addition, it is envisaged that Latvia will refuse to recognise and enforce foreign court judgments where they result from abusive or manifestly unfounded proceedings brought against a person in connection with their public-interest activities.
From a corporate risk-management perspective, this means that before initiating claims related to public criticism or matters of public interest, businesses should carry out a careful assessment of the legal basis, purpose, and proportionality of the claim. At the same time, the new framework provides effective protection tools for businesses that themselves become targets of unfounded or abusive litigation.
Convention for the Protection of the Profession of Lawyer
On 9 September 2025, the Cabinet of Ministers supported Latvia’s accession to the Council of Europe Convention for the Protection of the Profession of Lawyer (hereinafter – the Convention), and in October it was signed on behalf of the Republic of Latvia by the Minister of Justice, I. Lībiņa-Egnere.
In March 2025, the Council of Europe adopted the Convention, which was developed with the aim of strengthening the protection of the legal profession and ensuring the right of attorneys to practice independently, without discrimination or undue interference. The Convention establishes common standards aimed at safeguarding the freedom of professional activity, as well as the obligation of the State to protect attorneys against unjustified threats and improper influence that may hinder the provision of legal assistance and the effective protection of individuals rights.
By ratifying the Convention, Latvia would adopt to the standards established by the Council of Europe in the field of the professional practice of attorneys, thereby significantly strengthening the rule of law. Ratification of the Convention demonstrates Latvia’s commitment, as a democratic state governed by the rule of law, to consistently uphold the rule of law as one of its fundamental values.
The signing and ratification of the Convention will have a positive impact on the legal profession by reinforcing its independence and professional protection. A safe and supportive environment will be promoted where attorneys at law and assistant attorneys at law are able to perform their professional duties freely and without undue interference. Consequently, more effective protection of attorneys’ clients’ interests will be ensured, which is an integral element of a state governed by the rule of law.
Considering that actions taken against attorneys by law enforcement authorities on the grounds of their professional activities have become increasingly frequent in recent years, the ratification of the Convention is of particular importance in preventing such practices and in strengthening the protection of the institution of the legal profession.
The market analysisTransaction Radar, prepared by Ellex, shows that a total of 205 transactions were carried out in Estonia in 2025, which is 32 more than in the previous year. Transaction activity particularly increased in the second half of the year, confirming the market’s recovery after an earlier period of caution.
According to Ellex Partner Risto Vahimets, the macroeconomic environment is supporting further revitalisation of transaction activity. “Banks are ready to provide financing, interest rates remain at reasonable levels, and pressure to conclude deals has increased both due to accumulated capital and because many companies have long been held by funds,” Vahimets noted. At the same time, he emphasised that geopolitical uncertainty continues to remain a significant risk factor. “In the coming year, we expect a focus on technology, above all on artificial intelligence, healthcare and energy technologies. Private equity and financial investors will gradually begin to return to the market, but the direction of the market will most likely continue to be shaped by strategic buyers.”
Transactions carried out in Estonia were distributed as follows:
83 venture capital and technology transactions
95 traditional mergers and acquisitions
14 large-scale real estate transactions
13 issuances
Among the largest landmark deals of the year were the sale of Rimi Baltic to the Danish retail group Salling Group for EUR 1.3 billion, as well as INGKA’s acquisition of a forestry portfolio from Södra in Estonia and Latvia.
One of the key regulatory milestones of the past year was the amendment to the Competition Act that entered into force in July, bringing the regulation into line with the ECN+ Directive. A new competition supervision procedure was established, ensuring principles similar to criminal proceedings. During 2025, 45 merger notifications were submitted to the Competition Authority, nine of which resulted in the initiation of additional proceedings. In light of the updated law, an increase in the duration of proceedings is expected during the adaptation period.
The largest deal in Europe was the acquisition of the Dutch company JDE Peet’s by Dr Pepper for EUR 19.7 billion. Globally, infrastructure and technology transactions dominated – the largest of these was Union Pacific’s acquisition of Norfolk Southern for USD 86 billion. No European transaction entered the global TOP 10, indicating a concentration of capital in America.
The international transaction market in 2025 presented a mixed picture. According to Dealogic, the number of transactions in the first half of the year was 16% lower compared to the same period in 2024, while the total value of transactions, on the contrary, increased by 28%. This indicates a clear shift towards large strategic transactions. Infrastructure and technology deals dominated. The largest was Union Pacific’s acquisition of Norfolk Southern for USD 86 billion, followed by the merger of American Water Works and Essential Utilities valued at USD 63 billion, and the acquisition of Electronic Arts by a Saudi fund together with Silver Lake and Affinity Partners for USD 55 billion.
Of the ten largest transactions worldwide, three were US infrastructure deals, two were cybersecurity services transactions, two were medical transactions, and two were transactions in the gaming and entertainment industries, reflecting a clear trend towards secure and strategic investments.
The Transaction Radar has been published since 2020, shortly before the end of each half-year. It analyses the background and reasons behind the largest transactions in Estonia and forecasts possible trends for upcoming periods.
On January 5, Associate Partner Ott Aava and Senior Associate Kerli Salu joined Ellex Estonia’s Transactions practice group.
Ott Aava is specialising in M&A and corporate advisory, with over 15 years of experience advising clients on complex domestic and cross-border transactions. He focuses primarily on mergers and acquisitions, strategic corporate advisory, restructurings and shareholder matters, supporting clients throughout the entire transaction lifecycle from initial structuring to successful closing.
Ott has advised both buyers and sellers across a wide range of industries, working closely with founders, management teams, private equity investors and strategic acquirers. He is valued for his pragmatic approach, strong commercial insight and ability to navigate sophisticated deal dynamics while keeping clients’ strategic objectives firmly in focus.
Kerli has extensive experience in mergers and acquisitions as well as contract and corporate law. She has advised clients on complex transactions, helping to resolve both domestic and cross-border matters across many different industry sectors. Her work primarily focuses on corporate mergers and acquisitions, transaction documents, and strategic issues related to corporate governance.
Kerli holds a master’s degree in law from the University of Tartu (cum laude), reflecting her strong academic background and professional commitment.
Ott added, “Joining Ellex as an associate partner is a personally meaningful step for me, and I am grateful for the trust placed in me. Ellex’s values, culture, and long-term vision strongly resonate with me, alongside its strong transactions practice and exceptional people.
With more than 15 years of experience in M&A and corporate advisory, I have seen how rapidly the transactions landscape continues to evolve – shaped by increasingly complex deal structures, cross-border dynamics, and clients’ growing expectations for commercially grounded and pragmatic legal advice. In this role, I look forward to taking on greater responsibility, contributing to the development of our team and practice, and supporting clients through complex and often transformative transactions with clarity, confidence, and commitment. I am genuinely excited to take this next step together with colleagues whose professionalism and collaborative spirit I deeply value.”
