Ellex in Estonia advised the Ministry of Economic Affairs and Communications in organizing the sale and public tender of the shares of AS Eesti Teed
The Ministry of Economic Affairs and Communications (MEAC) and the infrastructure building group Verston signed the contract of sale and purchase, according to which Verston Holding, the company that submitted the best offer in the public tender, will acquire 100 percent of the state-owned roadbuilding company AS Eesti Teed.
On Monday, the contract was digitally signed by the Minister of Economic Affairs and Infrastructure Taavi Aas and the board member of Verston Holding OÜ, the entity that consolidates companies of the Verston group, Veiko Veskimäe. Before the contract enters into force it must be approved by the Competition Board.
According to the Minister of Economic Affairs and Infrastructure Taavi Aas, privatisation of AS Eesti Teed can be described as a great success. “In the course of the tender the real value of Eesti Teed in the open market was identified. The final price of the transaction was 3 million euros higher than the initial price, and a total of five different tenderers wanted to buy the company. Eesti Teed will get a new ambitious owner that is based on Estonian capital and is extremely interested in the expansion of its activities. From now on the state will be able to focus on the development of an attractive economic environment, and the assurance of the good quality of roads as a regulator,” said Aas.
Verston won the public tender for the sale of Eesti Teed organised by MEAC in October ahead of four other companies with an offer worth 19.7 million euros. The initial price of the tender was 16.9 million euros.
The sale transaction was advised by Ellex team in Estonia which was led by Partner Sven Papp and included Counsels Jaanus Ikla and Toomas Kasesalu, and Senor Associates Gerda Liik, Sandra Värk and Kaisa Laidvee.
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