Capital markets in Finland

Borenius

Borenius‘ leading capital markets and public M&A practice regularly advises major clients on IPOs, and first-of-a-kind public takeover matters. Additionally, the team has particular expertise assisting clients with equity and debt capital markets issuances, and related regulatory matters. Co-heading the team is Juha Koponen, who stands out for his significant experience in public and private mergers and acquisitions, especially in a cross-border context. Fellow co-head Mia Mokkila has over 15 years of experience in handling listed company transactions that involve complex securities and corporate law aspects, such as public tender offers and mergers. Other key individual Akseli Uotila is highly regarded for his expertise in capital market transactions and securities markets regulation.

Praxisleiter:

Juha Koponen; Mia Mokkila


Weitere Kernanwälte:

Akseli Uotila; Aksu Tuominen


Referenzen

‘They have an extremely solid knowhow of various cross-border situations. Further, they possess a strong deal routine, which helps a lot in execution.’

‘Juha Koponen has massive experience, especially when it comes to providing a US angle. He has helped us with several cases during the past 15 years.’

‘Team understand customer needs, take responsibility, ensuring timely quality, and nonetheless run an efficient process in terms of resources spent’

Kernmandanten

Lifeline SPAC I Plc


Exel Composites Plc


Topdanmark A/S


Nixu Oy


Nanoform Finland Plc


Aiforia Technologies Plc


PHM Group Holding Oyj


Oma Savings Bank Plc


Citycon Oyj


Aalto University Foundation


Componenta Corporation


CapMan Plc


CaixaBank Group


Banco Santander


Jefferies


RBC


Danske Bank A/S, Finland Branch


Carnegie Investment Bank AB, Finnish Branch


Nordea Bank Abp


OP Corporate Bank plc


Skandinaviska Enskilda Banken AB


Swedbank AB


Highlight-Mandate


  • Advising Lifeline SPAC I Plc on its pending de-SPAC combination with Canatu Oy to form a publicly listed company through a share exchange
  • Advised Exel Composites Plc on its EUR 21.8 million rights offering and related financing negotiations
  • Advising Topdanmark A/S on the Finnish legal aspects in Sampo plc’s recommended public exchange offer for all issued and outstanding shares in Topdanmark A/S

Krogerus

The leading capital markets and public M&A team at Krogerus is headed by standout individual Tom Fagernäs and has expertise across a broad spectrum of capital markets mandates, including public M&A, spin-offs, high profile IPOs, and large-scale rights issues. The practice has recently also been advising on a range of financial and capital markets regulatory matters. Fagernäs often represents clients in domestic and cross-border capital markets transactions, ranging from debt and equity mandates to public takeovers. Other key contact Mårten Knuts particularly stands out for his expertise in high-end financial regulatory matters and related corporate governance issues.

Praxisleiter:

Tom Fagernäs


Weitere Kernanwälte:

Mårten Knuts; Joel Kanervo; Paul Raade


Referenzen

‘Problem solving attitude as well as commitment and availability.’

‘Ability to understand the big picture and the motives outside of laws and regulation, which may have an impact on the transaction/situation at hand, making it easier to find alternative solutions that may better suit the client.’

‘Unique combination of academic and practical expertise’

Kernmandanten

Sonae SGPS S.A.


Innofactor Plc


Sampo plc


Mandatum plc


Nordea bank plc


Nokia Corporation


Lamor Corporation


Carnegie Investment Bank


HKFoods Plc


Danske Bank


Highlight-Mandate


  • Acted as lead counsel for Sonae and the offeror on a recommended voluntary public tender offer for all the shares in Musti Group by a consortium led by Sonae and joined by Musti’s Chairman of the Board, Member of the Board and CEO.
  • Acted as lead counsel for Sampo and Mandatum in a transaction in which Sampo sold certain of its assets, including its holding in Saxo Bank and Enento, to Mandatum Holding for an aggregate value of EUR 430 million.
  • Acted as lead counsel for Nordea Bank in four consecutive share buy-back programmes with an aggregate value of EUR 5.5 billion, of which the latest EUR 1bn programme was completed in February 2024.

Roschier

The equity capital markets, finance and restructuring team at Roschier has broad experience assisting clients with a wide range of complex equity and debt capital markets and public M&A transactions. The firm regularly assists issuers, subscribers, and underwriters with initial public offerings, rights offerings, and equity-linked instruments, such as convertible and exchangeable bonds. Notable individual Antti Ihamuotila has over 20 years’ experience of international capital markets transactions, including in-depth expertise in public M&A. Other key contact Petri Avikainen often advises clients on public tender offers and listed company mergers.

Praxisleiter:

Antti Ihamuotila; Johannes Ahti; Petri Avikainen


Weitere Kernanwälte:

Jaakko Laitinen; Katri Piiparinen


Referenzen

‘Antti and the team are one of the most knowledgeable about Finnish equity offerings and the regulatory backdrop in Finland – making them one of the go to firms for Finnish equity offerings.’

‘Antti Ihamuotila is one of the most experienced and knowledgeable Finnish securities lawyers and one that is generally my first port of call for any issues I need to discuss on Finnish equity offerings.’

‘Quick response times, and more senior people to engage with projects.’

Kernmandanten

Tietoevry Corporation


Coronaria


Musti Group Oy


Huhtamäki Oyj


Finnair Oyj


Apollo


Puuilo Oyj


Sitowise Oyj


Nordic Lights Group Corporation


Capman Plc


Citycon Oyj


Lassila & Tikanoja Oyj


Enersense International Oyj


Highlight-Mandate


  • Advising Finnair Plc on its fully underwritten rights offering of approximately EUR 570 million.
  • Advising Apollo, one of the largest alternative asset managers globally, acting in consortium with Rettig, on the voluntary recommended public cash tender offer for all the shares in Purmo Group.
  • Advising Finnair Plc in connection with the issuance of its inaugural rated euro-denominated notes in the amount of EUR 500,000,000.

White & Case Oy

The capital markets team at White & Case Oy is headed by Mikko Hulkko and regularly acts on a diverse range of capital market transactions including IPOs, rights issues, private placements and public takeovers. The firm stands out for its expertise in both Finnish and US law, which allows it to provide clients with integrated advice. Hulkko has recently advised a number of Nordic corporates and financial institutions on international capital markets transactions. Other key contact Jenni Nygård has a longstanding track record focusing on equity and debt capital market transactions, including rights offerings and initial public offerings.

Praxisleiter:

Mikko Hulkko


Weitere Kernanwälte:

Jenni Nygård


Referenzen

‘Mikko Hulkko, the partner we work with, has a super flexible team based in Helsinki and New York (with some colleagues in London too). Thus, if need be, we can have people working through many time zones.’

‘They are incredibly pragmatic and strive to get the job done as efficiently as possible, thus great value for money.’

‘Mikko Hulkko is great at working with opposing counsel, thus excellent collaboration. They have contact with many people in our institution at all levels, and have gained the trust of all.’

Kernmandanten

BNP Paribas


Carnegie


Citi


Danske Bank


Duell Corporation


Deutsche Bank


Elos Medtech


Fingrid


Georg Fischer


Goldman Sachs


H&M Hennes & Mauritz AB (H&M)


Jefferies


J.P. Morgan


Kempower


Metso


Morgan Stanley


Neste Corporation


Nobia


Nordea Bank


Nordstjernan


Pareto Securities


SATO


Skandinaviska Enskilda Banken


Stora Enso


UPM-Kymmene


Valmet Corporation


Highlight-Mandate


  • Represented Deutsche Bank and Nordea Bank, as joint global coordinators, on the fully-underwritten €570 million rights offering by Finnair Plc, the largest airline in Finland.
  • Represented Duell Corporation, a leading Nordic powersports aftermarket distributor listed on Nasdaq First North Growth Market Finland, as the issuer, on its €20.2 million rights offering.
  • Represented Neste Corporation on the establishment of its €2.5 billion English law EMTN Programme, and its issuance of €600 million 3.875% green bonds due 21 May 2031 thereunder.

Avance Attorneys Ltd

The capital markets and financial regulatory team at Avance Attorneys Ltd has recently been involved in several significant public tender offers and block trades in the Finnish market. Heading the team is standout individual Rasmus Sundström, who has 15 years of experience in advising clients on complex equity capital markets and public M&A transactions, often with cross-border elements. Other key contact Robin Nordblad has particular expertise in public M&A and investment fund-related mandates.

Praxisleiter:

Rasmus Sundström


Weitere Kernanwälte:

Robin Nordblad; Ulf-Henrik Kull


Kernmandanten

Alma Media Corporation


Triton Equity Partners


Aliaxis SA/NV


Adelis Equity Partners


Altor Fund VI


Mehiläinen Yhtiöt Ltd


Solidium Ltd


Rettig Group Oy Ab


Elenia Verkko Oyj


Alfa Laval AB (publ)


Berner Oy


Danske Bank


LDA Capital Limited


Preato Capital AB


Purmo Group


Hologic, Inc.


Doordash, Inc.


Keskisuomalainen Plc


Caverion Corporation


CVC Capital Partners


Canatu


Oma Savings Bank Plc


Highlight-Mandate


  • Advised Rettig Oy Ab and the consortium formed by certain affiliated funds of Apollo Global Management and Rettig in relation to the voluntary recommended public cash tender offer for all the shares in Purmo Group Plc.
  • Advised Canatu Oy and its shareholders and option holders in the de-SPAC combination of Canatu and Lifeline SPAC I Plc, whereby Lifeline SPAC I acquires all shares and option rights in Canatu by way of a directed share issue consisting of Lifeline SPAC I’s new shares and option rights.
  • Advised Triton Equity Partners in relation to the voluntary public cash tender offer by Crayfish BidCo, a Finnish company controlled by Triton Fund V, for all the shares in Caverion Corporation.

Castrén & Snellman

The capital markets and financial regulation team at Castrén & Snellman stands out for its expertise in both the equity and capital markets, as well as public M&A matters. The team regularly advises publicly listed companies, major international and domestic banks, corporate finance firms, financial institutions, and institutional investors. Notable individual Janne Lauha heads the team, and has been involved as legal counsel in numerous transactions relating to capital markets, listed companies and regulated institutions.

Praxisleiter:

Janne Lauha


Weitere Kernanwälte:

Sakari Sedbom; Anna-Maarit Laurila


Referenzen

‘Janne Lauha (and his team) stands out as having exceptional knowledge and understanding.’

‘They have a no-nonsense approach which is based on extensive experience dealing with their counterpart on an almost weekly basis.’

‘They have excellent knowledge of the legislation and the relevant market practices.’

Kernmandanten

Purmo Group Plc


Efecte Plc


Caverion Corporation


SATO Corporation


Evli Plc


Mandatum plc


Multitude SE


S-Bank Plc


Huhtamäki Oyj


Enersize Plc


Pallas Air Plc


Sp Mortgage Bank Plc


The Mortgage Society of Finland


Ålandsbanken Abp


Central Bank of Savings Banks Finland Plc


Jefferies GmbH


Highlight-Mandate


  • Advised Purmo Group Plc, a publicly listed company on the official list of Nasdaq Helsinki, on Project Grand Bidco (UK) Limited’s voluntary public cash tender offer for all the issued and outstanding shares in Purmo Group.
  • Advised Efecte Plc on European 24 Bidco Oy’s voluntary public cash tender offer for all outstanding shares and options in Efecte.
  • Advised S-Bank Plc on four bond transactions totalling EUR 1.45 billion that provided financing for S-Bank’s acquisition of Svenska Handelsbanken AB’s Finnish private customer, asset management and investment services operations.

Dittmar & Indrenius

Dittmar & Indrenius‘ capital markets team often advises clients on the issuance of debt and equity instruments and other securities mandates, as well as connected disclosure, corporate governance, and regulatory issues. Juha-Pekka Mutanen heads the team and assists clients with various securities law matters, including debt and equity capital markets transactions and related regulatory matters. Other key individual Kristian Karlsson focuses on cases relating to securities law and financial regulation with a particular emphasis on fintech.

Praxisleiter:

Juha-Pekka Mutanen


Weitere Kernanwälte:

Kristian Karlsson; Hanna-Mari Manninen


Referenzen

‘Responsive, commercial and great at delivering complex legal advice in an understandable manner’

‘This practice stands out for its specialist skills, proactive approach, and solution-oriented mindset, offering high-quality advice across sectors. The D&I Powerhouse model integrates experts from various disciplines to ensure efficient support.’

‘Kristian Karlsson stands out for his regulatory expertise, proactive approach, clear communication, and integrity. He anticipates challenges and resolves them professionally. Kristian ensures smooth collaboration.’

Kernmandanten

Svenska Handelsbanken AB (publ)


OPR-Finance


Dasos Capital Oy


Finnish P&C Insurance Ltd.


OP Corporate Bank


KfW


Skandinaviska Enskilda Banken


Highlight-Mandate


  • Advised Handelsbanken on the divestment of the Finnish banking, insurance and asset management operations
  • Advised Handelsbanken in the transfer of its book-entry accounts customerships to Nordnet, a Nordic bank focusing on investment activities.
  • Advised the shareholders of Dasos Capital Oy in a share exchange transaction whereby Dasos and CapMan Plc combined their natural capital and timberland investment activities.

Hannes Snellman (Finland)

The capital markets practice group at Hannes Snellman (Finland) regularly advises issuers, financial advisers, and other market participants on IPOs, public tender offers, share buy-backs, and other equity capital markets transactions as well as connected regulatory matters. Key contact Klaus Ilmonen heads the team and focuses his practice on equity capital markets matters, and corporate transactions involving public corporations. Other notable individual Sonja Siggberg specialises in capital markets mandates and cases involving listed companies, as well as related corporate governance matters.

Praxisleiter:

Klaus Ilmonen


Weitere Kernanwälte:

Mikko Heinonen; Riikka Rannikko; Sonja Siggberg


Referenzen

‘Riikka Rannikko feels like she is part of our in-house team. Her engagement and attention to detail is on a level of its own.’

‘Hannes Snellman has one of the strongest Capital Markets teams in Finland.’

‘Mikko Heinonen has great business understanding, a service mindset and can make difficult judgement calls.’

Kernmandanten

Sampo Oyj


Faron Pharmaceuticals Oy


YIT Oyj


NYAB Plc


Cargotec Corporation


Citycon Oyj


Prime Minister’s Office


Kemppi Group Oy


Methode Electronics, Inc.


Optomed Oyj


Purmo Group Plc


Betolar Oyj


Highlight-Mandate


  • Advised Sampo plc in the recommended public exchange offer for the shares in Topdanmark A/S.
  • Advised Cargotec Corporation in the separation of its Kalmar business area by way of a partial demerger into a new listed company, Kalmar Corporation.
  • Advised Faron Pharmaceuticals Ltd in its public share offering of EUR 30.7 million and the preceding issuance of convertible capital loans in the total amount of EUR 3.2 million and a private placement of EUR 4.8 million.

Waselius

The capital markets team at Waselius stands out for its integrated real securitisation and structured finance practice. It often advises clients on structured securities programmes, high yield and other bond issuances, and equity capital markets transactions. Team head Maria Lehtimäki regularly assists clients with bond issuances, ECM and derivatives transactions, and leveraged finance transactions.

Praxisleiter:

Maria Lehtimäki


Weitere Kernanwälte:

Linda Nyman; Timo Lehtimäki


Referenzen

‘The Waselius team is very responsive, and always delivers despite high volumes of work and very short time frames.’

‘Linda Nyman is particularly notable, and has provided excellent and unfailing service to us for years.’

‘Great and collaborative team with competent individuals at all levels’

Kernmandanten

Bank of America Corporation


Barclays Bank


BNP Paribas


Citigroup


Crédit Agricole Corporate and Investment Bank


Credit Suisse International


Deutsche Bank


First Quantum Minerals


Goldman Sachs International


HSBC


LocalTapiola Finance


MetLife Group


Natixis


NATWEST MARKETS N.V.


Pliant


Santander


Skandinaviska Enskilda Banken


Société Générale Group


The Royal Bank of Canada


Whitebox Advisors LLC


Winance


Highlight-Mandate


  • Advised Santander Consumer Finance as the originator in the EUR 420 million full-cap stack public securitisation of a portfolio of Finnish consumer auto hire purchase contracts, dubbed “KIMI 13”.
  • Advised First Quantum Minerals Ltd in the Finnish law aspects of the offering of USD 1.6 billion in aggregate principal amount of senior secured second lien notes due 2029, the largest mining high yield deal of the decade globally.
  • Advised Pliant as originator in the groundbreaking significant risk transfer (SRT) transaction of European corporate credit card receivables.

Bird & Bird

The capital markets team at Bird & Bird often advises domestic and international issuers, investment banks, and sponsors on the structuring and implementation of several types of capital markets and public M&A transactions. Laura Huomo has over 23 years of experience in the field, having assisted clients with multiple IPOs and rights offerings.

Praxisleiter:

Laura Huomo


Kernmandanten

S-Bank Plc


Asuntosalkku Plc


Lehto Group Plc


Toivo Group Plc


Etteplan Oyj


Nordtreat Group Inc.


HLRE Holding Oyj (Vesivek Oy)


Hycamite TCD Technologies Oy


Kotera Group Oy


Tecnotree Oyj


Incap Oyj


P2X Solutions Oy


Iceye Oy


Basemark Oy


Inission AB


St1 Sverige AB


Highlight-Mandate


  • Advised S-Bank Plc on the acquisition of the Finnish private customer, asset management and investment services operations of Svenska Handelsbanken AB.
  • Advised Inission AB in its public takeover process concerning Finnish listed company Enedo Plc.
  • Advised Vesivek Oy, a Finnish provider of roof renovation and installation services, in the listing and refinancing of senior secured floating rate bonds originally issued in February 2021 by HLRE Holding Oyj, the parent company of the group, on the corporate bond segment of Nasdaq Stockholm.

DLA Piper Finland Attorneys Ltd

The finance and corporate team at DLA Piper Finland Attorneys Ltd stands out for its work on debt capital market assignments, including advice on clients’ Medium Term Note and Euro Commercial Paper programmes. Kristiina Hirva co-heads the team and regularly advises clients on contracts related to various financing and investment arrangements, as well as on issues related to the issuance of bonds, whilst fellow co-head Salla Tuominen stands out for her expertise in domestic and cross-border M&A transactions involving both public and private corporations.

Praxisleiter:

Kristiina Hirva; Salla Tuominen


Referenzen

‘Easy to deal with. ’

‘We know them very well and they know us very well. Quick response times and effective use of time.’

Kernmandanten

PPG Industries, Inc.


Fairpoint Capital AB


Tenendum Oy


Aktsiaselts Tallink Grupp


Avidly Plc


Teollisuuden Voima Oyj


Sotkamo Silver Oy


The International Swaps and Derivatives Association (ISDA)


Enersense International Oyj


Solteq Plc


Varma Mutual Pension Insurance Company


H&M


Municipality Finance Oyj


Solar Foods Oyj


Highlight-Mandate


  • Acting as legal counsel to Solar Foods Oyj, the Finnish revolutioniser of protein production, in its contemplated direct listing on Nasdaq First North Growth Market Finland.
  • Acted as Finnish counsel for Teollisuuden Voima Oyj in the issuance of EUR 280 million directed green notes (US Private Placement) subscribed by a group of international insurance companies.
  • Advised Teollisuuden Voima Oyj (TVO) on the issue of a EUR 600 million green bond.