Firms in the Spotlight Capital markets

Lundsgaard & Partnere

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The firm: Lundsgaard & Partnere is a litigation boutique specialising in litigation and arbitration. This specialisation is a unique characteristic of the firm, as no other law firm in Denmark has a similar profile or strategy.

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Capital markets in Denmark

Gorrissen Federspiel

The capital markets team at Gorrissen Federspiel advises on both ECM and DCM transactions, with particular expertise in IPOs and stock exchange listings. The team also has a strong track record in spin-off and demerger work as well as issues relating to high-yield bonds. Practice head Rikke Schiøtt Petersen is a ‘truly exceptional adviser’ and is skilled in handling public M&A and ECM deals for international corporates, while Klaus Søgaard represents major Danish listed companies. On the DCM side, Michael Steen Jensen and Tobias Linde advise Danish issuers on international debt programmes. Clients single out Chantal Pernille Patel as ‘world class’.

Practice head(s):

Rikke Schiøtt Petersen

Other key lawyers:

Klaus Søgaard; Michael Steen Jensen; Chantal Pernille Patel; Mikael Philip Schmidt; Tobias Linde; Morten Nybom Bethe; Mikkel Fritsch; Thomas Maaberg Hansen

Testimonials

‘With unlimited capacity, impressive knowledge and presence, a lovely sense of humour and an unbelievable sharp understanding of the balance between law and commercial success, Chantal Pernille Patel is hereby ‘world class’.’

‘Excellent and trustworthy execution end to end – close collaboration and helping with a combination of extensive knowledge, experience, and in-time execution to get us to our end goal.’

‘Rikke Schiøtt Petersen is a truly exceptional adviser with a commercial mindset, that steers the team’s efforts and provides thoughtful advice. Truly indispensable in our work with her.’

‘They have extremely good experience and a good insight in both rules – Danish as well as EU legislation – and they have a commercial mindset. They understand the client’s challenges in a way and always work to find the best solutions within the applicable framework.’

‘They are the leading ECM provider in DK. Easy to work with and very experienced.’

‘Rikke Schiøtt Petersen – always makes herself available, and delivers high quality always.’

Key clients

HusCompagniet

Boozt AB

Intact Financial Services

Cadeler A/S

Orphazyme A/S

GreenMobility

EQT Partners

Aquaporin A/S

Digizuite A/S

BioPorto A/S

Danske Bank A/S

Jyske Bank A/S

Spar Nord Bank A/S

KommuneKredit

Sydbank A/S

Nykredit Realkredit A/S

Den Jyske Sparekasse

Work highlights

  • Assisted EQT and HusCompagniet A/S in connection with the IPO of HusCompagniet on Nasdaq Copenhagen A/S.
  • Assisted Boozt AB in connection with the cross-listing on Nasdaq Copenhagen and public offering of new ordinary shares (corresponding to approximately 9% of the total number of ordinary shares in Boozt AB after completion of the offering).
  • Assisted Intact Financial Corporation in connection with the acquisition of RSA’s operations in the UK and Canada, RSA’s non-Scandinavian international business as well as the activities in Scandinavia together with Tryg.

Kromann Reumert

Kromann Reumert‘s sizeable capital markets team represents leading Nordic and international financial institutions. It is a prominent player in major DCM transactions and under Christian Lundgren‘s leadership, has developed strong regulatory capabilities to handle a range of issues including market abuse mandates. Henrik Møgelmose and Marianne Philip specialise in M&A and company law, with the latter also handling restructuring and corporate governance issues. The group also has fund formation, derivatives and securitisation expertise. Jens Steen Jensen and Christina Bruun Geertsen are other key members of the team.

Practice head(s):

Christian Lundgren

Other key lawyers:

Marianne Philip; Henrik Møgelmose; Christina Bruun Geertsen; Jens Steen Jensen; Jørgen Kjergaard Madsen; Kim Rasmussen; Jakob Bernhoft

Testimonials

‘Deep and professional insight into our segment and business, high level of experience through decades.’

‘Very experienced, deep insight into our business, good contact to relevant parties within the capital market sector.’

‘One partner makes the team stand out: Jens Steen Jensen. He has excellent analytical skills, he works hard to help his clients and he will never let you down.’

‘Strong knowledge and dedication to the process. Pragmatic approach to finding solutions.’

‘Hardworking and ability to understand what is important and what is not.’

‘One of the most qualified and skilled teams within this area in Denmark.’

‘Kromann Reumert has one of the strongest and most busy capital markets law teams in Denmark, which their clients benefit from as they are always at the forefront when it comes to new developments within the area. Their advice covers all aspects of capital markets law – whether it is transactional work or day-to-day advice to listed companies.’

‘Christian Lundgren is one of the country’s absolute top advisers in the field of capital markets law. He is always able to provide sound and pragmatic solutions to complicated issues.’

Key clients

Danske Bank A/S

Nordea Bank

Carlsberg Breweries A/S

FLSmidth & Co A/S

Scandinavian Tobacco Group A/S

Bavarian Nordic A/S

Genmab A/S

Pandora A/S

ISS A/S

Ørsted A/S

NKT A/S

Nilfisk Holding A/S

Lundbeck A/S

SimCorp A/S

ALK-Abello A/S

Jeudan A/S

Tivoli A/S

Coloplast A/S

GN Store Nord A/S

Carnegie

Nykredit Bank

Tryghedsgruppen

Plesner

Advising blue-chip clients, Plesner has expertise in all areas of capital markets transactions, including public M&A, IPOs and listings, rights issuances and delistings. Thomas Holst Laursen and Nicolai Ørsted jointly lead the ECM team. The ‘fantastic’ Henrik Laursen is part of the ECM team which assisted Tryg with its €4.97bn rights issuance (the largest ever ECM transaction in Denmark). The group also handles accelerated book-builds as well as advising on ECM transactions relating to companies and securities listed on Nasdaq Copenhagen and foreign regulated markets.

Practice head(s):

Thomas Holst Laursen; Nicolai Ørsted;

Other key lawyers:

Henrik Laursen; Micha Fritzen

Testimonials

‘Absolutely stellar team. Plesner is clearly among the leading capital markets firms.’

‘Henrik Laursen is fantastic. He is highly responsive, technically excellent and extremely commercial. Henrik should be the first name on the team sheet for the most complex Danish deals.’

‘High level of knowledge, ‘client first’ attitude, get things done.’

‘Very strong team, with relevant experience. Good at orchestrating the whole process with many lawyers, investment banks, other advisers and regulatory bodies present. Strong customer focus – advice and finding solutions is a profound part of the work they do.’

‘A broad variety of competencies and at the same time lawyers who are able to understand clients’ needs.’

‘Superb service, attention to detail and client-centred practical advice. A real pleasure to work with. Would recommend the firm highly.’

Key clients

Netcompany Group

Various entities within the Macquarie Group

Nordea Danmark, Filial af Nordea Bank Abp, Finland

Danske Bank

Sampo

If P&C Insurance

Danish Ministry of Finance

Zealand Pharma

Carnegie Investment Bank

JP Morgan

Morgan Stanley

Tryg

Novozymes

European Energy

TDC

NTG – Nordic Transport Group

Nordic Waterproofing Holding

Union Therapeutics

ABG Sundal Collier

Trifork Holding AG

RISMA Systems

Work highlights

  • Advised Tryg A/S as part of the €8.37bn consortium acquisition and subsequent funding of the acquisition through a €4.97bn rights issuance.
  • Advised Trifork Holding AG as part of the company’s IPO and admission to trading and official listing of shares on Nasdaq Copenhagen.
  • Acted as Danish legal counsel to global pharmaceuticals company Lundbeck on the creation of its €2bn EMTN programme and inaugural €500m issuance thereunder.

Bech-Bruun

Bech-Bruun handles major ECM transactions as well as complex regulatory issues. The team also has strong cross-border capabilities, with practice head Morten Krogsgaard specialising in international finance law. The group has particular expertise in setting up new financial businesses and insurance brokers as well as handling the registration of branch offices for foreign stockbrokers and insurers. Other names to note are Steen Jensen, who is an expert in takeover bids and buyback programmes, and ‘top lawyer’ David Moalem.

Practice head(s):

Morten Krogsgaard

Other key lawyers:

David Moalem; Steen Jensen; Jacob Hjortshøj

Testimonials

‘Bech-Bruun has been outstanding and performing exceptionally well, and to the utmost highest standard in regards to legal counselling in the Capital Markets area.’

‘The Team has been available 24/7, with a really quick response time, with the best and always correct counselling/legal advice. The team has been pleasant the whole way through, while also being really sharp and competent at their work.’

‘I work with David Moalem and seek his advice for MAR/securities law, where he, in my eye, is the best practitioner in Denmark. He provides advice that is pragmatic and helps solve your corporation’s problem and with solid arguments on why the solution should hold.’

‘David Moalem has been available at all times, and he has always been able to answer our questions with the highest possible know-how and expertise. David is really pleasant, and we believe he is the top lawyer within capital markets in Denmark. David’s performance is always exceptionally good.’

Key clients

BofA Merrill Lynch, Morgan Stanley, Jefferies

Asahi Kasei Corporation

Velliv, Pension & Livsforsikring A/S, Denmark

Nordea Danmark

DSVM Group

Scandinavian Credit Fund I AB

SGL TransGroup International A/S (part of the Scan Global Logistics group)

Lundbeck A/S

Novozymes A/S

Flügger Group A/S

Danske Bank

Nordea

CitiBank

Ambu A/S

Onxeo SA

Andersen & Martini Holding A/S

Management to PWT

Work highlights

  • Advised Green Hydrogen Systems A/S in respect of its IPO on Nasdaq Copenhagen and its offering of DKK1.3bn shares. The advice included IPO readiness, all corporate documentation and rules, drafting of prospectus, advice on offer and marketing.
  • Advised Danske Bank, Nordea and CitiBank as joint global coordinators in respect the IPO of HusCompaniet A/S. The advice included the review and verification of prospectus, advice on offer and marketing.
  • Assisted the issuer, Onxeo SA, with its dual listing via VP Securities on Nasdaq Copenhagen, in respect of its delisting from Nasdaq Copenhagen and listing on First North Growth Market.

Bruun & Hjejle

Bruun & Hjejle advises on the full gamut of equity and debt capital market transactions and acts for major financial and institutional players including Goldman Sachs and Danske Bank. Morten Jensen specialises in equity capital markets and leads a team that is particularly adept at handling bond and note issuances, private placements, sell-down transactions, public takeovers and IPOs. Andreas Nielsen and the ‘brilliant’ Jesper Schultz Larsen are also recommended.

Practice head(s):

Morten Jensen

Other key lawyers:

Andreas Nielsen; Jesper Schultz Larsen; Paula Grønlund

Testimonials

‘Awareness, doing the utmost to understand its clients and their needs.’

‘Accessibility 24/7, understanding the needs of us as a client, good relationship with our counterpart and their legal advisers and also knowing when to push and when to wait in order to secure the process. Andreas Nielsen is one to be mentioned.’

‘Excellent team with really good national and international understanding and network within capital markets. B&H might be smaller, but they deliver great to-the-point advice.’

‘Morten Jensen, a brilliant, hard-working counsel with a fantastic feel for details. He is very good at finding creative solutions and he speaks his mind to his clients.’

‘Jesper Schultz Larsen, a brilliant negotiator/people person with an amazing gift of memorizing all details. He has a really good international network.’

Key clients

Danske Bank

Morgan Stanley

J.P. Morgan

Goldman Sachs

Karnov Group Denmark

Better Collective

Nordea Bank, Sweden

Nordic Trustee

Arbejdernes Landsbank

A.P. Møller Holding

Linkfire

Realkredit Danmark

Danmarks Skibskredit

Work highlights

  • Advising Danske Bank and Morgan Stanley on the DKK37bn Tryg rights issuance.
  • Advising Arbejdernes Landsbank in connection with a DKK1.8bn rights issuance.
  • Advised Better Collective in connection with a directed share issue of 6.9 million shares raising proceeds of SEK1.5bn.

Mazanti-Andersen

Mazanti-Andersen advises clients on IPOs as well as cross-border capital market transactions which include equity offerings in the US and other jurisdictions. Under Lars Lüthjohan Jensen‘s leadership, the group has significant expertise within the technology and biotech sectors and is skilled in venture capital, M&A and fund formation work. Adam Kara provides strong support to all major securities offerings.

Practice head(s):

Lars Lüthjohan Jensen

Other key lawyers:

Adam Kara

Testimonials

‘Lars Lüthjohan Jensen is extremely competent and practical in his “down to earth” and pragmatic approach. Many law firms manage to over complicate things where LLJ goes the opposite way for us.’

‘Highly knowledgeable. They are really on top of complex capital market issues and are also very strong in venture cap and bio-science related matters. Not one of the largest dragons in Denmark but on pair in terms of quality.’

‘Lars Lüthjohan Jensen. Hardworking and always available. Great capital markets expert. Go to guy for me in Denmark.’

Key clients

Mitsui & Co. Ltd.

Copyright Agent

Y-mAbs Therapeutics Inc

Ascendis Pharma A/S

Forward Pharma A/S

Oncology Venture A/S

Strategic Investments A/S

Freetrailer A/S

Virogates A/S

Y-mabs Inc and A/S

Vald. Birn Holding A/S

Fidim s.r.l.

FluoGuide

Work highlights

  • Advised Nexcom A/S on all legal aspects of its IPO on Nasdaq First North Growth Market, and assisted Nexcom A/S with a pre-IPO investment round aimed at a limited number of investors.
  • Advised Evaxion Biotech A/S on its IPO at Nasdaq New York.
  • Acted as legal counsel to YmAbs Therapeutics A/S and Inc. in relation to a public offering of shares on Nasdaq USA.

Accura Advokatpartnerselskab

The team at Accura Advokatpartnerselskab primarily advises Danish issuers, including financial institutions and corporates, on the full spectrum of matters relating to capital markets. The group is particularly strong in the area of capital markets regulation, with practice co-head Anne Zeuthen Løkkegaard leveraging her previous experience as Nasdaq’s European Head of Compliance to provide unique capabilities in this area. Kåre Stolt jointly leads the team and has extensive experience in both domestic and cross-border transactions.

Practice head(s):

Anne Zeuthen Løkkegaard; Kåre Stolt

Other key lawyers:

Mads Kjellerup Dambæk; Henrik Juul Hansen

Testimonials

‘We have always found Accura to be very commercial, straight to the point and responsive as a legal counsel on securitisation transactions that require Danish local counsel. Often we reach out to Accura on an initial basis to discuss potential inclusion of Danish assets into a securitisation transaction which is very helpful and appreciated.’

‘Accura is working very closely with its clients thus maximizing the mutual inspiration and transaction flow.’

‘Mads Dambæk is a very energetic partner with many innovative ideas.’

Key clients

Tryg

Nykredit

H+H International

AP Pension

Bang & Olufsen

Arbejdernes Landsbank

Vestjysk Bank

Den Jyske Sparekasse

Ringkjøbing Landbobank

Lån & Spar Bank

Spar Nord Bank

Jyske Bank

Work highlights

  • Advised OrderYOYO, which has developed an online order, payment and marketing software solution for takeaway restaurants, in connection with the listing on Nasdaq First North Growth Market Denmark.
  • Advised Alm. Brand on its acquisition of Codan’s Danish business and subsequent billion Euro rights issuance.
  • Advised the board of directors of Vestjysk Bank in connection with a mandatory takeover offer submitted by Arbejdernes Landsbank.

DLA Piper Denmark

DLA Piper Denmark is best known for its DCM expertise, with particular strength in securitisation and structured finance work. It is also increasingly focusing on ECM matters, advising on transactional work as well as ongoing disclosure obligations and corporate governance issues. Lars Hagbard Grønkjær, who has more than 20 years of experience in international capital market transactions, heads the team. Anders Kaasgaard left the firm in 2021 to join Nordic Eye Venture Capital.

Practice head(s):

Lars Hagbard Grønkjær

Key clients

PKA A/S

Merlin Entertainments (Legoland A/S)

Elfelagið SEV

DSV Panalpina A/S

Jyske Realkredit

Santander Corporate & Investment Banking

Nordea Bank

PFA Asset Management

Bank of New York Mellon

Scale Capital Funds ll K/S

Real Danmark

P+ and TDC Pensionskasse

Pension Danmark

Danske Bank

Nutreco International B.V.

DecideAct

Bactiquant

Brøndby

Work highlights

  • Assisted Danske Bank on all legal aspects of Boozt.com’s IPO that has been admitted to trading and officially listed on Nasdaq Copenhagen and an offer of new shares.
  • Advised BactiQuant A/S throughout its IPO process and in a pre-IPO demerger.
  • Assisted DecideAct throughout its IPO process, including a pre-IPO funding round.

Elmann

Elmann handles capital markets transactions for companies and securities listed on Nasdaq Copenhagen and other international markets, including Nasdaq First North Growth Market. Practice head Søren Ingerslev advises small and medium-sized companies on finance law as well as all aspects of stock exchange listings.

Practice head(s):

Søren Ingerslev

Testimonials

‘High personal competencies and state of the art knowledge of the Danish market.’

‘Søren Ingerslev has a unique combination of legal and business skills.’

Key clients

Penneo A/S

Konsolidator A/S

Alefarm Brewing A/S

MapsPeople A/S

Valuer Holding A/S

SameSystem A/S

Immumap A/S

Glunz & Jensen Holding A/S

Work highlights

  • Acted as Valuer’s legal adviser in relation to its IPO on Nasdaq First North Premier Growth Market, Copenhagen.
  • Acted as Alefarm’s legal adviser in relation to its IPO on Nasdaq First North Growth Market, Copenhagen.
  • Acted as Konsolidator’s legal adviser in connection with a funding round of the company securing a convertible loan of DKK25m from Formue Nord.

Horten

Horten ‘always go the extra mile for the client’, acting for a roster of issuers, banks and investors. The team has an international focus and is adept at handling dual listings, passporting and issuances with convenience listings; it also has a strong practice in real estate bonds. Lise Lotte Hjerrild and Jacob Kornerup jointly lead the team.

Practice head(s):

Lise Lotte Hjerrild; Jacob Kornerup

Testimonials

‘Lise-Lotte is well known in the market and she runs a good team.’

‘Lise Lotte Hjerrild and her team have a very professional, pragmatic and collaborative way of working. Most importantly, they understand what matters to General Counsels and in-house legal teams, which is so rare to come by (still) in private practice. They embrace diversity in its fullest meaning, in the way they approach a matter and consider all angles, using cognitive diversity, recognising cultural differences.’

‘The support received is first class. Pragmatic solutions and a can do approach. They always go the extra mile for the client and are very responsive and adaptable to other business cultures and approaches.’

Key clients

G4S plc

5th Planet Games

Deutsche Bank

The Danish Growth Fund (Vækstfonden)

Ardagh Group

JOOL Corporate Finance

Intertrust

BNP Paribas

Berenberg Bank

Commerzbank

Work highlights

  • Advising FTSE 100 company, G4S plc, on the public takeover bid process with two bidders, GardaWorld (hostile) and Allied (recommend by G4S). Advice included all relevant EU and Danish ECM legislation, including NASDAQ Nordic Issuer Rules and also conducted the delisting of G4S on NASDAQ.
  • Advising The Danish Growth Fund (Vækstfonden), which is the Kingdom of Denmark’s investment fund for SMB, on all capital market matters.
  • Advised the Danish company 5th Planet Games, in connection with the negotiation of the US investor Skybound Studio Games inc.’s contemplated takeover of the control of 5th Planet Games by way of a directed share issuance on Euronext Oslo, Norway.

Moalem Weitemeyer

Moalem Weitemeyer offers a combination of regulatory and transactional advice, specialising in public-to-private deals as well as debt and equity issues. Led by Henning Aasmul-Olsen, the group represents several high-profile financial sponsors in the Nordic region and globally. M&A expert Dan Moalem is also recommended, while Henning Hedegaard Thomsen is noted for his expertise in public takeovers. Senior associate Kristoffer Lund Poulsen, who joined the firm from Kromann Reumert in mid-2021, strengthened the group’s DCM transactional capabilities.

Practice head(s):

Henning Aasmul-Olsen

Testimonials

‘Hard work, great advice, always flexible and able to put the client first.’

‘Understands the business at a commercial level and hence sees risks across the investment. Very dedicated to assisting.’

‘It is a big comfort for us to have an experienced team helping with the tasks.’

Key clients

Søren Alminde Holding ApS

JCA Holding ApS

Coping Management ApS

JOOL Capital Partners

Danske Andelskassers Bank A/S

DSV A/S

Pandora A/S

Enel SpA

Mongo DB, Inc.

Tryg A/S

Dell

Garmin

Intel

Johnson & Johnson

Nuance

Pfizer

Bain Capital Private Equity

Advent International Corporation

Shape Robotics A/S

Astralis A/S

Trophy Games Development A/S

Work highlights

  • Advised Nasdaq Copenhagen listed Dampskibsselskabet NORDEN on its issuance of $100m senior unsecured non-callable bonds under a frame of $150m.
  • Assisted Trophy Games Development A/S in connection with its initial public offering in an amount of DKK59.3m on Nasdaq First North Growth Market Denmark.
  • Acted for JOOL Corporate Finance in connection with a DKK85m secured fixed rate bond issuance to fund high-end building projects in Vejle, Denmark.