Next Generation Partners

Firms To Watch: Capital markets

Bird & Bird has been notably expanding its capital markets offering in recent years with the promotion of Mika Puurunen to the partnership and the recruitment of Laura Huomo adding significant expertise to the group.

Capital markets in Finland

Borenius

Borenius is a key name in the Finnish market for Nasdaq Helsinki and First North IPOs and has notable expertise handling Finnish SPAC IPOs as well as tender offers and notable debt assignments at a domestic and global level. The team is also increasingly noted for its knowledge of ESG and sustainability considerations relating to IPO disclosures and investment funds. Department co-head Juha Koponen is highly regarded for his expertise in international securities offerings and tender offers, while fellow co-head Mia Mokkila is a key name for public M&A work. The firm's banking and finance group head Niina Nuottimäki also contributes to the capital markets knowledge, as does private equity and fund formation expert Jyrki Tähtinen.

Practice head(s):

Juha Koponen; Mia Mokkila


Other key lawyers:

Niina Nuottimäki; Jyrki Tähtinen


Testimonials

‘Team is known for its solid execution and good know-how. There is a commercial mindset also in the team, which is fairly unique for lawyers.’

‘Juha Koponen is an experienced lawyer who is easy to work with. He has deep understanding of various legal aspects including many international aspects.’

‘Strong individual expertise supported by a global network of leading operators. Strong understanding of customer need and flexibility in solutions provided.’

‘They simply have the expertise needed and understand our needs better than peers. They also make things happen within deadlines.’

‘The team provides broad experience and a deep understanding of the market and relevant players, with exceptionally good contacts in the US market. Very responsive and creative problem solving attitude to the client’s needs. Have shaped the market with solutions.’

‘Juha Koponen is extremely responsive and has the hand on the pulse of the market. Great understanding of the US as well.’

‘Unique and by far the most customer orientated service in the city of Helsinki. Professional attitude with professional knowledge. No need to stand in a queue when I need to talk the responsible partner in question.’

‘Juha Koponen is superb. He is professional and always available. He knows why customers are contacting him and/or his team, but what is important, he does not make a number out of it. Mr Koponen has always cleaned my desk from the challenges I have brought to him.’

Key clients

Netflix, Inc.


Nanoform Finland Plc


Aspo Plc


Lifeline SPAC I Oyj


Modulight Corporation


The Y-Foundation


Danske Bank A/S, Finland Branch


Swedbank AB (publ), Finnish Branch


Aktia Alexander Corporate Finance Oy


Goldman Sachs Infrastructure Funds


Efima Plc


Borgo AB


SRV Plc


Work highlights


  • Advised Netflix, Inc. on a recommended voluntary public cash tender offer of €65m to acquire Next Games Corporation, a Finnish game company listed on First North Growth Market Finland.
  • Advised Modulight Corporation, a Tampere-based biomedical laser company, on its oversubscribed €90.9m initial public offering (IPO) on Nasdaq First North Growth Market Finland.
  • Advised SRV Plc, a major Finnish construction and real estate company, on the reorganisation of its financing in connection with the write-down of its Russian and Fennovoima assets totalling €141.2m.

Castrén & Snellman

The ‘easy-to-approach’ team at Castrén & Snellman has maintained a strong position in the capital markets space in Finland and also assists with financial regulatory issues. The group covers a broad range of areas, advising a range of clients from international financial institutions to insurance companies on regulatory matters, expertise which is complemented by the team’s knowledge of financial regulation and transactions in the financial and insurance sectors. Merja Kivelä has substantial capital markets experience and has acted as legal counsel for domestic and international clients on transactional mandates. Janne Lauha is described as having ‘excellent expertise‘ in securities transactions, derivatives work and securities issues, and counsel Anna-Maarit Laurila handles public tender offers, initial public offerings, rights issuances and other equity offerings. Newly promoted partner Thomas Landell is also a key individual.

Practice head(s):

Merja Kivelä; Janne Lauha; Thomas Landell


Other key lawyers:

Anna-Maarit Laurila


Testimonials

‘The team is easy to approach. Their way of working is informal and relaxed, still very professional.’

‘Merja Kivelä is an excellent lawyer with good business understanding.’

‘Great availability, providing clear instructions to complex matters.’

‘Janne Lauha. Excellent expertise and very pleasant to work with. Provides business-oriented solutions.’

Key clients

F-Secure Corporation


WithSecure Corporation


Evli Plc


Mandatum Life


Aktia Life Insurance Ltd


Cargotec Corporation


Boreo Plc


Digital Workforce Services Plc


Norrhydro Group Plc


Lemonsoft Oy


EcoUp Plc


Loihde Plc


Solwers Plc


Danske Bank A/S, Finland Branch


QPR Software Plc


Netum Group Plc


Merus Power Plc


Aktia Alexander Corporate Finance Oy


Next Games Corporation


Carnegie Investment Bank AB, Finland Branch


Enedo Plc


UB Securities Ltd


Ålandsbanken Abp


Borgo AB


Multitude SE


Bilot Plc


Lloyd’s Insurance Company SA/NV


S-Bank Plc


NoHo Partners Plc


Mortgage Society of Finland


CRH Plc


POP Mortgage Bank Plc


Alexandria Pankkiiriliike Plc


Work highlights


  • Advised WithSecure Corporation, a global cybersecurity and privacy company, on the separation of the company’s consumer security business through a partial demerger.
  • Advised Evli, a publicly traded wealth management business, on a transaction in which EAB merged into Evli through a statutory absorption merger in accordance with the Finnish Companies Act.
  • Advised POP Mortgage Bank Plc on the establishment of a mortgage bank and obtaining the required permit licence under the Act on Mortgage Credit Banks.

Krogerus

Krogerus fields a full-service capital markets practice,which handles a broad spectrum of capital markets work including high-profile IPOs, large-scale rights issuances, buybacks and debt issuances, tender offers and public takeovers; the firm has also recently seen an increase in financial regulatory matters. Practice head Tom Fagernäs advises clients on domestic and cross-border capital markets transactions, ranging from debt and equity transactions to public takeovers, and Mårten Knuts handles transactions and public M&A work, including advising clients on large share buy-back programmes. Paul Raade covers IPOs, takeovers and debt capital markets work alongside financial regulatory matters, acting for credit institutions, investment businesses and fund managers.

Practice head(s):

Tom Fagernäs


Other key lawyers:

Paul Raade; Mårten Knuts; Samuli Torpisto


Testimonials

‘Krogerus’ Capital Markets team is a well working team of great individuals. Their in-depth and practical understanding of the law, capital markets, transaction processes and client’s business makes them unique – they can provide strategic and practical advice that goes beyond the regular lawyer skills.’

‘Mårten Knuts – Mårten’s academic background gives him a unique position to understand the law. His thorough knowledge of the law combined with excellent understanding of the market logic and practices as well as the client’s business makes him the person I have and will select for capital markets related cases. It is also a pleasure to work with Mårten. Paul Raade is extremely knowledgeable and gives great practical advice.’

‘The Krogerus team is very responsive and always one step ahead. They are very proactive and solution oriented – any questions or issues along the way are always met with answers and solutions.’

‘I highly value the team’s availability and human-centric approach. Both Paul Raade (partner) and Samuli Torpisto (senior associate) are always there when you need them and will take the extra mile to enable a successful outcome. I highly appreciate the team’s expertise matched with great common sense and understanding of our business and drivers. Paul Raade is especially skillful in finding solutions and navigating situations where no precedent or market practice exists.’

Key clients

Carnegie Investment Bank


Danske Bank


Swedbank AB


Lamor Corporation


Aiforia Technologies


Sentica Partners


Nordea Bank


Nokia Corporation


Sampo Plc


Fellow Bank


Work highlights


  • Advised the Board of Directors of Nordea as lead counsel on share buy-back programmes of €2bn, €1bn and €1.5bn.
  • Advised Lamor Corporation on its initial public offering and listing on Nasdaq First North Premier Growth Market Finland.
  • Advised Fellow Finance Plc on transforming itself into a fully-licensed credit institution by merging into the spun-off banking business of Evli Bank Plc.

Roschier

Roschier excels across equity and debt capital markets work in the Nordic region, with extensive experience spanning initial public offerings, rights offerings, securitisation work, structured finance issues, financial derivatives matters and public recapitalisations. Antti Ihamuotila is the head of the ECM and public M&A practices and has over 20 years’ experience in international capital markets transactions; Petri Avikainen is also a key name for ECM and public M&A work and also advises Finnish listed companies and investment banks on issues related to Finnish corporate and securities law. Helena Viita has extensive experience in bond financings and project and asset finance work. Senior associate Katri Piiparinen has advised on several transactional mandates, such as IPOs and listings, while senior associate Jaakko Laitinen has recently handled cash tender offers and cross-border mergers.

Practice head(s):

Antti Ihamuotila; Helena Viita; Petri Avikainen


Other key lawyers:

Katri Piiparinen; Jaakko Laitinen


Testimonials

‘Roschier’s Capital markets team is currently the most senior and competent team in town. The recent hire of Petri Avikainen substantially increased Roschier’s standing. Also, Roschier has a great combination as they have market-leading hands-on partners and very wide bench to support larger project staffing.’

‘For me, Petri Avikainen has always been go-to-person with complex cross-border bond projects. He is clearly the leading expert in prospectus regulation and offering regulation and market conventions.’

Key clients

TietoEVRY Corporation


Loxam S.A.S.


Boels Topholding B.V.


Investor consortium led by ANTA Sports Products Limited


Coronaria


Musti Group Oy


Huhtamäki Oyj


Finnair Oyj


Bain Capital


Neles Corporation


Puuilo Oyj


Sitowise Oyj


Nordic Lights Group Corporation


Basware Oyj


Sampo plc


Lassila-Tikanoja Oyj


Work highlights


  • Acting for Sampo in its €1.84bn sale of shares in Nordea Bank executed through an accelerated bookbuild offering to institutional investors.
  • Acting for Basware Corporation on an approximately €620m voluntary recommended public cash tender offer for the shares in the company by a consortium of investors comprising Accel-KKR Capital Partners VI, LP, Long Path Holdings 1, LP and Briarwood Capital Partners LP.
  • Acting for Sponsor Capital as the selling shareholder and Nordic Lights Group Corporation as the company on the €35m IPO and listing of Nordic Lights on First North Growth Market Finland.

Asianajotoimisto White & Case Oy

Asianajotoimisto White & Case Oy regularly advises both issuers and underwriters on the full spectrum of debt, equity and hybrid capital transactions. The group benefits from the firm’s network, particularly its Stockholm, New York and London offices, and is highly active in Finnish and US capital markets work. Mikko Hulkko is a Finnish and US-qualified partner with over 20 years of experience in capital markets work, and advises underwriters and issuers in connection with international equity and debt offerings.

Practice head(s):

Mikko Hulkko


Testimonials

‘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 very knowledgeable in the US market. They are incredibly pragmatic and striving to get the job done as efficiently as possible, thus great value for money.’

‘White & Case 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.’

‘Our partner at White & Case is Mikko Hulkko. Mikko is a US qualified lawyer and is thus very versatile in the US and European markets. Mikko is very calm and pragmatic, always trying to find a solution acceptable to all. He is very diligent and thorough and has fantastic steadiness which are great qualities when dealing with other external counsel and banks in the US market. He is a super sparring partner and a pleasure to work with.’

Key clients

Carnegie Investment Bank AB


Cary Group


Citigroup Global Markets Ltd.


Danske Bank A/S


DNB


Duell Corporation


Epiroc AB


Fingrid Oyj


Finnair Plc


Goldman Sachs


Greenfood AB


Huhtamäki Oyj


Jefferies


JP Morgan


Kemira Oyj


Kempower Corporation


Metso Outotec Oyj


Nordea Bank Abp


Nordic Capital


Norva Group AB


OP Corporate Bank plc


Orthex Corporation


Orthex Oyj


Outokumpu Oyj


Sanoma Oyj


SATO Corporation


Skandinaviska Enskilda Banken AB


Solidium Oy


Sponsor Capital Oy


Stora Enso Oyj


UPM-Kymmene Corporation


Work highlights


  • Advising Kempower Corporation, a Finnish electric vehicle fast charging equipment and solutions manufacturer and provider, as the issuer on the initial public offering and listing on the First North Growth Market Finland of the shares in Kempower Corporation.
  • Represented Duell Corporation as issuer, and Sponsor Capital Oy as ultimate owner and selling shareholder, on the initial public offering and listing on the First North Growth Market Finland of the shares in Duell Corporation.
  • Advised Goldman Sachs Bank Europe SE and Skandinaviska Enskilda Banken AB, as joint global coordinators and joint bookrunners, and BNP PARIBAS, HSBC Continental Europe, J.P. Morgan AG, Morgan Stanley & Co. International plc and Nordea Bank Abp, filial i Sverige, as joint bookrunners, and Carnegie Investment Bank AB and Swedbank AB, as Co-Lead Managers, on the SEK20bn initial public offering (IPO) and listing on Nasdaq Stockholm of Volvo Cars.

Avance Attorneys Ltd

Avance Attorneys Ltd excels in high-end, complex M&A and capital markets transactions in Finland and the Nordics, with an in-depth understanding of regulated markets in Finland including issues involving the energy and infrastructure, healthcare and pharmaceuticals, emerging technologies, financial services, private equity, real estate and construction. The team has also engaged in some large company transactions and block trades in Finland, including the first IPO of a mobile gaming sector company in Finland. Robin Nordblad is focused on transactional work with an emphasis on finance and debt capital markets transactions, and Rasmus Sundström stands out for his work in public takeovers and capital markets transactions.

Practice head(s):

Robin Nordblad


Other key lawyers:

Rasmus Sundström; Elisa Heinonen; Ikka Perheentupa; Ulf-Henrik Kull


Key clients

Mehiläinen Yhtiöt Ltd


Solidium Ltd


Rettig Group Oy Ab


CapMan Plc


Elenia Oy


Alfa Laval AB


Berner Oy


Danske Bank


LDA Capital Limited


Preato Capital AB


Danske Bank


Purmo Group


Hologic, Inc.


DoorDash, Inc


Work highlights


  • Advised Purmo Group on its merger with Virala Acquisition Company and subsequent listing of Purmo Group on the official list of Nasdaq Helsinki.
  • Advised DoorDash, Inc. on its acquisition of Wolt Enterprises Oy in an all-stock transaction valued at approximately €7bn.
  • Advised Rettig Group Ltd on the consent solicitation and tender offer of its €110m notes due 2022 and its €90m notes due 2023.

Dittmar & Indrenius

Dittmar & Indrenius advises clients on the issuance of debt and equity instruments, securities transactions, disclosures, corporate governance work and regulatory issues. The team has worked on a number of high-profile capital markets matters, with key clients including fintech companies and financial institutions. Juha-Pekka Mutanen’s work focuses on finance and capital market transactions, mergers and acquisitions and corporate law, while Hanna-Mari Manninen has extensive experience in capital markets transactions and assists clients with deals involving novel financial services and licensing questions. Anders Carlberg’s experience includes IPO mandates as well as dual-track processes.

Practice head(s):

Juha-Pekka Mutanen


Other key lawyers:

Hanna-Mari Manninen; Anders Carlberg; Kristian Karlsson


Testimonials

‘I work regularly with Dittmar within its Capital markets/Regulatory/Fintech practice, where they have key capabilities in terms of their expertise and experience.’

‘Kristian Karlsson is my key contact, always available, gives clear, short and to-the-point advice.’

‘The capital markets practice of Dittmar is truly a team not just a group of individuals. They operate together as a unit while everyone still knows their tasks and responsibilities. This results in spot on thought-out end products delivered in time and second to none in terms of quality.’

‘The team consists of highly capable individuals led by partner Juha-Pekka Mutanen, the true legal mind and genius of capital markets in Finland. Mr. Mutanen’s ability to simplify highly complex matters not only to clients but also to other parties involved has solved number of potential issues in transactions. He is the true legal mind and genius within the field.’

Hannes Snellman (Finland)

Hannes Snellman (Finland) advises issuers, financial advisers and other market participants in connection with IPOs, public tender offers, equity and debt offerings, private placements, derivative instruments, buy-backs and regulatory matters. The group handles complex securities transactions and large IPOs within the Finnish market and has gained recognition for its experience in international transactions. Klaus Ilmonen is the head of the capital markets practice and stands out for his experience in public takeovers and cross-border transactions. Sonja Siggberg’s practice includes a wide variety of capital markets transactions alongside advising clients on domestic and international debt capital market transactions and secondary share issuances.

Practice head(s):

Klaus Ilmonen


Other key lawyers:

Sonja Siggberg


Key clients

Ahlstrom-Munksjö Oyj


Ahlström Capital Oy


Anora Group Oyj


Enento Group Oyj


Enersense International Plc


Faron Pharmaceuticals Ltd


Fiskars Corporation


Konecranes Plc


Metso Outotec Oyj


Purmo Group Oyj


Sanoma Corporation


State of Finland (Prime Minister’s Office)


Terveystalo Plc


Tikkurila Oyj


Vaaka Partners


Valmet Corporation


Verkkokauppa.com Oyj


Virala Acquisition Company Plc (VAC)


Work highlights


  • Counsel to the offeror consortium of Accel-KKR, Long Path Partners, and Briarwood Chase Management in the tender offer for all outstanding securities in Basware Corporation.
  • Advised Virala Acquisition Company on the merger with Purmo Group and the listing of Purmo Group on Nasdaq Helsinki – first ever de-SPAC transaction in the Nordic countries.
  • Advised Tikkurila Oyj on the recommended public cash tender offer for all of the shares in Tikkurila by PPG Industries, Inc.

Waselius & Wist

Waselius & Wist has a focus on cross-border transactions, where it acts for leading international companies, and has also seen a notable increase in its regulatory work, advising issuers, managers, underwriters and other parties on regulatory questions regarding securities, derivatives, hybrid instruments, alternative investment funds and mutual funds. Group co-head Maria Lehtimäki focuses on advising financial institutions, investors and corporates on cross-border financings and capital markets transactions, while fellow co-head Timo Lehtimäki primarily focuses on cross-border transactions. Linda Nyman stands out for her work in advising international and Finnish clients on financial regulatory issues and also attracts praise for her anti-money laundering knowledge.

Practice head(s):

Maria Lehtimäki; Timo Lehtimäki


Other key lawyers:

Linda Nyman


Testimonials

‘For me, the go to firm in Finland, they have unrivalled expertise and depth. They collaborate with us on clients well and have always shown dedication to providing the best advice.’

‘Maria Lehtimäki is wonderful in the structured finance field and is a pragmatic lawyer with great client relations.’

‘Linda Nyman is our go-to Finnish structured products lawyer. Excellent market insight, very responsive and exceptional work product.’

‘Excellent service, swift and competent reply.’

‘React very quickly, come back with good solutions and give additional information.’

Key clients

Enersize Oyj


Citibank


AMC Networks Ventures LLC


Otso Gold


LocalTapiola Finance


Barclays Bank plc / Barclays Bank Ireland


The Royal Bank of Canada


BNP Paribas


Société Générale Group and Commerzbank AG


Goldman Sachs International


Bank of America Merrill Lynch


Natixis


Crédit Agricole Corporate and Investment Bank


Deutsche Bank AG / DWS


Capital Group Companies


Credit Suisse International


Winance


Work highlights


  • Advised LocalTapiola Finance (LähiTapiola Rahoitus Oy) as the originator on the €623m public securitisation of a portfolio of Finnish consumer auto hire purchase contracts.
  • Advised AMC Networks Ventures LLC as a major shareholder on the voluntary public cash tender offer by Netflix relating to all shares in Next Games Corporation.
  • Advised Enersize Oyj on a fully underwritten rights offering and private placement issuance to certain key investors.

DLA Piper Finland Attorneys Ltd

DLA Piper Finland Attorneys Ltd is best known for its work in relation medium term note (MTN) programmes and green bonds issued by Finnish companies. The team is co-led by Kristiina Hirva, who handles a varied range of financial regulatory issues. Hans Sundblad is regarded for his knowledge of ISDA documentation, as well as international fund investments. Group co-head Salla Tuominen advises on domestic and cross-border equity capital markets and M&A transactions.

Practice head(s):

Kristiina Hirva; Salla Tuominen


Other key lawyers:

Hans Sundblad


Key clients

Aktsiaselts Tallink Grupp


Open Ocean Ventures


Superhero Capital


Peak Capital


PPG Industries, Inc.


NFT.VC Fund I Ky


Avidly Plc


Teollisuuden Voima Oyj


Bregal Milestone


Sotkamo Silver Oy


The International Swaps and Derivatives Association (ISDA)


Enersense International Oyj


Solteq Plc


IPR. VC Fund I Ky


Varma Mutual Pension Insurance Company


H&M


Saari Partners Oy and Saari I Fund Ky


Work highlights


  • Advising Avidly Plc on the ongoing public tender offer for all its shares and special rights made by a holding company of Adelis Equity Partners Fund III AB.
  • Advised PPG Industries, inc. on a high premium voluntary public cash offer for all shares in Tikkurila Oyj with Tikkurila’s total equity valued at approximately €1.5bn as well as in the delisting process of Tikkurila Oyj and related squeeze-out process.
  • Advised Teollisuuden Voima Oyj (TVO) on the issue of a €600m five-year bond with an annual coupon of 2.6%.