Next Generation Partners

Capital markets in Finland


Praised by clients for its ‘great mix of market and regulatory competencies’, Borenius' capital markets and public M&A department advises clients on significant tender offers, major financing agreements, debt capital markets work, bank funding issues and IPOs. As head of the team, Juha Koponen is a key name for complex international securities offerings and tender offers, as well as public and private mergers and acquisitions, especially those with a cross-border element. Deputy head of the team Mia Mokkila specialises in listed company advisory and public M&A work, handling listed company transactions which involve complex securities and corporate law aspects, such as public tender offers and mergers.

Practice head(s):

Juha Koponen; Mia Mokkila

Other key lawyers:

Eeva Terho


‘Juha Koponen is an outstanding character, very knowledgeable and easy to work with. Mia Mokkila probably knows the security law, MAR and closely linked regulation the best in town. Eeva Terho is a rising associate in the firm who clearly has the ability to grow into the bigger boots.’

‘Competent and extremely comfortable to work with. Good and relevant discussion. Quick answers. Honest.’

‘Great mix of market and regulatory competencies. Produced innovative solutions that have later been copied by the others in the market. Very good personal connections to US and London counterparts that have generated value for us.’

‘Practical and solution-oriented approach, with very good understanding of the market practices. Understands what is important and what is not. Personal connections to US have been valuable for us.’

‘Very professional team. They really like what they do, and the team is fully committed to provide accurate and understandable advice.’

‘Juha Koponen and Mia Mokkila are superb. They really know how to sort the problems. Both are one-of-a-kind legal professionals.’

‘Juha Koponen is extremely knowledgeable on the matters in Finland and US. Easy to work with and very business-minded in his approach.’

Key clients

Netflix, Inc.

PHM Group Holding Oyj

Oma Savings Bank Plc

Swedbank AB, Finnish Branch

Nordea Bank Abp

Danske Bank A/S, Finland Branch

Goldman Sachs, Inc.


Carnegie Investment Bank AB, Finnish Branch

The Finnish State (Prime Minister’s Office, Ownership Steering)

Endomines Finland Oyj

Nixu Corporation

Normet Group Ltd

Nokian Tyres plc

Danske Mortgage Bank Plc

Pihlajalinna Plc

Aktia Alexander Corporate Finance Plc

Bonum Bank Plc

POP Mortgage Bank Plc

Work highlights

  • Advised Netflix, Inc. on its €65m voluntary recommended public cash tender offer for Next Games Corporation.
  • Advised SRV Plc on the reorganisation of the company’s financing in connection with the write-down of its Russian and Fennovoima assets totaling €141.2m.
  • Advised the State of Finland on the €2.35bn bridge financing for the Helsinki-listed Fortum Corporation, which the State issued in response to turbulence in the Nordic electricity derivatives market and Fortum’s financial difficulties.

Castrén & Snellman

Castrén & Snellman‘s capital markets and financial regulation department covers all core areas of transactional work, including private and public M&A, as well as handling financial regulatory matters and corporate governance work, and mandates involving sustainable finance and responsible investments. The team counts listed companies, major international and domestic banks and corporate finance houses, financial institutions, and institutional investors on its client roster. The group is headed up by Merja Kivelä, who has vast experience in mergers and acquisitions, capital markets transactions and financing work; Janne Lauha and Thomas Landell.

Practice head(s):

Merja Kivelä; Janne Lauha; Thomas Landell

Other key lawyers:

Teresa Kauppila; Anna-Maarit Laurila


‘Deep competence in capital markets laws, helpful and friendly attitude.’

‘Janne Lauha can always help and answer our questions. He is available and can explain the recommended solutions. Great competence and attitude.’

‘The work of Janne Lauha and Teresa Kauppila is highly appreciated. Both are exceptional lawyers and always put the client’s interests first.’

‘Janne Lauha provides excellent support – he understands our business needs and responds swiftly to complicated questions.’

‘Teresa Kauppila is efficient in her support and great with providing practical advice for complex situations.’

Key clients

Raute Corporation

WithSecure Corporation, F-Secure Corporation

Caverion Corporation

Evli Plc

Reka Industrial Plc

Bilot Plc

VR-Group Plc

POP Mortgage Bank Plc

QPR Software Plc

Solwers Plc

Mandatum Life Insurance Company Limited

The Mortage Society of Finland

Boreo Plc

Multitude SE

S-Bank Plc

Ålandsbanken Abp

Sp Mortgage Bank Plc

Purmo Group Plc

Rettig Group Ltd


Reputed for its depth of expertise across a broad spectrum of capital markets mandates, Krogerus‘ capital markets and public M&A department offers full-service advice to its clients, including handling high-profile IPOs, large-scale rights issuances, buybacks and debt issuances, tender offers, liability management transactions, and public M&A, as well as providing regulatory assistance. Tom Fagernäs leads the team and assists clients with domestic and cross-border capital markets transactions, ranging from debt and equity transactions to public takeovers, increasingly involving distressed situations. Mårten Knuts is adept in domestic and cross-border capital markets and financing transactions, including takeovers, as well as financial regulatory matters; while Paul Raade focuses on transactional mandates.

Practice head(s):

Tom Fagernäs

Other key lawyers:

Mårten Knuts; Paul Raade


‘The team provides a broad set of skills and experience in the field. As a customer, you feel that the different aspects and alternatives are analysed thoroughly from the aspect of both opportunities and risks.’

‘Efficiency, delivery and ability to understand business situation of the customer.’

‘Mårten Knuts is second to none.’

‘Tom Fagernäs, heading the Capital Markets group – Really capable guy and easy to deal with. Paul Raade, partner with strong knowhow of capital markets law.’

‘Solid and experienced and above all knowledgeable.’

‘Mårten Knuts, Tom Fargernäs and Paul Raade – all of them are knowledgeable and efficient.’

‘A young and extremely innovative and dynamic team!’

‘Mårten Knuts and Tom Fagernäs really stand out. Paul Raade is making waves.’

Key clients


Nordea Bank



JC Switzerland Holding


Hartwall Capital

Carnegie Investment Bank

Lamor Corporation

Alisa Bank (formerly known as Fellow Bank)

Work highlights

  • Advising Sampo as the lead counsel in its strategic review of Mandatum, which was initially announced in December 2022.
  • Advised Nokia on two share buy-back programmes, both of €300m.
  • Advised Lamor Corporation on the public offering and listing of its inaugural €25m senior secured high-yield green bond.


Praised by clients as the ‘best team in Finland’ for its breadth of capital markets expertise, Roschier‘s equity capital markets, finance and restructuring department advises on the structuring and execution of a wide range of complex equity and debt capital markets deals and public M&A transactions. Highly experienced co-head Antti Ihamuotila is a key name for international capital market transactions, while co-head Helena Viita covers a wide variety of finance and debt capital markets work, and co-head Petri Avikainen is specialised in equity capital markets matters and public M&A. Jaakko Laitinen and Katri Piiparinen are also key names to note.

Practice head(s):

Antti Ihamuotila; Helena Viita; Petri Avikainen

Other key lawyers:

Jaakko Laitinen; Katri Piiparinen


‘Best team in Finland. Fantastic breadth of the team on all topics.’

‘Antti Ihamuotila is the most capable capital markets lawyer in the country. Unique international experience.’

‘Extensive knowledge of the various capital market transactions and ability to solve, negotiate, and deliver good results under tight time schedules.’

‘Antti Ihamuotila communicates extremely well and has a profound understanding of the clients’ needs and has vast experience especially from various capital markets transactions. Antti is a pleasure to work with and would recommend him to anyone.’

‘Good presence in the market in a wide range of transaction work, senior lawyers with established specialisations. Working methods at least in our engagements are quite traditional. Roschier is used to international work.’

‘DCM specialist Helena Viita does a good job.’

‘All relevant expertise in one house. Strong Nordic angle and competence. Very experienced and strong partners.’

‘Leading experience, cross-border and international capabilities. Always up to speed with respect to key market and regulatory development. Petri Avikainen is the go-to person with respect to legal services needed in complex international bond transactions.’

Key clients

TietoEvry Corporation


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

Enersense International Oyj

Work highlights

  • Represented a consortium led by Bain Capital, together with the investment companies Security Trading, Fennogens Investments and Corbis, on the voluntary recommended public tender offer for Caverion Oyj, listed on Nasdaq Helsinki.
  • Advises Angry Birds creator Rovio Entertainment Corporation on the €700m all cash takeover of all shares in Rovio by Sega Europe following Playtika’s unsolicited intention for an offer for Rovio.
  • Represented Oras Invest Oy as the largest owner of Uponor, on the €2.10bn sale of Uponor Oyj to Georg Fischer AG, in the first Finnish ‘white knight’ defense transaction.

Asianajotoimisto White & Case Oy

Asianajotoimisto White & Case Oy‘s capital markets group acts on a diverse range of capital markets transactions across the Nordics, including IPOs, SPACs and de-SPACs, rights issuances, private placements, stand-alone bonds, debt programs, convertible bonds, hybrid bonds and high-yield issuances. Mikko Hulkko leads the department and has extensive experience in international capital market transactions, as well as equity and debt deals; as a member of the New York State Bar, he handles general corporate and securities matters, including advising on compliance with US federal securities laws. Jenni Nygård, who focuses on capital market transactions as well as mergers and acquisitions, was promoted to partner in January 2023.

Practice head(s):

Mikko Hulkko

Other key lawyers:

Jenni Nygård


‘Mikko Hulkko 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 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

BNP Paribas



Danske Bank


Elenia Verkko



Georg Fischer

Goldman Sachs


JP Morgan



Morgan Stanley

Neste Corporation

Nordea Bank



Skandinaviska Enskilda Banken

Stora Enso


Work highlights

  • Advising Nestle on its €2.5bn EMTN program establishment and the issuance thereunder of €1bn green bonds.
  • Advising Georg Fischer on its €2.1bn voluntary recommended public cash tender offer for all the issued and outstanding shares in Uponor, a Helsinki-listed global solution provider of water distribution.
  • Advised Koskisen Corporation on the €141.5m IPO and listing on Nasdaq Helsinki.

Avance Attorneys Ltd

With high-end ECM and public M&A transactional work at the core of the practice, Avance Attorneys Ltd‘s capital markets team has recently been engaged in de-SPAC transactions in the Nordics, significant public tender offers, and complex block trades. Robin Nordblad heads up the department and has in-depth experience of public M&A and investment funds; he is recognised for his ‘top knowledge of capital markets documentation and regulation’. Rasmus Sundström is praised by clients as ‘a very hands-on, result-oriented, and pragmatic lawyer who is a pleasure to work with’.

Practice head(s):

Robin Nordblad

Other key lawyers:

Rasmus Sundström


‘The essential strengths of the team are its flexibility, efficiency and dedication. We have been very pleased with their services. As a client, we appreciate the stability of the relationship built with the team. A long-term client relationship has been an advantage to us.’

‘Rasmus Sundström is a very hands-on, result-oriented, and pragmatic lawyer who is a pleasure to work with. He is responsive to client’s questions and needs and is easily approachable. His excellent knowledge of financial regulations is much appreciated.’

‘They are very good with the Finnish market regulation and work a lot with M&A, IPOs and P2P transactions. Deep knowledge of bonds, listed and private. Available, hardworking and fast in delivering hefty documentation turns. Approachable and very nice to work with.’

‘Robin Nordblad has top knowledge of capital markets documentation and regulation, application into real situations.’

Key clients

Triton Equity Partners

Mehiläinen Yhtiöt Ltd

Solidium Ltd

Rettig Group Oy Ab

Elenia Oy

Alfa Laval AB

Berner Oy

Danske Bank

LDA Capital Limited

Preato Capital AB

Purmo Group

Hologic, Inc.

Doordash, Inc.

Aliaxis SA/NV

Work highlights

  • Advised Triton Equity Partners in relation to Crayfish BidCo’s voluntary public cash tender offer for all the shares in Caverion Corporation.
  • Advised Adelis Equity Partners Fund III in relation to its public cash tender offer for all shares in Avidly Plc.
  • Advised Aliaxis SA/NV, a leader in water management solutions, in relation to its voluntary all-cash public tender offer for all the issued and outstanding shares in Uponor.

Dittmar & Indrenius

Dittmar & Indrenius advises on debt and equity instrument issuances, securities-related deals and regulatory issues, and is also highly competent in the fintech field, an area of emphasis for Kristian KarlssonJuha-Pekka Mutanen leads the department, handling finance and capital market transactions, mergers and acquisitions and corporate law. Other key names contributing to the practice include Hanna-Mari Manninen, who leads the corporate advisory, compliance and sustainability group; and senior partner Anders Carlberg.

Practice head(s):

Juha-Pekka Mutanen

Other key lawyers:

Kristian Karlsson; Hanna-Mari Manninen; Anders Carlberg


‘Market knowledge and intelligence, availability and technology.’

‘Kristian Karlsson is particularly strong in fintech and regulatory matters.’

‘Kristian Karlsson is a very competent fund lawyer.’

Key clients





Nordisk Film Games

Svenska Handelsbanken AB



York Capital Management Global Advisors


Work highlights

  • Advising Handelsbanken on the disposal of its entire Finnish operations.
  • Advised Tamtron Group Oyj on its initial public offering on the Nasdaq First North Growth Market.
  • Advised the arranger, investment bank Pareto Securities AB, on the Finnish aspects of issuance of the senior secured floating rate bonds in an amount of €75m by Fortaco Group Holdco Oyj.

Hannes Snellman (Finland)

Specialising in complex capital markets work, Hannes Snellman (Finland)‘s department advises on IPOs, public tender offers, equity and bond offerings, private placements, share buy-backs, and other equity capital market transactions as well as regulatory matters. The team takes a multi-disciplinary approach and works closely together with general M&A, tax, competition and other sector experts. Head of the team Klaus Ilmonen has vast experience in public takeovers, as well as cross-border transactions, while Sonja Siggberg delivers the full range of advice on capital markets work.

Practice head(s):

Klaus Ilmonen

Other key lawyers:

Sonja Siggberg


‘Team is both competent and fast in execution.’

‘Clear in communication, firm opinions. Provide the necessary support needed in complex situations.’

‘Very experienced team, one of the market leaders.’

‘They are thorough, fast and accurate with good judgment and good relationships with other counsel. Very respected office.’

‘They come up with creative solutions where others are stuck, and don’t get phased by new situations. Solution-oriented, commercial, and fast.’

‘The team is very knowledgeable and with wide resources. Everything is just so smooth and professional.’

‘Sonja Siggberg is very responsive and has a holistic view of matters. She is one of the few generalists in the field who can take multiples aspects from different areas of law into account. The partner in charge is always on top of things and knows what the team is working.’

Key clients


Ahlstrom Oyj

A. Ahlström Oy

Anora Group Oyj

Bain Capital

Citycon Oyj

Enento Group Oyj

Enersense International Plc

Faron Pharmaceuticals Ltd

Fiskars Corporation

Fortum Corporation

Konecranes Plc

Marimekko Corporation

Methode Electronics, Inc.

Metso Oyj

Orion Corporation

Purmo Group Oyj

Sampo Plc

Sanoma Corporation

Sega Sammy Holdings Inc

State of Finland (Prime Minister’s Office)

Terveystalo Plc

Vaaka Partners

Valmet Corporation Oyj

Work highlights

  • Acted as Finnish counsel to Fortum Oyj on the arrangements related to stabilisation of its German subsidiary Uniper SE and subsequent sale of the controlling stake in Uniper SE shares to the German State, as well as the €2.35bn bridge finance facility provided by the Finnish state-owned holding company Solidium Oy.
  • Acted as counsel to Sega Europe Limited and SEGA Corporation, subsidiaries of Sega Sammy Holdings Inc., on the recommended public cash tender offer for all shares and options in Rovio Entertainment Corporation (listed on the official list of Nasdaq Helsinki).
  • Acted as counsel to Uponor Corporation on the recommended public cash tender offer by Georg Fischer Ltd to purchase all of the issued and outstanding shares in Uponor, and also the voluntary all-cash public tender offer by Aliaxis SA/NV for all the issued and outstanding shares in Uponor (subsequently withdrawn).


Waselius is well versed in cross-border transactions, in which the group advises global corporates, especially leading asset managers, as well as handling regulatory matters relating to securities, derivatives, hybrid instruments, alternative investment funds and mutual funds. Maria Lehtimäki, who acts for financial institutions, investors and corporates on cross-border financing and capital markets transactions and the related regulatory work; and Timo Lehtimäki, who assists international banks, other lending entities, private equity houses and corporates with cross-border transactions, jointly lead the team.

Practice head(s):

Maria Lehtimäki; Timo Lehtimäki

Other key lawyers:

Linda Nyman


‘Excellent service and understanding of prevalent legal issues.’

‘The W&W Team were knowledgeable as to substantive areas of law and had the breadth of experience to provide market perspective.’

‘One of Timo Lehtimäki’s qualities that I really appreciated was his responsiveness, both in terms of timeliness and being on point in addressing any questions/issues raised.’

‘The Waselius & Wist team is very professional and responsive and gives prompt and focused advice.’

‘Linda Nyman makes sure that all our transactions proceed smoothly.’

Key clients

Enersize Oyj

Citibank /Citigroup

AMC Networks Ventures LLC

LocalTapiola Finance

Banco Santander

Barclays Bank plc/Barclays Bank Ireland

The Royal Bank of Canada

BNP Paribas

Société Générale Group

Goldman Sachs International


Crédit Agricole Corporate and Investment Bank

Deutsche Bank AG / DWS


Credit Suisse International


MetLife Group

Bank of America Corporation

Work highlights

  • Advised LocalTapiola Finance (LähiTapiola Rahoitus Oy) as the originator in the €543.3m public securitisation of a portfolio of Finnish consumer auto hire purchase contracts.
  • Advised Monitchem Holdco 3 S.A., on the Finnish law aspects of the issuance of €250m floating rate notes due 2028 and €420m fixed rate notes due 2028 and related super senior revolving credit facility.
  • Advised Santander Consumer Finance Oy as the originator on the €450m public securitisation of a portfolio of Finnish consumer auto hire purchase contracts.

Bird & Bird

The growing capital markets practice at Bird & Bird assists clients with a broad range of capital markets and public M&A transactions. Mika Puurunen leads the team and provides clients with the full range of advice on capital markets work including IPOs, main market rights issuances, complex regulatory restructurings, and convertible note offerings. Laura Huomo has in-depth knowledge of IPOs and various types of EMTN and GMTN programmes, often with an international context. Iina-Mari Supper was promoted to partner in April 2023.

Practice head(s):

Mika Puurunen

Other key lawyers:

Laura Huomo; Iina-Mari Supper


‘B&B’s team is composed of unique talents whom you can trust. They always work efficiently and provide support. They are very knowledgeable and hardworking.’

‘I have particularly worked with Mika Puurunen and the team. They are very trustful, skilled and sociable. They play really well with clients. Whilst they are very successful in what they do, they are still down-to-earth and easy to approach. They explain everything very well and are patient. When needed, they always deliver.’

‘Mika Puurunen has a practical approach to matters and can solve problems effectively.’

Key clients

S-Bank Plc

Lehto Group Plc

Etteplan Oyj

Nordtreat Group Inc.

Toivo Group Plc

Work highlights

  • Advised S-Bank Plc in connection with its €200m equity financing component relating to the acquisition of Handelsbanken’s Finnish private customer, asset management and investment services operations.
  • Advised Lehto Group Plc in connection with its €15m senior unsecured convertible bond offering.
  • Advised Etteplan in connection with its public tender offer for all the shares in public listed company Semcon AB.

DLA Piper Finland Attorneys Ltd

DLA Piper Finland Attorneys Ltd‘s finance and projects department is especially experienced in public tender offers, IPOs, green bonds, and debt capital markets assignments, including advice on clients’ Medium-Term Note (MTN) and Euro Commercial Paper (ECP) programmes. Co-head Kristiina Hirva focuses on financial regulatory advice, spanning debt capital markets, alternative investment fund formation and fund raising assistance; while co-head Salla Tuominen focuses on complex financing and corporate transactions, advising banks and other institutional clients.

Practice head(s):

Kristiina Hirva; Salla Tuominen

Other key lawyers:

Jonathan Andersin


‘Very professional team. Practical, hands-on, and can-do approach.’

‘Professional but practical approach. Flexible and easygoing people.’

‘They are a vendor, not just a subcontractor. They take proactive ownership and responsibility for the matters they have the expertise of. They have deep subject matter expertise which they apply to help us avoid having to learn things the hard way.’

‘Jonathan Andersin is extremely helpful, flexible and pragmatic.’

Key clients

PPG Industries, Inc.


Nordic Food Tech Venture Capital Oy

Fairpoint Capital AB

Helppy Oy

Tenendum Oy

EQT Ventures I and EQT Growth

Aktsiaselts Tallink Grupp

Open Ocean Ventures

Superhero Capital

Peak Capital

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


Saari Partners Oy and Saari I Fund Ky

Tenendum Oy

Work highlights

  • Advised Avidly Plc on the public tender offer for all its shares and special rights made by a holding company of Adelis Equity Partners Fund III AB.
  • Advised Saari I Ky, a private equity fund operated by Saari Partners Oy, on the exit from Cervi Talotekniikka Oy, a specialist in ventilation, clean indoor air and cooling.
  • Advised Teollisuuden Voima Oyj (TVO) on the issuance of a €600m seven-year bond with an annual coupon of 4.75% issued under TVO’s EMTN programme and listed on the Luxembourg Stock Exchange.