Capital markets in Finland
Juha Koponen leads the experienced practice at Borenius, which advises on high-value cross-border capital markets transactions including IPOs, public listings and tender offers; the group acts as both underwriter and issuer counsel on debt and equity capital markets matters. Ari Syrjäläinen is recommended for his work on equity transactions as well as his regulatory expertise. The practice's client list includes Nordea Bank, Danske Bank and JP Morgan, demonstrating its international capabilities; the team also recently advised EAB Group on its listing on Nasdaq Helsinki. Senior associate Katri Piiparinen is also a key name to note.
‘Motivated, deeply helpful team.‘
‘Strong and broad know-how of the space and underlying market. Team is responsive and proactive in their communication when working with them. Against competition in Helsinki they are easier to work with, have top understanding of the legal aspects of ECM deal in Fiinalnd, and also more broadly.’
‘Very experienced team with the capability to handle all sorts of capital market assignments.‘
‘Juha Koponen is key; he has a commercial mind and approach. Juha is really easy to work with and would assume other clients share this view. He is very knowledgeable and solid when it comes to legal aspects in the Capital Market space and beyond.‘
SEB – Skandinaviska Enskilda Banken
OP Corporate Bank
Bank of America Merrill Lynch
Intera Partners Oy
Carnegie Investment Bank
Paroc Group Oyj
Office of the Finnish Prime Minister
Oma Savings Bank
Garantia Insurance Company
- Advised EAB Group on its listing on the Official List of Nasdaq Helsinki.
- Advised Oma Savings Bank on its IPO on Nasdaq Helsinki.
- Advised Nordea Bank as financial adviser on the combination of Metso and Outotec as the arranger of €1.55bn back-up facilities for Metso.
Castrén & Snellman handles work across the full range of capital markets matters including IPOs, debt and equity transactions and public tender offers, and acts for a number of high-profile financial institutions, banks, and insurance companies including OP Corporate Bank, BNP Paribas and Ilmarinen Mutual. 'Experienced' practice co-heads Merja Kivelä and Janne Lauha are widely praised for their expertise, while senior associate Anna-Maarit Laurila is also singled out as a 'young talent'. In a recent highlight, the practice led advice to Danske Bank and Carnegie Investment Bank on Oma Savings Bank’s IPO on the official list of Nasdaq Helsinki.
Merja Kivelä; Janne Lauha
‘Janne Lauha at Castren & Snellman is the number one individual for banking and finance work in Finland!‘
‘Castren’s capital markets team a has very pragmatic and hands-on attitude on assignments making co-operation easy to work. The team’s vast experience is reflected in its ability to respond quickly with solutions in complex special situations.‘
‘Both Janne Lauha and Merja Kivelä are partners that are easy to recommend to potential new clients. Their ability to orchestrate the team to provide best possible service to clients is excellent.‘
‘Senior associates Anne-Maarit Laurila and Aksu Tuominen are both future talents for Castren. They are easy to work with and they are able to deliver solutions independently which is crucial on fast moving and demanding projects.‘
OP Corporate Bank
Danske Bank A/S
Central Bank of Savings Banks Finland
Carnegie Investment Bank
Cevian Capital Partners Ltd
United Bankers Plc
NoHo Partners Plc
Ilmarinen Mutual Pension Insurance Company
- Advised Nordea Bank on the Finnish law elements of its re-domiciliation from Sweden to Finland.
- Advised Danske Bank and Carnegie Investment Bank as bookrunner on Oma Savings Bank’s IPO on the official list of Nasdaq Helsinki.
- Assisted NoHo Partners and Smile Henkilöstöpalvelut with a transaction in which VMP purchased the share capital of Smile from NoHo Partners and the minority shareholders.
Roschier has a strong offering across debt and equity capital markets transactions, with recent work including IPOs, private equity issues, and share recapitalisation work; it also recently advised a consortium led by ANTA on the €4.6bn public offer for Amer Sports. Other clients include international banks and investment funds. The practice is jointly led by the key combination of Antti Ihamuotila, Helena Viita, Johannes Ahti, and Jonne Järvi, who joined from Castrén & Snellman in mid-2018, bringing significant experience in project and acquisition financing work. Senior associate Laura Huomo is also noteworthy. Gunnar Westerlund retired.
Antti Ihamuotila; Helena Viita; Johannes Ahti; Jonne Järvi
Investor consortium led by ANTA Sports Products Limited
AS Tallink Grupp
Bank of America Merrill Lynch
Skandinaviska Enskilda Banken and Nordea
- Acted for Loxam on the €970m public tender offer for Ramirent.
- Advising an investor consortium led by ANTA Sports Products on the €4.6bn public offer for Amer Sports.
- Advised Tallink Grupp on the listing of its shares via Finnish depository receipts on Nasdaq Helsinki, comprising €723m in market capitalisation.
Mikko Hulkko heads up the practice at White & Case LLP, which acts across the full range of capital markets work including debt, equity and hybrid transactions for issuer and underwriter clients. The firm's international network ensures notable expertise in high-value, multi-jurisdictional deals from its Helsinki office; it recently handled the €3.9bn merger of Metso Materials and Outotec, which involved a reverse takeover and involvement from several of the firm's offices across Europe and the US. Petri Avikainen is recommended for his work in high-value capital markets transactions in Finland. Petri Haussila has retired.
‘Strong team across multiple locations. Good experience.’
‘The team is very proactive and willing to also handle non-legal issues. They take an active view on project and timetable management and we have really come to rely on them for a smooth process.‘
Nordea Bank Abp
Stora Enso Oyj
Finnish State Ownership Steering Department
Danske Bank A/S
- Advising Metso on the merger of Metso Minerals and Outotec, forming Metso Outotec.
- Advising Nordic Railways on its sale of ordinary shares in Neste through an accelerated bookbuild offering to Finnish and international investors totalling €105m.
- Advising SRV Group on its offering of €58m capital notes offered mainly to institutional investors in a private placement process and the simultaneous cash tender offer for its existing €45m hybrid bond and €100m notes.
Dittmar & Indrenius advises on the capital market elements of high-value transactions for a roster of major clients including Anamered Investments, CapMan and Telenor; the group also handles regulatory compliance issues and fintech transactions. Other notable mandates include assisting banks with bonds programmes, structured notes issuances, and acting for alternative investors. Practice co-heads Juha-Pekka Mutanen and Hanna-Mari Manninen are experienced in debt and equity capital markets transactions, and securities and regulatory mandates.
Juha-Pekka Mutanen; Hanna-Mari Manninen
Bank of Åland Plc
Nooa Savings Bank
ETF Securities (UK) Limited
- Advised Telenor Group on its acquisition of and public tender offer for all shares in DNA.
- Advised the Bank of Åland on renewing and revising its €2bn MTN and covered bond programme.
- Assisting Finnish Savings Banks with public issuances of structured notes.
Hannes Snellman's capital markets experience encompasses IPOs, equity and debt offerings, private placements, buy-backs, and regulatory advice. The group counts issuing companies, financial advisers, and investment funds as clients and has increased its market presence in the field of public tender offers; it advised Ramirent on a €970m recommended public cash tender offer by Loxam. The practice is led by Klaus Ilmonen, who is an expert in equity capital markets and public takeovers, with other partners in the practice including Johan Aalto and Mikko Heinonen focusing on corporate M&A and financing transactions.
‘One feature of Hannes Snellman’s ECM practice that stands out is its breadth and depth of experience. They have been around the block and as a client you know.‘
‘Klaus Ilmonen is the brilliant head of the practice, but the team wouldn’t be completed without his lieutenants and great colleagues, who challenge and spar with him. The advice of the Antti Kuha is ever relevant and to the point, taking the commercial needs into the mix – in any capital markets matter he is someone you definitely want on your team.’
Asiakastieto Group Oyj
EQT Partners Oy
Faron Pharmaceuticals Ltd
- Advised Ramirent on a recommended public cash tender offer by Loxam to purchase all of its issued and outstanding shares, valued at €970m.
- Advised Ahlstrom-Munksjö on its €150m rights offering.
- Advised Corbis, Procurator-Holding, Mariatorp and Wipunen Varainhallinta on a directed share issuance totalling €11m.
Krogerus has continued its growth in capital markets mandates with recent work including acting on equity and debt capital markets matters for issuers and underwriters, as well as advising on regulatory compliance issues, public listings and tender offers. The practice is led by well-regarded transactional lawyer Tom Fagernäs, who maintains a broad portfolio of capital markets work, while Mårten Knuts is highly recommended for his advice on complex regulatory compliance matters and securities work.
‘Technically skilled, dedicated and good to work with.‘
‘The team really masters the substance and is able to give reasoned advice. The communication and cooperation with the team has always been easy and straightforward.‘
‘Mårten Knuts is undisputed as number one in securities market law knowledge and has an in-depth understanding in Finland. He combines academic level knowledge with practical advice in a unique way that can only be admired and valued by his clients. He truly understands the business of the client and his advice goes well beyond the traditional legal advice. Therefore, he is not only valued as an adviser by lawyers but also the business people and CFOs. He is also very pleasant to work with and always arranges availability when needed.’
Danske Bank A/S
Lehto Group Plc
Suomen Hoivatilat Plc
- Advised special investment fund eQ Finnish Real Estate (AIF) on its inaugural €100m issuance of senior secured notes.
- Advised HKScan on its public equity offering of €72m.
- Advised HKScan on the private placement of a new €40m hybrid bond.
Avance Attorneys Ltd handles a range of capital markets matters including public transactions, block trades, IPOs, bond issuances, and dual-track private equity exits. Practice head Robin Nordblad is an experienced transactional lawyer with a particular focus on financing and debt capital markets work.
Kotipizza Group Oyj
The Bank of Åland Plc
Next Games Corporation
Rettig Group Ltd
Alexandria Financial Services
CVC Capital Partners
- Advised Kotipizza Group on Orkla’s recommended public cash tender offer for all shares.
DLA Piper specialises in advising clients on medium-term note (MTN) programmes, and recently advised four Finnish issuers on programmes worth a combined €40bn. Additionally, the team is a key name for green bond work and was involved in the first green bond issuances in Finland, and also advises on debt issuances, structuring work and regulatory compliance matters. The practice is led by Mikko Ojala, who combines extensive experience in MTN programmes with knowledge of bond issuances, international fund investments and derivatives.
The International Swaps and Derivatives Association
Sotkamo Silver AB
Sotkamo Silver Oy
Wulff Group Plc
- Advising Fingrid on the dual listing of its €1.5bn debt issuance programme on the London Stock Exchange and Euronext Dublin.
- Advising Avidly on its acquisition of Nitroid and its subsidiaries through a share exchange.
- Advising Picosun on a €12m capital raising.
Waselius & Wist combines expertise in IPOs, public tender offers, bond issuances and private placements with a strong focus on regulatory advice relating to securities, hybrid instruments and other alternative investments. Clients include major international banks and financial institutions, with key examples including Santander and Goldman Sachs. The practice is now led by cross-border specialist Timo Lehtimäki following Tarja Wist's departure. Maria Lehtimäki became a partner in early 2020, specialising in cross-border financing, transactions, and associated regulatory elements.
‘The team has very good industry knowledge. They work quickly and efficiently and provide clear advice.‘
ING Bank N.V.
The Royal Bank of Canada
Société Générale Group
- Advised BNPP and Citibank on the Finnish law aspects of the multi-jurisdictional securitisation of Lenovo’s trade receivables.
- Advising Credit Suisse on structured products for the issuance of notes, warrants and certificates.
- Advising the Royal Bank of Canada on several public offers of equity and index-linked securities totalling $40bn.