Capital markets in Finland

Asianajotoimisto White & Case Oy

Asianajotoimisto White & Case Oy has a wealth of experience advising on a broad range of capital market transactions in Finland, acting for issuers, shareholders, sponsors and underwriters. Key areas of work include public equity financings, equity-linked financings, public debt financings and private placements. Practice head Mikko Hulkko brings strength to the team's cross-border capabilities, and is commended by clients as 'very diligent and thorough with fantastic steadiness'. Another key name to note is Petri Avikainen for his experience in IPOs and public tender offers.

Practice head(s):

Mikko Hulkko

Other key lawyers:

Petri Avikainen


‘Mikko Hulkko, the partner we work with, has a super flexible team. They are incredibly pragmatic and striving to get the job done as efficiently as possible, thus great value for money.’

‘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 with 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.’

‘In summary: You are really taken care of very well. As a client, when you have a problem or hectic situation etc, you feel that they are really on top of things, very organised and thinking ahead in order to secure a successful transaction. Instead of only bringing up problems or forbidding things as lawyers, they are instead proactively presenting and looking for creative solutions in a non-formalistic way – this is a very big difference to most other law firms.’

‘Mikko Hulkko is super engaged personally in all of the work, takes part in all calls and is always reachable on the phone despite hectic work on multiple transactions simultaneously.’

Key clients

Metso Oyj (renamed Neles Oyj)

Metso Outotec Oyj

Outokumpu Oyj

SATO Corporation

Stora Enso Oyj

Ahlstrom-Munksjö Oyj

Solidium Oy

Intera Equity Partners Ltd.

Nordea Oyj

Skandinaviska Enskilda Banken AB

Danske Bank A/S

Carnegie Investment Bank AB


JP Morgan

Morgan Stanley

Goldman Sachs


Work highlights

  • Advised Nordea Bank Abp and Citigroup Global Markets Limited as the joint bookrunners and joint lead managers and OP Corporate Bank plc, Skandinaviska Enskilda Banken AB, Helsinki Branch and Swedbank AB (in cooperation with Kepler Cheuvreux S.A.) as the co-lead managers on the fully-underwritten €510m rights offering of Finnair Oyj.
  • Assisted Skandinaviska Enskilda Banken and Danske Bank as joint global coordinators, and Swedbank and Stifel as joint bookrunners, with the €230m (SEK2.3bn) initial public offering and dual listing of Nanoform Oyj on First North Premier Growth Markets of Nasdaq Helsinki and Nasdaq Stockholm.
  • Acted for Outokumpu Oyj on its offering of €125m senior unsecured convertible bonds, convertible into new and/or existing ordinary shares of Outokumpu through an accelerated bookbuild process to institutional investors.


Juha Koponen leads the capital markets group at Borenius, and has an outstanding track record in handling IPOs. The team also advises on high-value cross-border transactions, and is experienced in acting as underwriter and issuer counsel on debt and equity capital markets matters. Ari Syrjäläinen is noted for his equity capital markets experience, especially relating to IPOs and rights offerings.

Practice head(s):

Juha Koponen

Other key lawyers:

Niina Nuottimäki; Ari Syrjäläinen


‘Wide skillset within the partner group. Technical and on top of things.’

‘Juha Koponen is a skilled and experienced lawyer.’

‘Excellent team in the capital markets and financial regulation space. Clear strengths are client focus, ability to understand legal questions also from commercial perspectives and ability to react quickly based on client needs.’

‘Ari Syrjäläinen – Responsive and flexible.’

Key clients

Nordea Bank Abp

Carnegie Investment Bank AB

Jefferies International Plc

Citycon Oyj (PLC)

CapMan Plc

Cevian Capital AB

YE International Plc

Intera Partners Oy

Endomines Plc

Bank of America Merrill Lynch

Oma Savings Bank Plc

Aspo Plc

Nanoform Finland Oyj

BNP Paribas SA

Credit Suisse

Goldman Sachs International

Banco Santander, S.A.

Helsinki Deaconess Institute Foundation sr

Morgan Stanley & Co. International plc

National Westminster Bank Plc

J.P. Morgan

ING Bank N.V.

Barclays Bank PLC

Havator Group Oy

Work highlights

  • Advised the joint global coordinators (Nordea Bank Abp, Carnegie Investment Bank AB, Finland branch and Jefferies International Limited) on the IPO of Musti Group Plc.
  • Advised Nanoform Finland Plc on its Nasdaq First North Premier Finland and Sweden IPO.
  • Advised Citycon Oyj in connection with its issuance of a listed €350m hybrid green bond.

Castrén & Snellman

The 'solution-oriented' capital markets team at Castrén & Snellman is jointly led by Merja Kivelä and Janne Lauha, who have significant experience handling securities transactions and derivatives matters for domestic and international clients. The practice acts for a number of high-profile banks, financial institutions and insurance companies, with key areas of work including IPOs and debt and equity transactions. Counsel Anna-Maarit Laurila is noted for her experience in public tender offers, as well as advising on corporate governance issues and securities regulation.

Practice head(s):

Merja Kivelä; Janne Lauha

Other key lawyers:

Anna-Maarit Laurila


‘Good knowledge of the customer, practical solution-oriented approach.’

Key clients

Nordea Bank Abp

OP Corporate Bank plc

Danske Bank A/S, Finland Branch

Central Bank of Savings Banks Finland

Carnegie Investment Bank AB

Cevian Capital Partners Ltd

BNP Paribas

S-Bank Ltd

Skandinaviska Enskilda Banken AB

The Finnish Employment Fund

Ilmarinen Mutual Pension Insurance Company

Caverion Corporation

Ferratum Group

Lloyd’s Underwriters

Work highlights

  • Advised Danske Bank A/S, Nordea Bank Plc and OP Financial Group on the sale of shares of Automatia Pankkiautomaatit Oy to cash handling company Loomis AB.
  • Advised the Finnish Employment Fund on the issuance of two €600m unsecured bonds.
  • Advised United Bankers Plc on its transfer from First North to the official list of Nasdaq Helsinki.


Krogerus' full-service capital markets practice handles a broad spectrum of mandates including high-profile IPOs, large-scale rights issuances, buybacks and debt issuances, tender offers and public takeovers. The team acts for credit institutions, investment firms and fund managers, as well as both issuers and buyers. Practice head Tom Fagernäs has a strong track record in cross-border and international transactions, while managing partner Mårten Knuts is an expert in financial regulatory issues.

Practice head(s):

Tom Fagernäs

Other key lawyers:

Mårten Knuts; Paul Raade


‘Young, ambitious team with top expertise.’

‘Highly available, business-minded, easy to approach.’

‘Mårten Knuts is undisputedly the best expert in Finland in capital markets matters. The combination of academic excellence with great practical advice is unique. He truly understands the client’s business context, always gives to the point advice and is very pleasant to work with.’

‘Paul Raade has great expertise in capital markets regulation and is able to see both the details and the big picture.’

‘Tom Fagernäs is clearly the leading young capital markets lawyer in Finland. A very strong name despite his young age. Ability to execute large and complex transactions with a presence on par with the oldest and most experienced lawyers.’

Key clients

Citibank Global Markets

SRV Group Plc

TietoEVRY Corporation

UPM-Kymmene Corporation

Nordea Bank Abp

Cramo Plc


Neste Corporation

Sampo Plc

Carnegie Investment Bank, Finland Branch

Cargotec Corporation

eQ Asset Management Ltd

Work highlights

  • Advised Cramo, an equipment rental services company, on the €1bn voluntary tender offer by Boels for all shares in Cramo.
  • Advised construction development company SRV Group Plc on a comprehensive refinancing transaction comprising two public offerings of shares in the total amount of €125m and the concurrent amendment of the terms and conditions of its senior unsecured bonds.
  • Advised the managers, including Citigroup Global Markets Limited as sole global coordinator and joint bookrunner, on the offering of €125m convertible bonds by Outokumpu Oyj.


Roschier handles the full slate of debt and equity capital markets transactions, with a strong track record in IPOs and share recapitalisation work. Helena Viita is key to the group’s debt capital markets expertise and acts on bond financings. She jointly leads the team with Antti Ihamuotila, who has extensive experience in international transactions and private equity work, and financing experts Johannes Ahti and Jonne Järvi. Associate Katri Piiparinen is also noted.

Practice head(s):

Antti Ihamuotila; Helena Viita; Johannes Ahti; Jonne Järvi

Other key lawyers:

Katri Piiparinen


‘Roschier is very experienced in international transactions, and is able to work well together with London firms.’

‘Helena Viita has to my understanding had a role in many of the bond tender transactions carried out in Finland.’

‘Proactiveness, ability to focus on the most important/relevant things, timeliness, commercial knowledge.’

Key clients

TietoEVRY Corporation

Loxam S.A.S.

Boels Topholding B.V.

Investor consortium led by ANTA Sports Products Limited


Musti Group Oy

Huhtamäki Oyj

Finnair Oyj

Work highlights

  • Advised Neles Corporation on Alfa Laval AB’s recommended public cash tender offer for all the shares in Neles Corporation, a Finnish company listed on the official list of Nasdaq Helsinki.
  • Advised the Finnish national airline Finnair Plc as lead counsel on its €500m rights offering.
  • Advised Musti Group and Millan Holding S.à.r.l (portfolio company of EQT) as lead counsel on its IPO and listing of shares on the official list of Nasdaq Helsinki Ltd.

Dittmar & Indrenius

Juha-Pekka Mutanen and Hanna-Mari Manninen lead the capital markets group at Dittmar & Indrenius, and are active in a variety of debt and equity capital markets transactions. The team handles securities transactions and private to public mandates, and regularly assists alternative investors. Other key strengths for the group include providing regulatory, compliance and fintech advice to banks, start-ups and regulators.

Practice head(s):

Juha-Pekka Mutanen; Hanna-Mari Manninen

Key clients

Aedifica SA/NV

Telenor Group

Anamered Investments

Nooa Savings Bank

CapMan Plc

Dasos Capital Oy


Nordic Trustee

Nightingale Health Oy

Kotkamills Group Oyj

Work highlights

  • Acted as lead counsel to Aedifica and its wholly-owned Finnish subsidiary Aureit Holding on the €610m voluntary recommended public cash tender offer for all shares in Hoivatilat Plc.
  • Advised Telenor on its acquisition of all shares in DNA Plc, the third largest Finnish telecoms operator.
  • Advised Anamered Investments on the €4.6bn recommended public tender offer for all shares in Amer Sports Corporation, the Finnish sporting goods company.

Hannes Snellman

The capital markets group at Hannes Snellman handles a range of matters including IPOs, public tender offers, share issuances, securities offerings, private placements, debt instruments, share buy-backs and regulatory mandates for a client roster of issuers, financial advisers and other market participants. Practice head Klaus Ilmonen has significant experience in equity capital markets transactions involving public corporations.

Practice head(s):

Klaus Ilmonen

Other key lawyers:

Sonja Siggberg

Key clients

Adapteo Oyj

Ahlstrom-Munksjö Oyj

Altia Oyj

Asiakastieto Group Oyj

Cramo Oyj

EQT Partners Oy

Faron Pharmaceuticals Ltd

Fiskars Corporation

Outotec Oyj

Glaston Corporation

Ramirent Oyj

Sanoma Corporation

Work highlights

  • Acted as counsel to Outotec Oyj on the combination of Outotec and Metso Minerals.
  • Acted as legal counsel to Cramo Plc on the partial demerger of Cramo whereby all of the assets and liabilities belonging to Cramo’s Modular Space business were transferred to Adapteo Plc.
  • Acted as counsel to the Finnish Prime Minister’s Office on the €500m rights offering of Finnair Plc launched in mid-2020, and the related state aid process at the European Commission.

Avance Attorneys Ltd

Avance Attorneys Ltd has notable experience in advising clients in regulated markets including the energy and infrastructure, pharmaceuticals and financial services sectors. The team handles a range of capital markets matters, including IPOs, block trades and public tender offers. Transactional lawyer Robin Nordblad, who primarily advises investment funds, leads the practice.

Practice head(s):

Robin Nordblad

Other key lawyers:

Elisa Heinonen


‘Experienced and creative team in structured finance platforms.’

‘Extremely flexible team which is able to respond and allocate resources in line with urgent customer needs.’

Key clients

Mehiläinen Yhtiöt Ltd

Solidium Ltd

Konstsamfundet r.f.

Kusinkapital Ab

CapMan Plc

Elenia Oy

Alfa Laval AB

Berner Oy

Work highlights

  • Acted as the lead legal adviser to Swedish listed company Alfa Laval AB on its voluntary recommended public cash tender offer for all issued and outstanding shares in Neles Corporation.
  • Advised Solidium Ltd, one of the largest shareholders in Tieto, in connection with the merger between Tieto Corporation and EVRY ASA.
  • Advised Mehiläinen Yhtiöt Ltd on a cash tender offer for all shares in Pihlajalinna Plc.

DLA Piper

DLA Piper is particularly singled out for its expertise in medium-term note programmes; other key areas of work include green bond issuances and synthetic risk-sharing transactions. The team is a key name for venture capital funds, particularly those looking to invest in the food and media technology sectors. Private equity expert Hans Sundblad jointly heads up the practice with Salla Tuominen, who has extensive experience in equity capital markets mandates.

Practice head(s):

Hans Sundblad; Salla Tuominen

Key clients

The International Swaps and Derivatives Association (ISDA)

NFT.VC Fund I Ky

Avidly Plc

Varma Mutual Pension Insurance Company

IPR. VC Fund I Ky

Solteq Plc

Sotkamo Silver Oy

Picosun Oy

Work highlights

  • Advised Varma Mutual Pension Insurance Company in relation to a transaction wherein a bank entered into a synthetic risk-sharing transaction.
  • Advised Fingrid Plc, Municipality Finance Plc and Teollisuuden Voima Plc on annual updates to their medium-term note programmes.
  • Advised Nordic Food Tech Venture Capital Oy on the first closing of NFT.VC Fund I Ky, a venture capital fund focused on start-ups specialising in the future food and foodtech areas.

Waselius & Wist

Waselius & Wist is particularly noted for international law firms looking for a Finnish team to assist with cross-border capital markets transactions. The team handles IPOs, bond issuances and private placements and has extensive regulatory expertise. Timo Lehtimäki, who advises international banks, lending entities, private equity houses and corporates, jointly leads the team with structured finance and regulatory specialist Maria Lehtimäki.

Practice head(s):

Timo Lehtimäki; Maria Lehtimäki


‘They have a great capital markets and securitisation practice. They have an in-depth knowledge of the distinctive features of the Finnish law that impact the securitisations.’

‘The team at Waselius & Wist provided advice above the surface need that we identified. They helped us craft a solution to the problems they identified and were engaged and transparent throughout the process.’

‘The team swiftly react at any time and the work is always high quality.’

‘Maria Lehtimäki is thorough, knowledgeable and very business-oriented.’

Key clients


AMC Networks Ventures LLC

Santander Consumer Finance Oy

Barclays Bank plc / Barclays Bank Ireland

The Royal Bank of Canada

Société Générale Group

BNP Paribas

CABB Chemicals

Goldman Sachs International

Bank of America Merrill Lynch

Deutsche Bank AG / DWS


Crédit Agricole Corporate and Investment Bank

Work highlights

  • Advised Santander as issuer and originator on the €799m STS securitisation of Finnish auto HP contracts, listed on the Irish Stock Exchange.
  • Advised AMC Networks Ventures LLC, a subsidiary of AMC Networks Inc (Nasdaq: AMCX), on underwriting the rights issuance of Next Games Corporation.
  • Advised the joint book-running managers and initial purchasers on the Finnish law aspects of the offering of $225m senior secured notes by Venator.