Capital markets in Norway
Viggo Bang-Hansen and Bjarne Rogdaberg jointly lead the practice at Advokatfirmaet Schjødt, which handles the full spectrum of ECM, DCM, high-yield bond, restructuring and regulatory work for a high-profile client roster. The group is particularly recognised for its expertise in the offshore and oil services sector; clients include Ocean Yield, Songa Offshore and DNO. The team also recently advised Euronext on its acquisition of Oslo Bors VPS Holding. The practice also fields the ‘extremely efficient, positive and solution-oriented’ Thomas Aanmoen, Audun Bondkall, who specialises in transactional work, M&A and securities law; the highly experienced Erling Christiansen, and Camilla Skøie Mørkve, who handles shipping, rig and offshore financings.
‘The firm’s capital markets team is highly experienced. We find the team experienced, busy and hard-working.‘
‘Thomas Aanmoen is the partner we use. He is of course a very experienced capital markets lawyer, and we find him extremely efficient and responsive, positive, solution-oriented and pragmatic.‘
Morgan Stanley & Co. International
ABG Sundal Collier ASA
Ocean Yield ASA
Pareto Securities AS
Pareto Bank ASA
ABG Sundal Collier
Self Storage Group ASA
Klaveness Combination Carriers ASA
- Advised Euronext on its acquisition of Oslo Børs VPS Holding, the holding company for the Oslo Stock Exchange.
- Assisted DNO with its public cash tender offer for Faroe Petroleum.
- Acted for TGS-NOPEC Geophysical Company on its NOK24bn statutory merger with Spectrum.
BAHR is singled out for handling some of the markets most complex equity capital markets work alongside experience in debt offerings and regulatory matters; in a recent highlight, the group advised an underwriting syndicate comprised of JP Morgan, Arctic Securities and SEB on the spin-off of Adevinta from Schibsted and the simultaneous IPO of Adevinta on the Oslo Stock Exchange. Lars Knem Christie led the matter and is praised by clients for being ‘extremely knowledgeable of the market’; other key individuals include practice head Richard Sjøqvist, who focuses on DCM work; Svein Gerhard Simonnæs, who primarily advises on private and public M&A; and Rolf Johan Ringdal, who is a key name for international work and has experience in the shipping, offshore, energy and transport sectors. Erik Langseth also leads the firm’s company law group and Bjørn Gabriel Reed is the main contact for securities work. Markus Nillsen and Magnus Tønseth were promoted to the partnership in 2019.
Other key lawyers:
‘Extremely knowledgeable with massive experience.‘
‘Lars Knem Christie is extremely knowledgeable of the market, market terms, and legislation. Always available and able to deliver on tight timelines.‘
ABG Sundal Collier
Norwegian Energy Company
DNB Bank ASA and DNB Markets
The John Fredriksen Group
- Acted for an underwriting syndicate comprised of JP Morgan, Arctic Securities and SEB on the spin-off of Adevinta from Schibsted and Adevinta’s subsequent IPO on the Oslo Stock Exchange.
- Assisting Nasdaq with its bid for ownership of the Oslo Stock Exchange.
- Advised Noreco on its acquisition of Shell’s Danish oil and gas assets.
Fielding a ‘solid and very experienced team’, Advokatfirmaet Thommessen AS’ practice is jointly led by Christian Grüner Sagstad and Solveig Fagerheim Bugge and also fields M&A and ECM specialist Hans Cappelen Arnesen, ‘outstanding transaction lawyer’ Anders Arnkværn and financing expert Einar Grette. The group is notably strong in the IPO market and handles the full range of ECM, DCM and regulatory work; it recently advised Oslo Bors VPS Holding on its acquisition by Euronext and also assisted Kongsberg Gruppen with its NOK5bn acquisition of Rolls-Royce Commercial Marine. Other clients include Goldman Sachs International, DNB Markets and Arctic Securities.
Other key lawyers:
‘Solid and very experienced team. Always receive senior attention.’
‘Considered by us to be the most competent and complete legal advisers in the country. Particularly good in financial services, M&A and securities transactions and on international documentation.‘
‘Strong team with leading experience and insight.‘
‘Efficient work, smooth case handling. (No detours, no unnecessary extra work).’
‘First class legal knowledge and experience coupled with solid commercial understanding.‘
‘Anders Arnkværn is an outstanding transaction lawyer and one of the foremost in his generation. Hans Cappelen Arnesen is perhaps the most trusted legal strategic adviser that we know.‘
Goldman Sachs International
ABG Sundal Collier
Arctic Securities AS
Skandinaviska Enskilda Banken AB
UBS Investment Bank
Saferoad Holding ASA and its sponsor Nordic Capital
Salmones Camanchaca S.A.
Odfjell Drilling Ltd.
Sparebanken Hedmark Sparebankstiftelse
Oslo Børs VPS Holding ASA
Kongsberg Gruppen ASA
Shelf Drilling, Ltd.
BW Group Limited
BW Offshore Limited
BW LPG Limited
Nordic Trustee AS
- Acted for Oslo Børs VPS Holding on its acquisition by Euronext.
- Assisted Kongsberg Gruppen with its NOK5bn acquisition of Rolls-Royce Commercial Marine.
- Advised SafeRoad Holding and Nordic Capital on the public takeover of SafeRoad Holding by FSN Capital V.
Wiersholm is a key contact for investment banks and issuers at a national and international level and regularly handles IPOs, debt and equity offerings; the group is also experienced in derivatives, structured products and regulatory mandates. The team has recently been active in the IPO space; it was involved in the IPO of Ultimovacs and was issuer counsel for the listing of Adevinta on the Oslo Stock Exchange. Sverre Sandvik and Tone Østensen jointly lead the department, which also includes Simen Mejlænder, who ‘provides good and practical advice’, and managing associate Anne Lise E. Gryte.
‘Strong team with updated and extensive experience. More teamwork than individuals.’
‘Strong experience and good advice, with a solution-oriented and flexible approach.’
‘On par with other tier one law firms in Norway.’
‘We have worked with partner Simen Mejlænder. Very available and responsive. Provides good and practical advice. Shows good understanding of our industry and deep knowledge in the fields of law.‘
ABG Sundal Collier
Norske Skog ASA
Nordic Nanovector ASA
Sparebank 1 Markets AS
- Acting for Schibsted and Adevinta as issuers on the carve-out, IPO and listing of Adevinta on the Oslo Stock Exchange.
- Assisting Arctic Securities, Danske Bank and DNB Markets with a NOK3bn rights issuance by Norwegian Air Shuttle.
- Advised BRABank on its merger with Monobank.
At Wikborg Rein, Dag Erik Rasmussen heads up the team and Stian Tande Mortensen leads the debt capital markets offering. The group counts institutional investors, investment banks, funds and blue-chip companies as clients; key examples include DNB Bank, Norsk Hydro and Pareto Securities. The practice is also praised for its knowledge of the offshore and energy sectors and its public takeover expertise; it recently advised Transocean on its takeover of Ocean Rig UDW. Per Anders Sæhle is also recommended for ECM and public M&A work, Bergen office managing partner Jan Erik Clausen handles stock exchange and securities law issues, and Ole Andenæs, who joined from an in-house position at Carnegie, is head of the firm’s financial regulatory practice.
‘Committed to achieving corporate goals instead of process driven.’
‘Understand the objectives and critical timelines and they invest the time and energy to achieve them.’
The Kingdom of Norway, acting through the Ministry of Trade, Industry and Fisheries
DNB Bank ASA
Norsk Hydro ASA
Yara International ASA
ABG Sundal Collier ASA
Axxis Geo Solutions ASA (former Songa Bulk ASA)
ADS Crude Carriers Plc
Pareto Securities AS
Danske Bank A/S
Blommenholm Industrier AS/ the Tinius Trust
- Advised the Kingdom of Norway acting through the Ministry of Trade, Industry and Fisheries on a secondary placement of 20m shares in Entra.
- Assisted DNB Markers and ABG Sundal Collier with Norske Skog’s senior secured bond issuance.
- Acted for Tinius Trust as controlling shareholder of Schibsted on the divestment of shares related to the separation of Schibsted and the establishment and IPO of Adevinta as a separate listed company.
Marianne Lind Sahl heads up the department at Arntzen de Besche, which has ‘strong industry insight’ and notable sector strength in the oil and gas, technology, seafood and real estate industries; clients include Shearwater Geoservices, Rasmussengruppen and Magseis. The practice also has substantial international experience acting on cross-border bond matters. Newly promoted partner Henrik Braavold Johansen and Trond Kildal are also recommended for ECM work, while Vidar Løhre, who recently joined from Wikborg Rein is the key name for DCM work. The practice also strengthened its regulatory offering with the recruitment of financial regulatory specialist Karl Rosén from Advokatfirmaet Grette AS in 2019; Per Kristian Ramsland also enhanced the Stavanger-based offering following his recruitment from Kluge Advokatfirma AS and Susanne Munch Thore, who joined from Wikborg Rein, is also active in capital markets transactions.
‘Strong industry insight with a pragmatic approach and readily available partners.‘
Shearwater Geoservices AS
Storm Real Estate ASA
Emas Offshore Limited
Sino Agro Food
African Petroleum Corporation Limited
- Advising Pareto Securities, SEB and SpareBank 1 Markets as joint global coordinators on the IPO of Okea on Oslo Børs.
- Assisting African Petroleum with its agreement to combine with PetroNor E&P.
- Acted for Nidaros Sparebank on its issuance of a new equity certificate and its listing on Merkur Market.
Advokatfirmaet CLP DA primarily focuses on ECM work and regularly acts for issuers, investors and managers on equity offerings; the team also assists with securities and stock exchange law issues and corporate governance work. Department head Edvard Cock handles M&A, restructurings, stock exchange listings and issuances; and Andreas Kildal advises on public and private M&A and trades in listed securities. Lars Gunnar Aas, Jakob Villum and senior associate Joakim Gjerde also contribute to the practice.
‘CLP has a very strong team supporting us in all aspects related to capital markets, M&A and corporate governance. As we have limited internal resources, it is very good to have a team available that gives on the spot advice and support.‘
‘Andreas Kildal is our main partner. He has 100% availability for us.’
Atlantic Sapphire AS
Aqua Bio Technology ASA
S.D. Standard Drilling Plc
Hofseth BioCare ASA
Saga Tankers ASA
Black Sea Property AS
KID Interiør ASA
Data Respons ASA
Team Tankers International Ltd (previously Eitzen Chemical ASA)
Nordic Semiconductor ASA
- Advised Atlantic Sapphire on its private placement of NOK783m to Norwegian and international investors.
- Assisted poLight with its IPO and listing on the Oslo Stock Exchange.
- Acted for Data Respons on its private placement of NOK375m to fund M&A activities.
Under the leadership of Cornelius Sogn Ness, Advokatfirmaet Haavind AS handles the full range of capital markets transactions spanning IPOs, private placements, bond issuances and public takeovers. The group is particularly noted for its public M&A work and recently advised Tieto on its takeover of Evry through a public cross-border merger. The group also counts Telenor, Pareto Securities, Axactor and Okea as clients. Other noteworthy individuals include corporate and private equity expert Andreas Vik, transactional specialist Bård Sandstad, and Hans-Christian Donjem, who is the key contact for DCM work.
Seacrest Capital Group
Norsk Hydro ASA
- Assisted Tieto with its $2.2bn takeover of Evry through a public cross-border merger.
- Acted for Aqualis on its underwritten equity issuances and the issuance of performance-based warrants and consideration shares relating to its acquisition of a majority stake in Braemar Technical Services Division.
- Advised Seacrest Capital Group on the IPO of Okea on Oslo Børs.
With expertise across equity and debt capital markets work, Advokatfirmaet Selmer AS is a key contact for Nordic financial institutions; its client roster includes Pareto Securities, Nordea and Arctic Securities. The group is also active in the high-yield bond arena. Bernt Olav Steinland and Robert Sveen jointly lead the practice; Steinland is recommended for regulatory work and Sveen advises on transactional matters. Other noteworthy practitioners include Andreas Jarbø, who handles ECM transactions for financial institutions, Christopher Jensen, who specialises in DCM work, and newly promoted partner Jon Fredrik Johansen, who assists with stock exchange and securities law.
‘The Selmer team has a deep and comprehensive knowledge within capital markets. The team is available and pleasant to work with.‘
‘The team invests in understanding the business of the client and hence understands what the key issues for the client are. They have a very good commercial understanding and give direct advice in complex matters.‘
‘The individuals we work with in the Selmer team are pro-active, and they are able to think “outside the box”.‘
‘Jon Fredrik Johansen is hands on and very efficient. Very knowledgeable and efficient. Able to give direct advice on complex matters.‘
Qumei Home Furnishing Group Ltd.
Pareto Securities AS
PCI Biotech ASA
SpareBank 1 Østlandet
Scatec Solar ASA
HIVE Blockchain Technologies LTD
- Assisted Ekornes with its public takeover by Qumei Home Furnishings Group.
- Handled Sparebanker Telemark’s IPO on Oslo Børs.
- Advised listed discount retailer Europris on its agreement with Runsvengruppen to establish a joint discount retail platform across the Nordics.
At Advokatfirmaet Simonsen Vogt Wiig, Christoffer Bjerknes leads the ECM expertise, while Halvor Klingenberg, who joined from Advokatfirmaet Haavind AS in 2018, is the main DCM contact. Clients also praise Amund Fougner Bugge, who is ‘very client centric’ and focuses on ECM transactions. The practice has experience across equity, debt and securitisation matters and counts corporates, financial institutions, funds and asset managers as clients; notable examples include Norwegian Air Shuttle, Norwegian Finans Holding and Songa Container.
‘Very rapid turnaround, covering both sensitive shareholder issues, international debt markets and competition issues while preparing transaction documents.‘
‘Amund Fougner Bugge has extremely flexible working hours and rapid turn-around, ensuring access to the whole array of the company’s services in those few transaction cases where he needs additional support. Very client-centric.‘
Norwegian Air Shuttle ASA
Jinhui Shipping and Transportation Limited (Bermuda / Hong Kong)
Norwegian Finans Holding ASA (Bank Norwegian AS)
Katapult Accelerator AS
Idekapital Fund 1 AS
responsAbility Management SA
Songa Container AS
Curida Holding AS
Piano Software, Inc.
- Acting for Norwegian Air Shuttle on its fully underwritten NOK3bn rights issuance.
- Assisting Piano Software and its subsidiary with its NOK350m public tender offer for Cxense.
- Advised Zwipe on its IPO on Merkur Market at the Oslo Stork Exchange and related private placement.
Andreas Myrstad leads the capital markets and M&A group at Advokatfirmaet Grette AS, which is ’very responsive with great deal management skills’. The team handles a wide range of equity and debt mandates and has notable expertise in the technology, life sciences, financial services, renewable energy, infrastructure, real estate and construction sectors. Thomas J. Fjell is a key name for restructurings, equity issues and financial workouts; Thomas Borch-Nielsen, who joined from Advokatfirmaet Thommessen AS, focuses on the renewable energy sector. Børge A Grøttjord joined DLA Piper.
‘The availability and engagement separates the firm from the competitors I have interacted with.‘
‘The Grette team are very responsive with great deal management skills.‘
‘The attention you get as a client is superior to what I’ve experienced from competitors. This carries on through to the work which is performed well with quick responses, and the feedback makes me feel appreciated as a client, and enhances the trust I have in the lawyer.‘
Sparebank 1 Markets
- Advised TargetEveryOne on its secodnary listing on the Oslo Stock Exchange Markur Market.
- Assisted Oceanteam with its residual NOK45m debt to equity conversion and subsequent listing of the conversion shares.
- Acted for DNB Markets as manager on Zelluna Immunotherapy’s NOK90m equity raise.
Kluge Advokatfirma AS is singled out for its regulatory expertise and also has a notable client roster, which includes key public sector clients. The practice is also highly regarded for its securities law knowledge and utilises the firm’s wider energy sector experience. Atle Degré heads up the department and is a securities law expert. Per Kristian Ramsland joined Arntzen de Besche in late 2019.
Avinor AS, and subsidiary Sjømatterminalen AS
Crux Communications AS
The Norwegian Ministry of Trade and Fisheries
Huddlestock Capital AS
DNV GL Group AS
LG Capital Partner AG
Heimdal Forvaltning AS
Kraft Finans AS
- Advised The Norwegian Ministry of Trade and Fisheres on stock exchange and securities law issues.
- Provided an opinion to Euronext on the EU and EEA elements of its acquisition of Oslo Børs VPS Holding.
- Assisted Stenshagen Invest with securities law work.