Capital markets in Norway

BAHR

BAHR‘s team garners praise for its ‘legal and strategic understanding, coupled with commercial acumen‘. The practice has an excellent track record in handling equity capital markets mandates; the team recently advised DNB Bank on all the Norwegian legal aspects of its public takeover of Sbanken ASA. Large-scale restructurings, refinancings and EMTN programme matters have also been key drivers of work for the group. Lars Knem Christie advises on IPOs and public M&A; he shares leadership of the practice with DCM expert Richard Sjøqvist. Other key practitioners are Audun Nedrelid, who acts for issuer-side clients; financial regulatory expert Markus NilssenArne Tjaum, who is well versed in securities law; and managing associate Camilla Iversen.

Practice head(s):

Lars Knem Christie; Richard Sjøqvist

Other key lawyers:

Arne Tjaum; Audun Nedrelid; Markus Nilssen; Camilla Iversen

Testimonials

‘Legal and strategic understanding, coupled with commercial acumen.’

Key clients

ABG Sundal Collier

Aker Group

Pareto Securities

Norwegian Trustee

DNB Bank and DNB Markets

Norwegian Air Shuttle

Adevinta

HitecVision

Morgan Stanley

JP Morgan

Sparebank 1 SMN

Edda Wind

Advokatfirmaet Thommessen AS

The ‘strong‘ capital markets practice at Advokatfirmaet Thommessen AS is led by Christian Grüner Sagstad, who is highly regarded for his established expertise in handling equity capital markets work; high-value private placements and listings have been prominent in Sagstad’s recent workload. The ‘hands-on and solution-oriented‘ team continues to act for a solid roster of large investment banks and corporates. Einar Grette heads up the debt capital markets group. Anders Arnkværn is a key contact for M&A matters, debt capital expert Halvor Mansåker acts as counsel to issuers and managers on restructurings, and Solveig Fagerheim Bugge is well versed in advising on securities law. Managing associate Hedda Leikvang is also a name to note.

Practice head(s):

Christian Grüner Sagstad; Einar Grette

Other key lawyers:

Anders Arnkværn; Solveig Fagerheim Bugge; Halvor Mansåker; Hedda Leikvang

Testimonials

‘Strong team of experienced individuals.’

‘The senior partners we approach are extremely knowledgeable, and recognised in the market as such.’

‘Very experienced and hands on.’

‘Thommessen handles complex and challenging scenarios in a simple manner.’

Key clients

DNB Bank ASA

DNB Markets

Nordea Bank

Danske Bank

Svenska Handelsbanken

Pareto Securities

Pareto Alternative Investments AS

ABG Sundal Collier

Sparebank 1 Markets

Sparebank 1 Gruppen AS

Goldman Sachs International

Swedbank AB

Tidewater Inc.

Infront AS

Carnegie AS

Rederiaktiebolaget Eckerö

Arctic Securities AS

Skandinaviska Enskilda Banken AB

Morgan Stanley

UBS Investment Bank

Fearnley Securities

Seadrill Ltd

Salmones Camanchaca S.A.

DOF ASA

Webstep ASA

Elkem ASA

Odfjell Drilling Ltd.

B2Holding ASA

Oslo Børs VPS Holding ASA

Kongsberg Gruppen ASA

Shelf Drilling, Ltd.

BW Group Limited

BW Offshore Limited

BW LPG Limited

BW Energy Limited

Hafnia Limited

Nordic Trustee AS

Navamedic ASA

RAK Petroleum plc

Stolt-Nielsen Ltd.

Kahoot!

XXL

MPC Container Ships ASA

Höegh Autoliners ASA

Magseis Fairfield ASA

Pioneer Property Group ASA

Mercell Holding

Icelandic Salmon AS

Everfuel A/S

Norwegian Property ASA

Lytix Biopharma AS

Komplett ASA

Work highlights

  • Assisted Norwegian robotics company Autostore with its $12.4bn IPO and subsequent listing on the Oslo Stock Exchange.
  • Advised Norwegian bank Sbanken on DNB Bank’s public bid on all shares in the client.
  • Assisted Komplett ASA with its NOK1.8bn IPO, and its subsequent acquisition of Swedish company NetOnNet.

Wiersholm

With a reputation for being ‘one of the best capital market teams in Norway‘, the group at Wiersholm fields expertise across the full range of capital markets work, and IPOs and listing mandates have been prominent in the department’s recent workload. Tone Østensen has an excellent track record in advising on public and private transactions, stock exchange law, and securities law, while practice co-head Simen Mejlænder advises international and Norwegian investment banks and issuers on listing processes and IPOs, and practice co-head Sverre Sandvik is ‘extremely experienced and knowledgeable within capital market matters‘. Anne Lise E. Gryte is a key name for equity capital markets work, and also advises on public takeovers.

Practice head(s):

Sverre Sandvik; Simen Mejlænder

Other key lawyers:

Tone Østensen; Anne Lise E. Gryte

Testimonials

‘Sverre Sandvik is an outstanding lawyer. Always available, always wise and pragmatic. The gold standard for the trusted adviser.’

‘You always get top attention and quality.’

‘Sverre Sandvik: Pragmatic and effective, and always provides fantastic client service.’

‘Anne Lise E. Gryte: Very effective and hands on.’

Key clients

ABG Sundal Collier

DNB Markets

Carnegie

Nordea Markets

Arctic Securities

Mowi ASA

Arctic Bioscience AS

SpareBank 1 Markets AS

Flyr AS

Elopak ASA

Norse Atlantic ASA

Volue ASA

Pareto Securities

Integrated Wind Solutions ASA

Western Bulk Chartering AS

Tekna Holding ASA

Rana Gruber ASA

Work highlights

  • Advised Carnegie, JP Morgan and Morgan Stanley as managers on the NOK2.7bn IPO of AutoStore.
  • Acted for ABG Sundal Collier, DNB Markets and Clarksons Platou Securities as joint global co-ordinators and bookrunners in connection with Edda Wind’s NOK875m IPO.

Wikborg Rein

Wikborg Rein ‘is home to one of Norway’s leading capital markets teams‘ according to clients. The ‘extremely solid‘ group is regularly instructed on a wide spectrum of capital markets matters, with high-profile private placements, IPOs, listings and large bond issuances prominent in the practice’s recent workload. Practice head Dag Erik Rasmussen is ‘extremely experienced and knowledgeable, and has a solution-oriented approach‘; he is the key name for equity capital markets mandates. On the debt capital markets side, Stian Tande Mortensen is the name to note, while Per Anders Sæhledisplays unrivalled expertise in Norwegian and international capital markets transactions‘. At senior associate level, Karoline Stock Evje and Ingrid Aasa Haavaldsen are noteworthy practitioners.

Practice head(s):

Dag Erik Rasmussen; Stian Tande Mortensen

Other key lawyers:

Per Anders Sæhle; Karoline Stock Evje; Ingrid Aasa Haavaldsen

Testimonials

‘Solution-oriented, focused on setting up and running a smooth process.’

‘Karoline Stock Evje – extremely dedicated, very hard-working, knowledgeable and service-oriented.’

‘Ingrid Aasa Haavaldsen – diligent, efficient, solution-oriented.’

‘Wikborg Rein showcases unique experience and high quality, and the advice is of great value.’

‘Dag Erik Rasmussen – we are always confident that we are in safe hands when he is advising on a deal.’

‘Per Anders Sæhle has a calm and steady presence.’

Key clients

Entra ASA

DNB Bank ASA

Permira

BEWi ASA

Pareto Securities AS

Transocean ASA

Sparebank 1 Markets AS

Arctic Securities AS

Groupe Bruxelles Lambert

NEL ASA

DNB Markets

ABG Sundal Collier ASA

Danske Bank Markets

Nordea Markets

Nordic Trustee AS

Carnegie AS

Clarksons Platou Securities

Kent Global plc

Work highlights

  • Advised global private equity fund Permira on the acquisition of a 10.2% stake, worth NOK20bn, in Adevinta ASA.
  • Acted as lead counsel to five joint bookrunners and managers on Tidewater’s $175m senior secured bond issuance.

AGP Advokater

Lars André Gjerdrum and Hege Dahl jointly lead the practice at AGP Advokater, which is well known for advising technology and telecoms companies on high-profile private placements and IPO listings. Gjerdrum has an excellent track record in acting for investment banks in a range of capital markets transactions, and Dahl is sought after for her strength in securities law. Gard A. Skogstrøm is adept at handling debt and equity capital transactional matters, while associate Mats Øvrebø assists with M&A mandates.

Practice head(s):

Lars André Gjerdrum; Hege Dahl

Other key lawyers:

Gard A. Skogstrøm; Mats Øvrebø

Key clients

Norselab AS

Sikri Holding ASA

ABG Sundal Collier

Pareto Securities

Sparebank1 Markets

Hjemmelegene AS

Oda Group Holding AS

Crayon Group Holding ASA

Akobo Minerals AB

Work highlights

  • Advising ABG Sundal Collier ASA on a NOK1.9bn private placement in Norway Royal Salmon ASA.
  • Advised Sikri Holding ASA on its NOK1.4bn IPO and listing on Oslo Børs.
  • Advised Pareto Securities AS on cryptocurrency company Norwegian Block Exchange’s NOK480m IPO and listing on Euronext Growth Oslo.

Advokatfirmaet CLP DA

The capital markets team at Advokatfirmaet CLP DA is ‘very professional, responsive, always delivers high-quality work, and is able to give commercially useful advice‘. The group has been kept particularly busy advising aquaculture and fishing, technology and financial services clients on high-value private placements and listing matters. Practice head Edvard Cock handles equity capital markets transactions and stock exchange listing work, and Andreas Kildal is a key contact for listed securities trading issues. Senior lawyer Joakim Gjerde advises investors, managers and issuers on a range of transactional matters. Senior associate Christine Schjerven is also a name to note.

Practice head(s):

Edvard Cock

Other key lawyers:

Andreas Kildal; Joakim Gjerde; Christine Schjerven

Testimonials

‘Always available and always quality work.’

‘Highly competent team, always available and delivers advice and services efficiently.’

Edvard Cock and Joakim Gjerde – competent, accessible and proactive.’

Innovative, out of the box solutions.’

Key clients

Techstep ASA

Atlantic Sapphire ASA

poLight ASA

Aqua Bio Technology ASA

DLTx ASA

S.D. Standard ETC Plc

House of Control Group AS

Morrow Batteries AS

Hofseth BioCare ASA

Saga Pure ASA

Black Sea Property AS

Clean Seas Seafood

Nordic Semiconductor ASA

Work highlights

  • Advised Atlantic Sapphire ASA on its $125m private placement.
  • Advised Morrow Batteries on its €100m private placement.
  • Advised Standard Supply AS and its parent company S.D. Standard ETC on a NOK150m private placement and subsequent listing on Euronext Growth Oslo.

Advokatfirmaet Haavind AS

At Advokatfirmaet Haavind AS, the team has been kept busy handling high-value IPOs, private placements, and large-scale public takeovers for renewable energy, technology, aquaculture and real estate companies. Cornelius Sogn Ness heads up the group, and is sought after for his expertise in securities law, bond work and transactional matters. Hans-Christian Donjem is singled out for financing matters, and corporate expert Bjørn Olav Torpp handles private equity issues. Senior lawyer Ragnar Gundersen Koffeld assists Norwegian and international financial clients with ECM and DCM mandates.

Practice head(s):

Cornelius Sogn Ness

Other key lawyers:

Hans-Christian Donjem; Bjørn Olav Torpp; Ragnar Gundersen Koffeld

Testimonials

‘Knowledge and experience of stock exchange laws and matters.’

Key clients

Norsk Hydro ASA

Telenor ASA

Carnegie AS

Kople AS

Fastighets AB Balder

ABL Group ASA

Fearnley Securities AS

Nordea Bank Norge

Pareto Securities AS

Work highlights

  • Advised Fastighets AB Balder on its NOK37bn mandatory takeover bid in order to acquire a 100% stake in Entra ASA.
  • Advised Nordic investment bank Carnegie AS on a NOK150m private placement in Pickatale AS.

Advokatfirmaet Schjødt

The capital markets department at Advokatfirmaet Schjødt counts IPOs, listings and private placements as key areas of expertise, and is well known for advising on public M&A and restructurings. Oil and offshore companies are prominent in the client roster. Audun Bondkall focuses on securities law and public and international transactions; he co-leads the team with Marianne Lind Sahl, who is very experienced in advising on IPO mandates, while Viggo Bang-Hansen is adept at assisting with equity and debt capital markets matters. In 2022, Christoffer Bjerknes and senior associate Ingvild Walle Skraastad joined from Advokatfirmaet Simonsen Vogt Wiig.

Practice head(s):

Marianne Lind Sahl; Audun Bondkall

Other key lawyers:

Viggo Bang-Hansen; Christoffer Bjerknes; Ingvild Walle Skraastad

Key clients

Vår Energi

Frontline

Thoma Bravo

Airthings

Nykode Therapeutics

NEL

REC Silicon

Meltwater

Klaveness Combination Carriers

ABG Sundal Collier

Pareto Securities

Carnegie

Sparebank 1 Markets

DNB Markets

Arctic Securities

Work highlights

  • Advised Vår Energi ASA on its NOK8.85bn IPO and subsequent listing on Oslo Børs.
  • Advising private equity company Thoma Bravo on its NOK3.2bn voluntary public offer to acquire all shares in Mercell Holding ASA.

Advokatfirmaet Selmer AS

Advokatfirmaet Selmer AS‘ capital markets department is jointly led by Andreas Jarbø, who has expertise in IPOs, equity transactional matters and securities law, and Jon Fredrik Johansen, who has an excellent track record in acting for managers, investors and shareholders on high-value ECM transactions. Recently, the team has reported a noted increase in instructions from issuer-side technology clients. Other key practitioners are financial regulatory expert Bernt Olav Steinland and senior associate Milja Lønne Mørkhagen, who is very experienced in advising on stock exchange matters.

Practice head(s):

Andreas Jarbø; Jon Fredrik Johansen

Other key lawyers:

Bernt Olav Steinland; Milja Lønne Mørkhagen

Testimonials

‘Competent and knowledgeable.’

Key clients

Infront

Kitron

Europris

SpareBank 1 Sørøst Norge

Ekornes QM Holding

Norsk Titanium

Photocure

Pyrum Innovations

Astrocast

Nordic Nanovector

PCI Biotech

Norwegian Block Exchange

Gentian Diagnostics

AEGA

Sparebank 1 Østlandet

Sparebanken Vest

Selvaag Bolig

Nordea Bank

DNB Bank

SEB

KBN

PKH

Braathen Eiendom

Arctic Securities

Work highlights

  • Assisted Swiss satellite communications company Astrocast SA with its CHF40m private placement and subsequent listing on Euronext Growth Oslo.
  • Advised German company Pyrum Innovations AG on its NOK475m private placement and successful listing on Euronext Growth Oslo.
  • Advised Norwegian savings bank Aurskog Sparebank on its underwritten NOK200m rights issuance with tradable subscription rights, and subsequent listing on Oslo Børs.

Arntzen de Besche

Vidar Løhre and Henrik Braavold Johansen jointly head up the capital markets practice at Arntzen de Besche, which has been kept busy advising clients from the fishing, oil and gas, and financial services industries on IPOs, private placements and debt work. The group is adept at representing investors and issuers, and has notable strength in handling cross-border matters. Senior lawyer Elisabeth Eriksson is also a key contact.

Practice head(s):

Vidar Løhre; Henrik Braavold Johansen

Other key lawyers:

Elisabeth Eriksson

Key clients

NTS ASA

Pareto Securities AS

Frøy ASA

KMC Properties ASA

Shearwater Geoservices Holding AS

Torghatten ASA

Sparebank 1 Markets AS

ICE Fish Farm

Carnegie AS

Lime Petroleum AS

Ecofisk

NOVELDA

Huddlestock Fintech

Nutreco B.V.

E.On

EG A/S

Fearnley Securities

Nordic Aquafarms Group

CMS Kluge

Johan Svedberg and Dag Thomas Hansson jointly head up CMS Kluge‘s capital markets practice, which is well known for working in conjunction with the banking and finance and corporate departments to assist with private placements, IPOs and listings, to name a few areas of expertise. Technology, energy, oil and gas, and financial services companies are prominent on the group’s client roster.

Practice head(s):

Johan Svedberg; Dag Thomas Hansson

Testimonials

‘Very satisfied with Johan Svedberg and his team.’

‘They always deliver quality and on time.’

‘The team has proven to be a strong partner, has delivered on the task in a timely manner, and enabled the company to conduct its capital raise in a professional manner. We are very satisfied with the support that CMS Kluge provides the company.’

Key clients

CO2 Capsol AS

Xplora Technologies AS

DNB Markets

Armada Capital Partners

Ocean 14 Capital Ltd

Loke Marine Minerals AS

Ludvig Lorentzen AS

Work highlights

  • Advised CO2 Capsol on its NOK1.38bn IPO on Euronext Growth Oslo.
  • Advised DNB Markets on Himalaya Shipping’s NOK1.7bn IPO and listing on Euronext Growth Oslo.
  • Advised a group of financial services companies as managers on Cool Company’s $275m private placement.

Advokatfirmaet Grette AS

At Advokatfirmaet Grette AS, recent instructions include advising Carnegie, Pareto Securities and SEB as managers in connection with Nordic renewable energy company Cloudberry Clean Energy’s NOK600m private placement; practice head Andreas Myrstad and ECM expert Øyvind Greaker Bjørndal led on this matter. The team has a solid track record in acting for construction, technology, financial services, oil and gas, shipping and real estate companies on EMTN programmes, private placements and bond issuances. Erik Alsvik Skogsbakken is a key name for debt work.

Practice head(s):

Andreas Myrstad

Other key lawyers:

Øyvind Greaker Bjørndal; Erik Alsvik Skogsbakken

Testimonials

‘Andreas Myrstad and Øyvind Greaker Bjørndal have provided excellent advice and engagement in the projects that we have worked together on, and I would warmly recommend them to anyone.’

‘Excellent quality and timeliness on all deliverables.’

Key clients

Sparebank 1 Markets

Pareto Securities

ABG Sundal Collier ASA

Carnegie

SEB

Elop AS

Avinor

Norske tog

Electromagnetic Geoservices ASA

Work highlights

  • Advised SEB and SpareBank 1 Markets on offshore company Integrated Wind Solutions’ NOK350m private placement.
  • Advised SpareBank 1 Markets on drone services company Nordic Unmanned’s NOK80m private placement.

Advokatfirmaet Simonsen Vogt Wiig

At Advokatfirmaet Simonsen Vogt Wiig, the ‘very pragmatic‘ team continues to handle private equity capital markets work, high-value listings and IPOs for a solid roster of technology, financial, logistics, pharmaceuticals and energy sector companies. The department is jointly led by ECM expert Amund Fougner Bugge and Christian Berg Meland, who is a key name for DCM mandates. In 2022, Christoffer Bjerknes and Ingvild Walle Skraastad moved to Advokatfirmaet Schjødt.

Practice head(s):

Amund Fougner Bugge; Christian Berg Meland

Testimonials

‘Amund Fougner Bugge has been outstanding in delivering on time, with great clarity and a true understanding of what is important to the clients.’

‘The team is very responsive and highly experienced.’

‘The attorneys are very pragmatic and translate legal concepts well to those in other legal jurisdictions.’

Key clients

Huddly AS

Harmonychain AS

Canopy Holdings AS

Play Magnus AS

Zwipe AS

Jinhui Shipping and Transportation Limited

Norwegian Air Shuttle ASA

Bank Norwegian ASA

Active Brands AS

Veson Nautical LLC

Tibber AS

BTIG Norway AS

Næringsbanken ASA

Pareto Securities AS

Sparebank 1 Markets

Novelda AS

Work highlights

  • Advising a special purpose acquisition company on its listing on the AIM, as well as its acquisition of a 100% stake in an SaaS platform for film and television production.