Firms To Watch: Commercial, corporate and M&A

Under the leadership of Annika Freij, NORMA Advokater HB handles M&A, including cross-border transactions, and commercial contracts for clients in the energy, life sciences, real estate and construction sectors.

Commercial, corporate and M&A in Sweden

Gernandt & Danielsson Advokatbyrå

Gernandt & Danielsson Advokatbyrå’s large corporate and M&A practice handles a wide range of matters, including high-value domestic and cross-border public and private M&A transactions. The team has considerable combined experience working in key industries, including technology, entertainment, and energy, as well as in emerging sectors such as gaming and e-sports. Carl Westerberg offers expertise in highly technical mergers and joint ventures. Fredrik Palm is regularly instructed by both sellers and buyers, and has recently gained notable experience in the media, gaming and e-sports sectors. Mikael Borg’s client base includes top-tier corporate sellers and buyers. The three partners jointly lead the team in Stockholm. Manfred Löfvenhaft has over three decades of experience in public and private M&A as well as commercial contract negotiations. Corinne Ekman has a strong track record advising payment services, technology and entertainment companies.

Practice head(s):

Carl Westerberg; Fredrik Palm; Mikael Borg

Other key lawyers:

Corinne Ekman; Manfred Löfvenhaft

Key clients

SIBA Invest Aktiebolag

Segulah and the founders of NVBS

Catena Media Plc

Cint Group AB

Modern Times Group MTG AB

Lundin Energy AB

Betsson AB

Evolution AB

Försäkringsbolaget PRI Pensionsgaranti, ömsesidigt


MB Funds

Aspo Oy / Leipurin Plc

BlackFin Capital Partners and Fokus Asset Management

Nordic Capital and Vizrt AB

Eastnine AB

Work highlights

  • Advised former Nordic Capital portfolio company Cint Group for several years, from Nordic Capital’s initial investment through add-on acquisitions and the IPO.
  • Advised Evolution in connection with its acquisition of Nolimit City.
  • Advised Betsson in connection with its acquisition of betFIRST Group, which operates a sports betting and gaming business in Belgium.

Mannheimer Swartling

Mannheimer Swartling’s M&A team handles a wide variety of matters, ranging from buy-and-build mandates to multijurisdictional carve-outs, with a particularly strong reputation for working on large-scale transactions. The team has notable expertise in renewable energy M&A as well as in emerging sectors, advising several leading Swedish startups in relation to strategic acquisitions. Isabella Ramsay, who specialises in cross-border carve-outs, leads the practice in Stockholm. Patrik Marcelius leads the public M&A team, while Martin Pekkari, especially strong in the rail and infrastructure, manufacturing, and public sectors, oversees the corporate commercial division. Johan Ljungberg and Hans Petersson lead teams in Gothenberg and Malmö, respectively. Adam Green focuses on tech transactions, regularly advising companies in the mid- to late- growth stages, while Jan Holmius is known for advising PE firms on Nordic M&A transactions. Jon Rastad handles infrastructure-related M&A as well as carve-outs and joint ventures.

Practice head(s):

Isabella Ramsay; Patrik Marcelius; Martin Pekkari; Johan Ljungberg; Hans Petersson

Other key lawyers:

Adam Green; Emil Boström; Jan Holmius; Jon Rastad; Maria Holme


‘Martin Pekkari is very knowledgeable, quickly wraps his head around complex questions, is pedagogical and always includes a commercial perspective to his legal advice.’

‘Adam Green is Sweden’s leading M&A lawyer, whose overarching and broad knowledge base, combined with a deep understanding and interest in the underlying business areas as well as a winning personality, makes him the perfect senior partner to have on a project.’

‘Maria Holme is a terrific transaction lawyer. She is not shy to provide general and always well-thought-through reflections and advice on areas and items that are not corporate/transaction specific, making her a great partner to team up with for larger projects.’

‘Henrik Dock is a terrific transaction lawyer with excellent interpersonal skills, through which he quickly establishes trust (both within the client sphere and with the opposite side), which is extremely valuable for any client working on and navigating a larger project.’

‘Emil Boström and Patrik Marcelius both stand out as exceptional leading partners at the firm and in the Swedish market generally.’

‘Jon Rastad is a top-notch lawyer with excellent private equity industry insight who stands out for his calm leadership and strong technical skills. His client-friendly, commercial and practical approach makes him excellent to work with.’

‘Johan Ljungberg delivers excellent quality and very quickly understands a client’s needs, concerns and limitations. He is highly solution-oriented as well as enjoyable to work with and provides highly valuable industry insights.’

‘Isabella Ramsay’s team is the best for large transactions. They are all highly skilled and very service minded. They bring good judgement and energy to projects.’

Key clients

Accent Equity

Altor Equity Partners

City of Stockholm



H2 Green Steel

Intermediate Capital Group



Kry (LIVI)







Stockholm Public Transport Authority

Stockholm Region Council

Stora Enso

Summa Equity

Swedish Orphan Biovitrum (SOBI)

Söderberg & Partners


Valedo Partners

Volvo Cars

Work highlights

  • Advised Handelsbanken on the carve-out of its private, SME and life insurance operations in Finland and divestment to S-Bank Plc, Oma Savings Bank Plc and Fennia Life Insurance Company Ltd respectively.
  • Advised Instabox in a “merger of equals” with last-mile logistics-tech startup competitor Budbee, to form the combined company Instabee with a valuation of USD 1.8 billion.
  • Advised Swedish Match on the USD 16 billion public takeover by Philip Morris International.


Roschier’s leading M&A practice focuses on large and mid cap cross-border transactions involving major domestic and international companies. Malin Leffler - experienced in handling significant matters for household names in the media and retail sectors, to name a few - heads the private M&A team, within which private equity specialist Jens Bengtsson and Björn Winström play key roles. Markus Olsson’s client base includes major players in the automotive industry. Stockholm office head Pontus Enquist leads the public M&A group, regularly advising governments and government agencies, while Ola Sandersson oversees the corporate compliance department. Christoffer Benninge boasts expertise in both public and private M&A as well as corporate advisory matters, specialising in domestic public-to-private transactions.

Practice head(s):

Malin Leffler; Pontus Enquist; Ola Sandersson

Other key lawyers:

Christoffer Benninge; Jens Bengtsson; Björn Winström; Markus Olsson; Leo Lee


‘Leo Lee stands out for his strong business sense and ability to consistently deliver on complex projects. He is a cool-headed and solid negotiator.’

‘A highly competent and attentive team that is very creative in finding solutions to complex situations. ’

Key clients

Atlas Copco



CVC Capital Partners

EQT (including the Buyout, Midmarket, and Infrastructure Funds)

IK Investment Partners










Ontario Teachers’ Pension Fund

Patricia Industries


Philip Morris





Wallenberg Foundations


Work highlights

  • Representing Philip Morris International in its SEK 176.4 billion public offer for all shares in Swedish Match.
  • Represented GRO Capital in the auction sale of Tacton.
  • Represented Gamma Biosciences, a life science platform formed by the global investment firm KKR, in its USD 215 million sale of Astrea Bioseparations to Swedish listed company Biotage.

Advokatfirman Vinge

Advokatfirman Vinge’s M&A and corporate practice advises blue-chip clients on a wide range of domestic and cross-border matters, from public and private acquisitions to divestments. The team collaborates closely with the firm’s private equity practice to handle private equity-sponsored leveraged buyouts, among other mandates. Practice head Jonas Bergstrom has a strong track record advising major clients on high-value M&A transactions. Firm chairman Johan Winnerblad has extensive experience in the field, particularly in the financial services, TMT and life sciences sectors. Christina Kokko is regularly instructed by clients in the financial services and life sciences sectors, as well as in the retail and media spaces. Jesper Schönbeck leads on public M&A, with Erik Sjöman playing a key role in team.

Practice head(s):

Jonas Bergström

Other key lawyers:

Johan Winnerblad; Christina Kokko; Jesper Schönbeck; Erik Sjöman; Karl Klackenberg; Jonas Johansson; Elsie Nassar; Daniel Rosvall; Magnus Hedsund


‘Jonas Johansson is first choice for any transaction. He has a unique ability for providing first-class legal advice in combination with a commercial mindset which truly creates value. His negotiation skills are second to none and he has a deep knowledge and understanding of environmental matters.’

‘Karl Klackenberg is very knowledgeable, professional and hard working – a great new addition to the Vinge partner team. He is up and coming and very strong in his field.’

‘Christina Kokko has in-depth expertise of buy-outs and is very knowledgeable. The same applies for Daniel Rosvall and Jonas Bergström. Magnus Hedsund has a deep understanding of his clients’ needs and has a pragmatic approach.’

‘Elsie Nassar shows a solution-driven approach, a proactive attitude and is extremely hard-working. In addition, she is a people person and is very enjoyable to work with.’

‘The team is always available and provides exceptional quality. The best in Sweden.’

‘Vinge is second to none with regards to M&A and is the go-to-partner for any matters involving legal advice. Vinge has the broadest knowledge and deepest expertise with unique competences within e.g. environment, criminal law.’

‘The M&A team is great – knowledgeable, commercial and strong – especially in the PE area. ’

‘The premier M&A firm in Sweden with strong capabilities in all practice areas including cross-border transactions.’

Key clients


Tele2 AB

Lifco AB

Lagercrantz AB

Investment AB Latour



IK Investment Partners

Bain Capital

Fidelio Capital

Verisure Securitas Direct Group


Sixth National Pension Fund


Lantmännen ek för

AMF Pensionsförsäkring

Procuritas Capital Investors

Sobro AB

Biotage AB

Samhällsbyggnadsbolaget i Norden AB

Work highlights

  • Represented Samhällsbyggnadsbolaget i Norden AB in connection with its sale of stake in its social infrastructure portfolio for public education to Brookfield for SEK 9.2 billion. The transaction also includes earn out payments up to SEK 1.2 billion.
  • Represented MGM Resorts International on its takeover bid for LeoVegas AB valued at SEK 6 billion.
  • Represented the international private equity firm Cinven in connection with its acquisition of the Säkra group.

Advokatfirman Cederquist KB

Advokatfirman Cederquist KB’s M&A practice in Stockholm handles a variety of matters, ranging from large-scale public-to-private deals to controlled auctions. The team has considerable experience in the infrastructure, auto, healthcare, transport and retail sectors, among others, and a client base that includes companies, sponsors, and investment banks. Practice head Pontus Röckert specialises in private equity and venture capital and has a strong reputation for acting as M&A counsel within the financial services sector. Carl-Johan Deuschl focuses on industrial M&A and infrastructure transactions. Private equity specialist Martin Ulfson’s practice covers acquisitions, divestments, mergers, joint ventures, and take-private transactions.

Practice head(s):

Pontus Röckert

Other key lawyers:

Carl-Johan Deuschl; Martin Ulfson; Maja Wettergren


‘Maja Wettergren is one of the best corporate/M&A lawyers around. She has the stamina and energy to drive a process forward and leaves no stone unturned doing so. She is not afraid to speak her mind in any situation, has great commercial sense and is a good negotiator.’ 

‘Cederquist’s M&A team offers expertise and invaluable and relevant advice, including relevant insight into local market conditions. Communication with Cederquist is seamless and their approachability makes collaboration effortless.’

‘This is a team of professionals who not only excel in their field but are also exceptionally nice people to work with. Their expertise and amiable approach makes collaboration seamless and highly effective.’

Key clients

Nordic Capital

Budbee Holding AB

Kinnevik AB

Nordax Bank AB / Bank Norwegian ASA

Cytel Inc.

Kesko AB

Addnode Group AB

Bonava AB

Sambla Group AB

Billerud AB

Work highlights

Hannes Snellman (Sweden)

Hannes Snellman (Sweden)’s corporate and M&A practice advises a range of clients, including Swedish and multinational companies, on a host of matters. The team benefits from frequent collaboration with the firm’s partner office in Finland to offer a pan-Nordic service. Claes Kjellberg, who has over twenty years’ experience advising major private equity sponsors, leads the private M&A team. Corporate and public M&A practice head Mattias Friberg has over 25 years of experience acting in the Nordic and international market for industrial companies, financial institutions, and private equity sponsors. Ola Åhman advises on public and private transactions and corporate strategy, as well as regulatory and compliance issues.

Practice head(s):

Claes Kjellberg; Mattias Friberg

Other key lawyers:

Ola Åhman; Richard Åkerman; Douglas Essehorn


‘Richard Åkerman is an outstanding commercial lawyer. He is knowledgeable and always finds constructive solutions.’

‘Claes Kjellberg and Douglas Essehorn both offer valuable strategic/tactical insights.’

‘Ola Ahman is exceptional! He is very professional, knows his stuff well, and is very authoritative and helpful. Most importantly, he is endlessly patient.’

‘Mattias Friberg is highly skilled, responsive and outstandingly customer and solution-oriented.’

‘Hannes Snellman has a highly professional and highly skilled team of Swedish legal experts with a very broad set of competences and expertise.’

‘They have a very friendly and personal approach for a firm of their size.’

‘The team is very quick to respond and very reliable when it comes to deadlines and expectations. The team members are also clearly collaborating very well internally, as it is easy for clients to coordinate and engage with anyone of the team members in any given project.’

‘They have a good understanding of a general commercial approach to deal making.’

Key clients

KLAR Partners Limited

Ahlstrom Capital BV

Oriola Oy

Tokmanni Group Oy

Equip Capital AS

IK Investment Partners Ltd

Sylvamo Corporation

Thoma Bravo, L.P

Transdev Sverige AB

Linxens Holding

Marlin Equity Partners

Riverside Europe Partners AB

SEB Investment Management AB

Vida Aktiebolag (subsidiary of Canfor Corporation)

NeoGames S.A.


Work highlights

  • Acted as counsel to Thoma Bravo-backed Magnet Forensics in the acquisition of Griffeye from Safer Society Group.
  • Acted as counsel to Oriola Corporation in the formation of a joint venture with Euroapotheca, combining the Swedish retail pharmacy chains Kronans Apotek and Apoteksgruppen.
  • Acted as counsel to Aker BP ASA in the combination of the oil and gas businesses of Aker BP ASA and Lundin Energy AB.


Linklaters’ corporate and M&A practice in Stockholm leverages the firm’s global network to regularly advise on cross-border transactions. The team is well known for handling large-scale private equity deals as well as multijurisdictional M&A for blue-chip companies. The Nordic-wide group is led by Elisabeth Lundgren, whose client base includes major tech and energy companies. Charlotte Levin advises corporates and financial institutions on both public and private M&A, while Rasmus Kindlund and Nima Naderi both stand out for their experience in the Nordic market.

Practice head(s):

Elisabet Lundgren

Other key lawyers:

Charlotte Levin; Nima Naderi; Rasmus Kindlund


Rasmus Kindlund is excellent; calm, unflappable and always available.’

‘Charlotte Levin and Elisabeth Lundgren have outstanding knowledge in the M&A field. They are always reliable and are excellent to work with.’

‘An exceptional team – highly responsive, hard-working and creative.’

Key clients

Cevian Capital





PAI Partners




IK Investment Partners

PostNord Group

Goldman Sachs



Panasonic Group



Work highlights

  • Advised Panasonic Corporation on its acquisition of the commercial AC business from Systemair AB.
  • Advised a leading global investment banking, securities and investment management firm on the USD 1.1bn convertible round in Northvolt AB.
  • Advised Brookfield Super-Core Infrastructure Partners on its acquisition of a 49% stake in social infrastructure portfolio for public education from SBB.


Setterwalls’ corporate and M&A practice group, jointly led by Anders Söderlind in Stockholm, Anders Holmgren in Gothenburg, and Ola Grahn in Malmö, is regularly involved in major domestic, regional, and international transactions. Söderlind specialises in private equity and private M&A, particularly in the technology and finance sectors. Holmgren is best known for advising Swedish and international clients in high-tech sectors, including the gaming space. Veteran commercial lawyer Johan Hallén offers considerable expertise in commercial contracts.

Practice head(s):

Anders Söderlind; Anders Holmgren; Ola Grahn

Other key lawyers:

Johan Hallén; Jon Ericson


‘Johan Hallén posesses excellent knowledge in business law and a very pragmatic people-oriented approach to conflict prevention and resolution. He is always quick and responsive.’ 

‘Jon Ericson shows exceptional skill in navigating complex legal issues, often arriving at innovative solutions. His empathetic approach, combined with his clear communication style, instills trust and confidence.’

‘Johan Hallén is the best lawyer around. He always goes the extra mile and does not hesitate to tell his true opinion. He is responsive, service minded and has brilliant knowledge with regards to making preparations, contracts, negotiations etc., smooth and effective.’

‘Setterwalls has a very focused and professional attitude.’

‘The expertise in this practice and the effort made to achieve results is always above and beyond expectations; simply the best out there.’

‘They are a brilliant team: pragmatic, creative, hard-working and good at building relationships.’

‘The firm is renowned for its client-centric approach, ensuring that the client’s needs and concerns are always prioritised. Swift response times and regular updates are given high importance, leading to client satisfaction.’

Key clients

Mubadala Investment Company

Hydro Rein

Monterro Technology Investment


Komplett Group AS


Grafotronic AB

Thunderful Group

Owners of Acreto AB

Pamica 2 AB

Asker Healthcare AB


Ports Group


Rouse International Ltd.

Industri-Matematik International AB

Flerie Invest AB

Work highlights

  • Assisted PAI Partners with the acquisition of Interflora AB by PAI portfolio company MyFlower SAS.
  • Assisted Mubadala Investment Company (“Mubadala”) with its investment in Klarna.
  • Assisted Thunderful Group AB in connection with the acquisition of Jumpship Ltd, who launched its first game, the sci-fi adventure Somerville, on November 15.

Baker McKenzie

Baker McKenzie’s M&A practice in Stockholm collaborates with lawyers throughout the firm’s global network to advise on a high volume of domestic and cross-border transactions. In recent years, the team has been increasingly active in the pharma, retail, energy, and transport sectors. Carl Svernlöv leads the corporate and M&A team, while Costin Mihailescu heads up the private equity offering.

Practice head(s):

Carl Svernlöv; Costin Mihailescu


‘Carl Svernlöv is one of Sweden’s most prominent corporate lawyers.’

‘The team is always available and reliable.’

‘An incredibly fast moving and very commercially-minded legal team that cuts through the fuss and delivers actionable advice.’

Key clients

Petronas Chemicals Group Berhad

Husqvarna AB

Transcom Worldwide AB

Colliers International Group Inc


Magna International

FSN Capital

Cubera IX L.P.

Lantmännen AB

Olsbergs Hydraulics AB

Ambidextrous Investment Vehicle 3 AB

Work highlights

  • Advised Petronas Chemicals Group Berhad on its acquisition of Swedish specialty chemicals company Perstorp Holding AB.
  • Advised Colliers on its acquisition of a controlling interest in Pangea Property Partners.
  • Advised Krafton on the acquisition of the Swedish gaming studio Neon Giant.

Bird & Bird

Bird & Bird’s corporate and commercial practice group handles a wide range of matters, including M&A and joint ventures, private equity buyouts, venture capital investments, and post-integration work. The team has a strong reputation for advising on cross-border transactions, particularly in the tech, media, telecoms and IP sectors. Mårten Willamo, noted for his close ties to the Finnish market, leads the firm’s Nordic-wide corporate group. Mattias Lindberg leads the commercial group in Stockholm, while Hans Svensson is corporate head in Stockholm. Jan Byström left the firm for Advokatfirman Lindahl KB in May 2023.

Practice head(s):

Mårten Willamo; Mattias Lindberg; Hans Svensson

Key clients


Buy My Car


Guesty Group

Hard Rock Cafecafé

Homery Digital, S.L.

Homeserve Asistencia Spain, S.A.



Luceiro Capital

Phone Service Center




Tuinar Plots & Houses, S.L.

Vass Consultoría De Sistemas

We Are Knitters, S.L.

Work highlights

  • Advising search fund Luceiro Capital on the structuring and implementation of the search fund shareholders’ agreement in relation to the acquisition of Spanish company Safetop Innovative Protection, S.L.
  • Assisting Kambi Group with the 78,000,000 EUR acquisition of Shape Games, headquartered in Denmark.
  • Advising Fertinagro Biotech, in the sale of 50% of the share capital of GlobalFeed to OCP Group, a global phosphate-based plant and animal nutrition products producer.

Cirio Advokatbyrå AB

Cirio Advokatbyrå AB’s M&A practice is well known for handling matters in the energy and infrastructure, life sciences, healthcare, food, tech, and real estate sectors. Especially active in the technology, energy and life sciences spaces, Anders Moberg leads the private M&A team, while Annika Andersson, whose practice covers non-cash acquisitions and spin-offs, among other areas, heads up the public M&A offering. Jessica Grönberg regularly advises clients on domestic and cross-border private M&A transactions. Fredrik Morfeldt was promoted to partner in January 2023.

Practice head(s):

Anders Moberg; Annika Andersson

Other key lawyers:

Fredrik Morfeldt; Jessica Grönberg


Cirio’s M&A team is incredibly knowledgeable and they are clearly experts in their field.’

‘The team has a calm and pragmatic approach and is able to adapt its style as necessary in order to respond to different levels of knowledge or familiarity with the acquisition process across the internal deal and target teams. They offer a level of support that is over and above what is expected.’

Key clients

Accent Equity

SignUp Software AB (publ)

Rubicon Technology Partners

Vestum AB (publ)

Nalka Invest AB

Systemair AB

Västerport Holding AB

Biokraft International AB (publ)

Owners of Innosoft


MYBW Office Management Gruppen Holding AB


Antin Infrastructure Partners

Work highlights

  • Advised BEWI ASA on its acquisition of all the shares in Jackon for a total consideration of approximately NOK 3.6 billion.
  • Advised SignUp Software AB (publ) in connection with Insight Partners’ public takeover offer to the shareholders of SignUp Software.
  • Advised Rubicon Technology Partners in connection with its first platform investment in the Nordics, when it acquired the global category leader in Configure, Price, Quote (CPQ) software, Tacton Systems.

CMS Wistrand

CMS Wistrand’s full-service transactional team focuses on mid-market Swedish and cross-border M&A matters, with particular strength in the media, IT, industrials, leisure, healthcare, and auto sectors. Ólafur Steindórsson, who primarily handles small and mid-cap transactions and with a broad client base in the tech and ESG spaces, leads the Stockholm team. Per Dalemo, known for advising both investors and shareholders on Nordic matters, is head of the Gothenburg M&A practice. Robert Kullgren focuses on international matters and heads the firm’s German desk.

Practice head(s):

Ólafur Steindórsson; Per Dalemo

Other key lawyers:

Robert Kullgren; Fredrik Råsberg; Vilhelm Nyström; Henrik Aurelius


‘Per Dalemo is an intelligent lawyer, always on top of the matters at hand and available whenever senior power is needed.’

‘Fredrik Råsberg is always calm, knowledgeable and is an excellent lawyer.’

‘Robert Kullgren has impressive strategic skills and is very quick to identify the key value drivers of a case and transaction. He is an extremely shrewd negotiator and always knows which battles to yield in order to win the war (while still keeping the counterparty happy!).’

‘Vilhelm Nyström is very business minded, focuses on what is important and knows exactly where to put in extra resources. He is also very available.’

‘Robert Kullgren is fast, smart, deal-oriented, razor sharp, easy to work with, and always available – a great partner in making business happen. Henrik Aurelius is brilliant: dedicated, detail oriented, and delivering value for money.’

‘A team of excellent lawyers with a pragmatic approach when needed.’

‘The team either has impressive knowledge of the industry and company already prior to commencing the transaction process, or is very eager and fast to learn about it. They are very engaged and committed, available 24/7 and generally are nice people.’

‘Wistrand is a deal making firm. They are fast, easy to work with and straightforward in their dealings.’

Key clients

Petter A. Stordalen (Nordic Choice Hotels)

Schibsted Media Group

Stena Group



Scienta Scientific

Almi Invest




Strawberry Living

Formica Capital


B3 Consulting Group








Vertiseit AB (publ)

Burgsvik Group AB (Rasta Group AB)


Mayr-Melnhof Holz

Spring Media




Miracle Mill

Work highlights

  • Advised on the divestment of a majority stake in Pangea Property Partners to Colliers.
  • Advised management and minority shareholders in connection with their partial sale of shares in connection with the divestment by GRO Fund I and Kirk Kapital of its majority stake in manufacturing-focused CPQ software provider Tacton to Rubicon Technology Partners.
  • Advised Fu-Gen on the acquisition of a 93 MW operational wind farm in Sweden.

Advokatfirman Delphi

Fielding offices across Sweden, Advokatfirman Delphi’s nationwide corporate and M&A practice focuses on mid-market M&A transactions, with particular strength in the TMT, gaming, energy, and healthcare sectors. Michael Juhlin, noted for his experience advising companies, private equity firms and financial institutions on transactional and corporate governance matters, leads the team in Stockholm. Christoffer Mangelus, with recent experience advising on cross-border carve-outs, heads the firm’s transaction group in Gothenburg. Måns Persson in Gothenburg was promoted to partner in January 2023.

Practice head(s):

Michael Juhlin; Christoffer Mangelus

Other key lawyers:

Stefan Lindh; Cecilia Lundh; Måns Persson


‘Christoffer Mangelus stands out for his knowledge and for his ability to find creative solutions in complicated deal setups.’ 

‘Michael Juhlin is a trusted advisor and sparring partner.’

‘The team offers great attention and business-oriented advice.’

‘They understand businesses and their circumstances.’

‘They have a practical and proactive approach.’

‘Delphi’s commercial, corporate and M&A practice is highly focused on clients’ needs and puts in maximum effort to accommodate these within a given time frame (often earlier).’

Key clients

Verdane Capital

Momentum Group AB (publ)

MVI Advisors AB

Intera Partners Oy

Adelis Equity Partners

Bure Equity AB (publ)

Addtech AB

Veolia Nordic AB

Addlife AB (publ)

NIBE Industrier AB

Polestar Performance AB

Addnode Group AB (publ)

Easypark AB

Bergman & Beving AB

Rantalainen Group Oy

Gaming Innovation Group Inc.

Infineon Technologies AG

Serneke Group AB

Mycorena AB

Buyers Edge Platform

Dentsply Sirona

Formica Capital

Work highlights

  • Advised Kerridge Commercial Systems Limited and its main owner Accel-KKR on acquisition of Compilator AB.
  • Advised Rantalainen Group Oy and its main owner Norvestor on acquisition of Klara Consulting AB.
  • Advised Cogne Acciai Speciali SPA on acquisition of the business area Long Products from Outokumpu Oy.

DLA Piper Sweden

DLA Piper Sweden’s corporate and M&A team handles a high volume of mid-market matters, particularly in the tech, gaming, life sciences, fintech, and infrastructure sectors. Practice head Anders Malmström has considerable experience advising multinationals and private equity firms on M&A transactions in Sweden and the Nordic region, working closely with lawyers throughout the firm’s global network to offer a cross-border service. Mathias Berggren and Mikael Moreira are well known for their work in the tech space.

Practice head(s):

Anders Malmström

Other key lawyers:

Mathias Berggren; Mikael Moreira; Petter Kjöllerström; Petros Vardanian; Jesper Lindbom; Karolin Bergström


‘Petter Kjöllerström and Petros Vardanian deserve special mention.’

‘Mikael Moreira lead his team well by fronting persons of the right seniority in respect of the right tasks. His focus and his experience in multi-party negotiations is valuable.’

‘Jesper Lindbom is absolutely a rising star. He is highly skilled in drafting and managing his younger colleagues in order to push a complex project forward.’

‘Karolin Bergström is excellent and works at a level and with tasks typically above her level of seniority.’

‘Mikael Moreira is the go-to-lawyer for VC deals in Sweden if you are a sponsor.’

‘The team is responsive, pays close attention to detail and contributes excellently and creatively in negotiations.’

‘A great team advising many sponsors.’

Key clients

Heimstaden Bostad



Din Bil Sverige

Partyking AB

CBRE Group

Sportway AB

SEB (Skandinaviska Enskilda Banken)



The Swedish State Pension Funds; Första, Andra, Tredje, Fjärde och Sjunde AP-Fonden

Eterni Gruppen


Allianceplus Holding

Ville Silvasti Oy


TSG Group

Scania CV Aktiebolag

Cube Infrastructure

Work highlights

  • Advised Heimstaden Bostad AB in connection with a capital investment by the company and its partner Allianz in the joint venture Heimstaden Eagle AB. The investment amounts to a total of SEK 7 billion, where Allianz invests approximately SEK 3.9 billion and Heimstaden approximately SEK 3.1 billion.
  • Advised Metro AG in connection with its acquisition (through a group company) of JOHBECO AB from Litorina V Fund and a number of minority shareholders for approx. EUR 100 million.
  • Advised the two EQT funds, EQT Ventures and EQT Growth, in connection with the DoorDash acquisition of Wolt Oy in an all-shares deal worth approximately €7 billion, one of the largest ever tech deals in Europe.


Hammarskiöld’s M&A team advises a range of domestic and foreign clients - including companies, private equity sponsors, and venture capital firms - with buy-and-build mandates being a recent area of growth for the team. Senior partner Peder Hammarskiöld boasts vast expertise in both public and private takeovers. Erik Löfwall counts several blue-chip PE funds among his client roster, while Jakob Falkman handles large and mid-cap transations for industrial clients as well as PE funds. Erik Fahlgren is well known for advising Swedish and international clients on cross-border M&A and commercial contracts matters. The four partners jointly oversee the team, within which Magnus Bohman plays a key role, focusing on seller-side mid-cap M&A deals.

Practice head(s):

Peder Hammarskiöld; Jakob Falkman; Erik Fahlgren; Erik Löfwall

Other key lawyers:

Magnus Bohman; Isabelle Vinterskog


‘Erik Lofwall is a skilled negotiator, strategic thinker and a very good communicator.’

‘Erik Lofwall is an outstanding transactions lawyer and a go-to partner for M&A, VC and private equity transactions. He has a very good position in the Swedish market and is one of the main rainmakers within the firm.’

‘Isabelle Vinterskog is relatively young, but very ahead of the game. Her professionalism and skill is that of a senior associate.’

‘Erik Löfwall and Isabelle Vinterskog are both very skilled practitioners, with a pragmatic and result-oriented approach. They are easy to work with and fun to cooperate with!’

‘Erik Fahlgren is very responsive and a top-notch Swedish lawyer with US experience. His ability to move between US and Swedish concepts, and to draw comparisons and distinctions between the two regimes, is invaluable. He is also practical – knows when to push and when (and how) to get things done.’

‘Erik Fahlgren, Peder Hammarskiold and the entire Hammarskiold team are highly skilled advocates that quickly gain their clients’ trust. They are very responsive and results oriented.’

‘A great team of great professionals dedicated to providing the highest quality legal services to clients. The team members are strategic thinkers who can anticipate potential legal issues, devise creative solutions, and adapt strategies as needed to achieve the best outcomes.’

‘Hammarskiold is unique, because they combine being an independent mid-size law firm with the highest level of skill and quality and above all with a very pleasant, friendly, professional and pragmatic approach.’

Key clients


Altor Funds

Trill Impact

Litorina Funds

Valsoft Corporation Inc


Everysport Group AB (publ)

3D Systems Inc.

ARC Group

QNTM Group

AIG Europe Ltd

Universal Music

I-YUNO Media Group



Padel Mates International



Work highlights

  • Advised Swedish PE sponsor Altor on multiple transactions including (i) the Nordic Tyres Group buy-an-build acquisitions of Däckforum 2000 AB and Däckforum I Stockholm AB (care tyre companies), (ii) multiple Swedish and cross border add-on acquisitions within the Arc Arise Consulting group (strategy within innovation, service design and digital products).
  • Advised Swedish impact PE sponsor Trill Impact on multiple transactions including the buy-an-build acquisitions of Infrakraft Sverige AB and Järvägselektrikerna I Mälardalen AB (infrastructure development and maintenance industry).
  • Advised truck manufacturer Scania on its equity investments and long term complex R&D/development and supply contracts with (i) Northvolt AB (giga-factory for high voltage batteries), and (ii) H2 Green Steel AB (“green” “CO2-neutral” steel producer).

Advokatfirman Lindahl KB

With offices in six locations spread across Sweden, Advokatfirman Lindahl KB’s nationwide M&A practice offers a comprehensive service covering transactional and strategic matters in a wide range of sectors, including tech, life sciences and energy. The team has a strong reputation for handling mid-cap M&A deals and has seen recent growth in its share of high-end transactions. Moritz Veller in Stockholm specialises in cross-border mandates, while Helsingborg-based Svante Liljedahl offers seller-side expertise. Johan Herrström, managing partner of the firm’s Malmö office, focuses on the IT and medtech sectors. Having joined the firm from Bird & Bird in May 2023, Jan Byström brings more than 25 years of M&A and private equity experience. The department was also bolstered by the arrival of Ahmed Al-Rahma from Roschier in September 2023.

Practice head(s):

Mikael Smedeby; Thorbjörn Wennerholm; Svante Liljedahl; Henrik Nobel; Robert Asplund; Emanuel Wallin; Johan Herrstrom

Other key lawyers:

Erika Svensson; Moritz Veller; Jan Bystrom; Ahmed Al-Rahma


‘Erika Svensson is a very pleasant person to work with. She has the right knowledge, attitude and flexibility to achieve results.’

‘Moritz Veller is one of the best corporate/M&A attorneys for cross-border matters. He offers tailor-made advice and a very sound commercial mind. He also has great client handling skills.’

‘The team has impressive cross-border capabilities owing to its dual-qualified lawyers. They offer business-oriented and pragmatic legal advice as well as impeccable client service.’

‘A competent and hungry team – keen on walking the extra mile and delivering above expectations for the benefit of clients.’

‘The team is super competent technically, pragmatic, and very good at dealing with people.’

‘The team is very flexible and agile. They know what we want to achieve and they are very pragmatic in their work.’

Key clients

Ratos AB

Polaris Private Equity

CapMan Buyout

Bonnier Capital

Embracer Group

Recover / EQT


Dacke Industri

Viking Venture

Hennes & Mauritz (H&M)

Beijer Tech

Turn Energy


Cramo AB

eEquity Venture


Cardo Health

Palette Life Sciences



Miss Group




Work highlights

  • Advised the shareholders of Palette Life Sciences on their sale of Palette Group to US corporation Teleflex, Inc. (deal value: USD 650 million).
  • Advised Wistrandsgruppen on its sale of Dollarstore (enterprise value: EUR 345 million) to Finnish discount retail chain Tokmanni.
  • Advised Polaris Private Equity on its acquisition of majority share in Micropower Group from its founders and management.

TM & Partners

TM & Partners’ M&A team handles a range of matters for domestic, Nordic and international private equity funds, state-owned companies, and private corporations. Practice head Sten Hedbäck focuses on private M&A, advising industrial companies, PE funds, and entrepreneurs on acquisitions and divestitures. Vaiva Eriksson has recent experience in the IP and renewable energy spaces, to name a few, while Per Granström has clients in a variety of sectors, including tech and logistics.

Practice head(s):

Sten Hedbäck

Other key lawyers:

Vaiva Eriksson; Per Granström; Anna Elheim Sylten; Niclas Högström; Johan Wigh; Philip Bihl


‘Vaiva Eriksson is an astute, go-to M&A lawyer you really want to have on your side. She is always very responsive and a very gifted lawyer. Her expertise in advising on demanding cross-border M&A projects is particularly valuable.’

‘Vaiva Eriksson is excellent and is quick to understand the unique traits of each project including the more complex. She has an international approach and will always deliver on time without any unpleasant surprises.’

‘Anna Elheim Sylten is knowledgeable and responsive.’

‘Niclas Högström is always very responsive and pleasant in negotiations which make him effective. Johan Wigh comes up with very innovative ways of solving complex problems. Philip Bihl is very responsive, organised and supportive.’

‘The team is competent and efficient.’

‘The lawyers of TM & Partners are friendly and customer centered, providing top-tier legal services.’

‘TM & Partners legal capabilities, business acumen, and communication skills are impressive. The service level they provide is exceptional.’

‘The team is open-minded and very focused on solving issues during negotiations.’

Key clients

Air Liquide Biogas Solution Europe

Alliance Marine

Aquila Capital

Atlas Copco Gruppens Gemensamma Pensionsstiftelse

Coala-Life Group AB

CombinedX AB

Färna Invest

Hidden Harbor Capital Partner Holdings


Internet Vikings International AB

Jetpak Top Holding AB

Mimir Capital

Nexxiot AG

Norvestor Equity

Obvious Ventures

OpSec Security

Rashiddy Entertainment AB

Responda Group

Priveq Investment


Tutus Data AB


Work highlights

  • Advised OpSec Security as Swedish counsel in connection with the cross-border acquisition of Zacco, a leading intellectual property (IP) management company. The deal involved six jurisdictions across Europe and Asia.
  • Advised Tradera in connection with a capital raise from Ceder Capital.
  • Advised Imagimob in connection with the sale of the company to Frankfurt Stock Exchange listed Infineon Technologies.

Eversheds Sutherland

Eversheds Sutherland‘s M&A and commercial teams offer a broad service to a varied client base, ranging from domestic startups to multinational companies, with experience in the IT, telecoms, retail, energy, healthcare and life sciences sectors. Possessing more than 25 years of experience, Ulrika Sparrman leads the corporate and M&A practice, while Michael Hylander is head of the firm’s commercial law department.

Practice head(s):

Ulrika Sparrman; Michael Hylander

Key clients

Digitalist Group Oyj

Brady Corporation

Tenneco Automotive Operating Company Inc


3M Svenska AB

Wienerberger AG


JCE Group


Industrial and Financial Systems, IFS AB

Kingspan Group Plc


Sdiptech AB (publ)

Zordix AB (publ)


Korkia Oy

Rockwell Automation Inc


Linxon Sweden AB

Enaco Sverige AB

W5 Solutions AB (publ)

Coor Service Management Group AB

Johnson Matthey Formox AB

Monterro AB

Aprendere Skolor AB (publ)

Umida Group

Perrigo AB

Gigasense AB


Swedemount AB

Work highlights

  • Advised the automotive technology company Veoneer and SSW Partners in connection with the sale of Veoneer’s active safety business to Magna.
  • Advised Wienerberger AG, through its subsidiary Pipelife Sverige Aktiebolag, in connection with the acquisition of Wideco Sweden AB.
  • Advised the Hero Group on the sale of their Semper Gluten Free business in the Nordics to Dr. Schär. The deal includes the Hero Group’s gluten free crisp bread factory in Korsnäs.

Magnusson Sweden

Magnusson Sweden’s corporate and M&A team is particularly active in the financial services, insurance, hospitality, energy, environment, and retail sectors. The practice is led by Anders Bäckman, who is noted for his considerable experience in domestic and cross-border M&A transactions, as well as joint ventures. Jonas Bergquist offers energy sector expertise.

Practice head(s):

Anders Bäckman

Other key lawyers:

Jonas Bergquist


‘The M&A team at Magnusson is particularly business-minded. They can advise both on the legal and the commercial side of a transaction – which is very useful and rather uncommon.’

‘The staff at Magnusson are very effective and business minded. They do not lose time on the details in a transaction: they see the big picture, are fast and provide very useful advice.’

Key clients


Söderberg & Partners

Nordiska Galleriet

Raw Fury

DSI Underground

Colt CZ Group SE

Nineyards Equity

B Alm Holding


Atle Investment Management



Lassila & Tikanoja

Endava plc

Work highlights

  • Advised a global investment firm as regards its significant ownership stake in Swedish Match in connection with Phillip Morris’ $17 billion takeover offer of Swedish Match.
  • Advised Endava plc on all Swedish legal aspects of the acquisition of DEK Corporation Pty Ltd, DEK Technologies Sweden AB and DEK Vietnam Company Ltd, including due diligence work and drafting transaction documents.
  • Advised Söderberg & Partners on their raising of 2.3 billion SEK through a share issue to the global investment firm KKR.

MAQS Advokatbyrå

With offices in Sundsvall, Stockholm, Gothenburg, and Malmö, MAQS Advokatbyrå’s M&A team has a strong nationwide presence, advising major domestic companies in a range of sectors. Practice head Anton Olsson has key experience in cross-border acquisitions and private equity transactions. Sara Malmström, active in the IT, tech, retail, and media sectors, is the lead partner in Stockholm.

Practice head(s):

Anton Olsson

Other key lawyers:

Sara Malmström

Key clients

SKF Group

China-Euro Vehicle Technology AB (CEVT)

BNP Paribas / Alfred Berg

Primotech Group AB

Semcon AB (publ)

Tången Industrikapital AB

Rabbalshede Kraft AB (publ)

Stampen Lokala Medier

Profura AB


GPX Medical AB

Vätterleden Invest AB

Pandora AS

Oblique Therapeutics AB

Fluicell AB (publ)

IRLAB Therapeutics AB (publ)

OneMed Sverige AB

Sjöson AB

OnDosis AB

Limhamnshus Industri AB

Work highlights

  • Advised Brattse Finansrådgivning AB & Axell Holding AB when Confidentor AB was acquired by Säkra.
  • Advised Limhamnshus Vessinge AB on the sale of Bredablick to PHM Group.
  • Advised Tången Industrikapital AB in the acquisition of the AB Sjuntorp Group.

Morris Law

Morris Law’s corporate and M&A group has a strong reputation for handling mid-cap M&A transactions in the construction, tech, energy, manufacturing, retail and life sciences sectors. Martin Prager in Stockholm leads the practice. Racine Ashjari in Gothenburg advises on acquisitions and sales of listed and non-listed companies. Olof Myhrman, also in Gothenburg, acts for private equity, investor, and industrial clients as well as entrepreneurs.

Practice head(s):

Martin Prager

Other key lawyers:

Racine Ashjari; Olof Myhrman; Johanna Juhlin; Therese Andersson; Carl Friberg


‘Olof Myhrman and Martin Prager are always available, commercial minded and very easy to work with. Johanna Juhlin and Therese Andersson also have good experience.’ 

‘Martin Prager is a sharp and focused lawyer-wizard who really cares about his clients.’

‘Olof Myhrman is a rainmaker who seems to be connected to anyone and everyone both in the Swedish market and beyond. A real facilitator.’

‘Racine Ashjari lives for his job and clients, always going that extra mile. He is incredible at creating a positive atmosphere in the room, even during tough discussions.’

‘Carl Friberg is highly competent and organised.’

‘The team stands out on understanding clients’ needs and then tailoring their work. Regardless of the size of the transaction, Morris always makes the client feel seen and prioritised.’

‘Morris Law is a top-tier firm in Sweden, combining best in class M&A advisory services with a modern relationship-based market approach. The team is made up of down to earth professionals with a creative and open-minded attitude.’

‘The team has a very modern approach to business and is highly engaged and fresh.’

Key clients

Investment AB Spiltan

Estea AB

Provobis Holding AB


Collaboration Art

Ramirent AB

RCL Holding AB

Nötudden Fastigheter AB

UBAB Invest AB

Christian Berner Tech Trade (publ) AB

Data Respons AS

Hjo Installation AB

Kongsberg Automotive ASA

Ecarx Ltd.

Intendia Group AS

Work highlights

Advokatfirman Schjødt

Advokatfirman Schjødt’s transactions group in Stockholm works closely with the firm’s partner offices in Norway, Denmark, and the UK to advise on a wide range of domestic and cross-border matters. Ylva Enquist in Stockholm leads the group alongside Tord Fondevik in Oslo. Pontus Bergsten has considerable experience advising private equity sponsors and listed companies, particularly in the eSports, media, gaming, construction and healthcare sectors.

Practice head(s):

Ylva Enquist; Tord Fondevik

Other key lawyers:

Pontus Bergsten; Joachim Funariu


‘Joachim Funariu is outstanding when it comes to M&A and other corporate matters. He is innovative, bright, commercially minded, and service oriented.’

‘Pontus Bergsten has a very strong commercial understanding and a good tactical approach in negotiations as well as attention to detail.’ 

‘Joachim Funariu is very service minded, has good people skills, and is pragmatic and flexible.’

‘A very competent team with excellent collaboration skills, excellent at understanding the clients position and and how to support the client in internal processes, decision making, and when negotiating deals.’

‘The team offers great commercial understanding and client attention.’

‘A pragmatic, commercial and service-minded team.’

Key clients


NCC Group

Leo Vegas



FSN Capital

Brunswick Corporation

Are Group

Ramboll Group

Locus Infra

Robert Bosch Group

Standout Capital

Thoma Bravo


Work highlights

  • Advising NCC Group on all of its material M&A transactions for more than 10 years, including on the sale of its entire No Dig business in Sweden and Norway to No Dig Alliance (NDA AB) owned by private equity company Equip Capital.
  • Advised Ramboll in relation to its investment in Estate Logs AB.
  • Advised XQS in its divestment of substantially all assets and liabilities of its business outside of the US to the Scandinavian Tobacco group.

Wigge & Partners

Wigge & Partners M&A team regularly advises private equity funds and corporate clients on small and mid-cap transactions as well as large cross-border deals. The team is especially active in the energy, infrastructure, media and tech sectors. With over 15 years of experience, Henrik Wenckert leads on M&A, while alternative investments and fund formation specialist Frida Sander heads up the private equity team.

Practice head(s):

Henrik Wenckert; Frida Sander

Key clients

Third AP Fund


FSG Fund 2



Fåhraeus Startup and Growth

Silvestica Green Forest Fund


Svenska Handelsfastigheter




KLAR Partners

3E Entertainment AB/ Pophouse

Entertainment Group

Indequity AB



Work highlights

Advokatfirman Fylgia KB

Advokatfirman Fylgia KB’s M&A team primarily handles small- and mid-cap transactions, with particular strength in the industrial and tech sectors. Practice head Mattias Larsson maintains a broad client base that includes several IT and SaaS companies.

Practice head(s):

Mattias Larsson

Other key lawyers:

Fredrick Winroth


‘Mattias Larsson is an exceptional attorney who maintains an up-to-date and comprehensive understanding of all relevant fields. His impressive negotiation skills, especially during SPA discussions, strike an ideal balance between assertiveness and collaboration, ensuring mutually beneficial outcomes.’

‘Fredrick Winroth is very approachable, easy to work with and helpful in dealing with and resolving issues.’

‘Mattias is always available and extremely competent and effective. He never disappoints in any regards.’

‘An experienced law firm.’

‘The team has a very high level of competence.’

Key clients

Visma AS

Colosseum Smile AB


Beijer Byggmaterial AB

Bright Sunday




International Forest Products (Part of the Kraft Group)


Work highlights

  • Advised Visma on the acquisitions of Flex Applications and TooEasy.
  • Advised the founders on the sale of Bright Sunday to Niam.
  • Advised the founders on the sale of Quality Sourcing to emagine.

Synch Advokat AB

Synch Advokat AB‘s corporate team is particularly strong handling M&A transactions in the digital and tech spaces and is well regarded in the start-up and scale-up segment. Firm co-founder Andreas Börjesson, with over 20 years of experience, leads the team.

Practice head(s):

Andreas Börjesson

Key clients

Hygglo AB

Seven Seven Six

Epiluvac AB (the owners of)

Insurely (The Great Collective AB)

Menlo Ventures

DSPanel (the sellers of)

Grängesberg Exploration Holding (Nordic Growth Market listed, Boerse Stuttgart Group)


M Industrial Invest


Costanoa Ventures

Sweco (NASDAQ Stockholm: SWEC)

Luleå Hamn

Anotherblock (the founders of)

VC J12 Ventures Nordic

Howwe International AB

Slitevind AB

Triboron International AB (NASDAQ First North: TRIBO B)

Tracklib AB

Orbit Alliance


Brighter AB

Work highlights

  • Advised the shareholders of Epiluvac AB on the sale of the company to NASDAQ listed Veeco Instruments Inc. for US$ 65m.
  • Advised Seven Seven Six in connection with an investment in Teenage Engineering AB. Seven Seven Six is a venture capital firm started by Reddit’s co-founder Alexis Ohanian.
  • Advised Menlo Ventures on its US$ 34m investment in Sana Labs, an AI-powered learning platform. Menlo Ventures is a venture capital firm based in Silicon Valley.