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 fields ‘a devoted team providing high attention, quality and comfort’. It handles high-profile and high-value M&A deals, often acting as local counsel on large international deals and taking the lead on prominent domestic transactions. The practice is jointly led by Carl Westerberg, Fredrik Palm and Mikael Borg; Westerberg handles public and private M&A, and joint ventures, while Palm is recommended for cross-border deals and has recently been active in the gaming and e-sports industry. The corporate team recently saw four partner promotions: Pär Johansson, Gabriel Zsiga, Oscar Anderson and Mikael Bolling.

Practice head(s):

Carl Westerberg; Fredrik Palm; Mikael Borg

Other key lawyers:

Corinne Ekman; Pär Johansson; Gabriel Zsiga; Oscar Anderson; Mikael Bolling


‘Devoted team providing high attention, quality, and comfort.’

‘Always have your back.’

‘Fredrik Palm becomes not only your lawyer but your partner.’

‘Legal knowledge, perseverance and availability is remarkable.’

‘Strong expertise.’

‘Deep understanding across all aspects of regulation: from interpretations to optimal implementation in our business.’

‘Specifically, we use them for fund regulation and deem GDA to be the strongest player in the Nordics within this field.’

‘Given their deep understanding and the ever-evolving regulatory landscape to which we are exposed, we have never had any issues, since we know where to turn in times where we need guidance.’

Key clients

Sinch AB

Modern Times Group MTG AB

Embracer Group AB

Sambla AB

OX2 AB and its main owner Peas Industries AB

Nobina AB

Xvivo Perfusion AB

Nordstjernan AB and its subsidiary Nordstjernan Investment AB

Volati AB

Evolution AB

Betsson AB

Setra Group AB

Upplands Motor Holding AB

Cint Group AB

Lundin Energy AB

Storskogen Group AB

ICA-handlarnas Förbund


Nordic Entertainment Group Sweden

Svea Ekonomi AB

Nordic Capital and Vizrt AB

Garda USA Inc.


Work highlights

  • Advised Sinch on its acquisition of MessageMedia. Sinch paid a total enterprise value of $1.3bn, with a total cash consideration of $1.1bn and the remainder in new shares in Sinch.
  • Advised Modern Times Group MTG on divesting ESL Gaming in an all-cash transaction valuing ESL Gaming at an enterprise value of $1bn+.
  • Advised Cint Group AB on the acquisition of Lucid Holdings, LLC. The consideration amounted to $1bn+ on a cash and debt-free basis.

Mannheimer Swartling

Mannheimer Swartling fields ‘a very robust team from partner level to associate level’ and the corporate team draws on support from its strong finance, regulatory, trade, competition and real estate practices, among other areas. Adam Green brings a wealth of experience to the practice and is recommended for cross-border and technology transactions; Jan Holmius is a key name for private equity work and acts for high-profile domestic and international PE houses; and Patrik Marcelius is recommended for public M&A and capital markets work. Johan Lekholm handles transactions and acts as secretary of the board to a number of corporate clients, while Isabella Ramsay, energy specialist Johan Ljungberg and Martin Pekkari, who focuses on outsourcing and infrastructure projects, are also key practitioners.

Practice head(s):

Isabella Ramsay; Johan Ljungberg; Johan Lekholm; Patrik Marcelius; Martin Pekkari

Other key lawyers:

Jan Holmius; Andreas Steen; Emil Boström; Tom Wehtje; Henrik Dock; Johan Berg; Maria Holm; Adam Green


‘Extremely broad and relevant experience within the team.’

‘Very high engagement and commitment to their task.’

‘Very skilled staff with great knowledge and easy to cooperate with. Excellent availability, expertise and support.’

‘Patrik Marcelius – very knowledgeable, practically inclined and always accessible.’

‘Isabella Ramsay – pleasant to work with, champion team lead; constructive and knowledgeable.’

‘Johan Lekholm’s pragmatic yet commercial and strategic input is second to none. He truly sees beyond the legal aspects of a matter and provides real business value.’

‘They maintained a very good negotiation environment for both us and the counter party that lead to a good deal at the end.’

‘They are engaged in the project as a whole and provide robust legal advice to advance the commercial objectives and interests of the client.’

Key clients

Accent Equity

Altor Equity Partners


City of Stockholm




Kry (LIVI)




SEB Private Equity

Stockholm Public Transport Authority

Stockholm Region Council

Stora Enso

Summa Equity

Swedish Orphan Biovitrum (SOBI)

Swedish State

Söderberg & Partners


Valedo Partners

Volvo Cars

Work highlights

  • Advised Sandvik and Alleima on the global carve-out of Sandvik’s former business area Sandvik Materials Technology across more than 30 countries, and the spin-off listing on Nasdaq Stockholm under the new name Alleima.
  • Advised Swedish Match on the $16bn recommended public takeover offer by Philip Morris International.
  • Advised Handelsbanken on the carve-out of its entire operations in Denmark and the related divestment to Jyske Bank.


The ‘impressively experienced and very astuteRoschier is well known in the market for domestic and cross-border M&A deals and IPOs. Malin Leffler advises on corporate and private equity transactions; Jens Bengsston is another name for private equity work and acts for private equity sponsors and corporate investors; Pontus Enquist is recommended for public M&A, and equity capital markets matters; and Ola Sandersson advises international industrial companies, holding companies and banks on public and private M&A. Björn Winström handles buy-outs, exits, joint ventures and restructurings and Markus Olsson is recommended for corporate deals in the energy and infrastructure sectors.

Practice head(s):

Malin Leffler; Pontus Enquist; Ola Sandersson; Jens Bengtsson

Other key lawyers:

Björn Winström; Marcus Hedén ; Markus Olsson; Christoffer Benninge


‘They have deep and credible capabilities in M&A and ECM. They have their finger on the pulse.’

‘Very responsive and engaged senior partners and quite credible associates.’

‘We are working with Roschier on a very large cap public M&A transaction in Sweden. The client facing team is lean, available 24/7, impressively experienced and very astute. This is the Wachtell of Swedish M&A.’

‘Jens Bengtsson has unparalleled experience, astonishing intellectual power, and is practical and smart.’

‘The best among the best for Public M&A in Sweden.’

‘Malin leffler is extremely smart and meticulous. Very experienced in transactions. Extremely solution-oriented and diplomatic.’

‘Ola Sandersson is extremely friendly and knowledgeable about corporate laws in Sweden, very experienced in public M&A, with superior ability to crystalise complex legal analysis in plain English.’

Key clients








Atlas Copco


IK Investment Partners

CVC Capital Partners

EQT (including the Buyout, Midmarket and Infrastructure Funds)

Patricia Industries




Wallenberg Foundations





Ontario Teachers’ Pension Fund

Work highlights

  • Advising Philip Morris International on its SEK161bn public offer for all shares in Swedish Match.
  • Advising Advent International Corporation and Aurora Investment Pte Ltd, through Agnafit Bidco AB, on the SEK69.4bn recommended public offer to the shareholders of Swedish Orphan Biovitrum AB (Sobi) to tender all their shares in Sobi.
  • Advising IK Partners on the acquisition of Truesec Holding AB from Sobro, and the founder and management team.

Advokatfirman Vinge

Advokatfirman Vinge has ‘the breadth and depth to handle all types of matters’ and has considerable experience in public and private M&A, acting for high-profile clients. The firm also has a strong transactional private equity practice and advises on commercial agreements, regulatory matters and anti-trust issues. Jonas Bergström, Magnus Pauli and Magnus Hedsund jointly lead the team which includes Christina Kokko, who focuses on private equity deals in the financial, retail, life sciences and media sectors; chairman of the firm Johan Winnerblad; and Jonas Johansson, who handles acquisitions and disposals and structured deals. Erik Sjöman is another well-known practitioner who has previously advised on amendments to the Swedish Takeover Code.

Practice head(s):

Jonas Bergström; Magnus Pauli; Magnus Hedsund

Other key lawyers:

Johan Winnerblad; Christina Kokko; Jonas Johansson; Jesper Schönbeck; Erik Sjöman


‘The Vinge team has the breadth and depth to handle all types of matters.’

‘They have a unique talent for breaking down the often complex legal landscape into very practical advice.’

‘Erik Sjöman is the leading individual in the Swedish market when it comes to capital markets and public M&A as well as corporate governance matters.’

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

Work highlights

  • Advised EQT in connection with the SEK60bn acquisition of leading global pest control specialist Anticimex, the first investment of EQT’s new purpose driven strategy.
  • Advised Cinven Capital Management on the sale of the Envirotainer Group to EQT and Mubadala for €2.8bn.
  • Advised Klövern AB in connection with the SEK19.5bn public offer from Corem Property Group.

Advokatfirman Cederquist KB

Advokatfirman Cederquist KB is well known in the market for high-end private equity and corporate transactions, including large public-to-private deals. Its clientele includes investment banks, private equity houses and large corporates, as well as prominent international law firms, which it assists on cross-border deals. Carl-Johan Deuschl heads up the team and is well versed in M&A transactions in the industrial and infrastructure sectors, while Maja Wettergren is recommended for acquisitions, disposals, mergers and joint ventures. Lars Bärnheim left for an in-house role.

Practice head(s):

Carl-Johan Deuschl

Other key lawyers:

Martin Ulfson; Maja Wettergren; Pontus Röckert


‘Super responsive and practical advice.’

‘Cederquist has a great team of leading individuals providing high-quality transactional advice and support.’

‘Pontus Röckert is very accessible and turns things around with great efficiency.’

Key clients

Nordic Capital


Polaris Private Equity

BillerudKorsnäs AB

Summa Equity

AURELIUS Equity Opportunities SE & Co. KGaA

Resurs Holding AB

Macquarie European Infrastructure Fund


Nobia AB

Cloetta AB

InfoVista S.A.S

Norvestor Equity AS

Algeco/Modulaire Group

Thoma Bravo, LLC

Webhelp S.A.S

Avista Capital Partners

CVC Capital Partners

Qliro Group AB

Ellos Group

Itiviti Group

Unified Post Group

Samsung Electronics Nordic AB

Tellacq Partners


LeadX Capital Partners

Accel Partners

Marlin Equity Partners

Pegasus Capital Partners

Work highlights

  • Advised Nordax Bank AB as acquiring entity and its indirect shareholders and/or investors, including Nordic Capital Fund VIII and Nordic Capital Fund IX, on its acquisition of Bank Norwegian ASA.
  • Advised Euroapotheca in connection with the merger between Apoteksgruppen and Kronans Apotek.
  • Advised Norvestor Equity on the acquisition of BST Group from IK Partners and other shareholders.

Hannes Snellman

Hannes Snellman fields ‘an extremely highly skilled team with a very pragmatic and business-oriented approach’. With integrated Finnish and Swedish offices, the group handles cross-border Nordic matters with ease and is led by Claes Kjellberg and Mattias Friberg. Kjellberg is a key name for M&A and private equity transactions, and Friberg is recommended for cross-border M&A, regulatory issues and compliance matters. Ola Åhman is another noteworthy name for corporate deals, and managing associate Ammar Khan advises venture capital businesses and start-ups. Johanna Wärnberg was recently promoted to partner.

Practice head(s):

Claes Kjellberg; Mattias Friberg

Other key lawyers:

Ola Åhman; Johanna Wärnberg; Ammar Khan


‘Solid advice on M&A processes.’

‘Johanna Warnberg does a solid and holistic job.’

‘Practical and efficient. Lean staffing for smaller transactions.’

‘Extremely highly skilled team with a very pragmatic and business oriented approach.’

‘Ola Åhman is by far the most skilled and highly regarded lawyer in this area in Sweden. Ola is very business minded and to the point in his advice.’

‘Hard working and truly dedicated.’

‘Very client centric, pragmatic and solution oriented.’

‘Claes Kjellberg is very engaged and easy to communicate with. He shows keen understanding for industry issues and is quick to propose solutions.’

Key clients


Equip Capital AS

Gores Guggenheim, Inc.

IK Investment Partners Ltd.

KLAR Partners Limited

Oriola OY

Kingdom of Sweden

Riverside Europe Partners AB

Sanoma Pro Oyj

SEB Investment Management AB


Soltech Energy Sweden AB

Thomas H Lee Partners LP

VASS Conultoria de Sistemas, S.L.U

Savvy Gaming Group

NeoGames S.A


Life Science Partners

Koch Industries

Work highlights

  • Acted as counsel to the Kingdom of Sweden on the sale of Orio AB to Hedin Mobility Group AB.
  • Acted as counsel to the Kingdom of Sweden on the sale of Metria AB to Sikri Holding AS.


Linklaters draws on its large international network for assistance on cross-border deals, including high-profile M&A mandates, and equity and debt capital markets deals. Elisabet Lundgren heads up the practice and leads on large corporate transactions, while Rasmus Kindlund is a key name for private equity and M&A work, acting for private equity houses and other financial sponsor clients as well as corporates. Charlotte Levin, who recently joined from Advokatfirman Vinge, is recommended for public to private transactions, IPOs and other equity capital markets transactions. Fredrik Lindqvist retired.

Practice head(s):

Elisabet Lundgren

Other key lawyers:

Rasmus Kindlund; Magnus Lidman; Charlotte Levin


‘The Linklaters team was always on the front foot, anticipating and effectively managing the process.’

‘They were also very pragmatic and effective with the SPA process.’

‘Very happy with the support and advice received.’

Key clients

PAI Partners


Apax Partners







PostNord Group

Keppel Infrastructure

Work highlights

  • Advised a leading global investment banking, securities and investment management business on its role as financial lead investor in a $1.1bn convertible note investment round.
  • Advised Triton and Aleris on the divestment of the Aleris radiology business division to Meine Radiology Gmbh/EQT Infrastructure.
  • Advised PAI Partners on the €2.16bn sale of Swedish Atos Medical.


Setterwalls provides clients with ‘great, proactive legal expertise with at business mindset’ and handles high-profile and high-value M&A deals which are often multi-jurisdictional. The team is led by Anders Söderlind, Anders Holmgren and Ola Grahn; Söderlind focuses on private equity and private M&A; Holmgren has over 20 years' experience in corporate M&A, and focuses on the telecoms, life sciences and retail sectors; and Grahn handles company law, M&A, and equity capital markets matters. Johan Hallén is a key name for commercial work and is also chairman of the board.

Practice head(s):

Anders Söderlind; Anders Holmgren; Ola Grahn

Other key lawyers:

Johan Hallén; Mattias Detterfelt; Linnea Gävbo


‘Great, proactive legal expertise with at business mindset.’

‘Proactive team contributing to deal certainty.’

‘Truly appreciate their can-do mentality, pragmatic approach and their ability to communicate to the point.’

‘Very good commercial understanding and pragmatic approach to legal issues.’

‘We have had a long and successful partnership with Mattias Detterfelt & team.’

‘Mattias Detterfelt is outstanding – he really understands the dynamics, pushes the deal forward and gets in the driver seat when needed.’

‘Anders Söderlind is experienced and stable. Linnea Gävbo is a brilliant associate to have your eyes on in the future.’

‘Setterwalls has delivered promptly, high-quality solutions and creative ways forward in difficult situations.’

Key clients


FSN Capital

Nalka Investment

SEB Private Equity

Ceder Capital


PEQ Investment

AB Gustaf Kähr

Knowit AB

Hydro Energi

Lundin Energy

Marguerite (2020 European Fund for Energy)

Drug Free Sport

Construcciones y Auxiliar de Ferrocarriles, S.A (CAF)

FlixMobility GmbH

Better Collective A/S

Meniga Ltd


Coor Service Management

Galecto Biotech

Standout Capital AB

Enea AB

Elof Hansson Holding AB

Baillie Gifford

Polygon International AB

Aleph Commodities Ltd

Thunderful Group AB

Ford Motor Company Inc.

Trill Impact Ventures

Acreto Holding AB

Work highlights

  • Advised major pension fund AMF Pensionsförsäkring AB in connection with a recommended public offer to the shareholders of ICA Gruppen AB.
  • Advised Monterro on the sale of the leading Outpost 24 AB to Vitruvian Partners.
  • Advised Ceder Capital in connection with the simultaneous divestment of five of its portfolio companies to Storskogen.

White & Case Advokat AB

The corporate M&A, and private equity team at White & Case Advokat AB is ‘extremely knowledgeable and available’. With a strong Nordic and international presence, the firm is well placed to handle regional and international deals and acts for large corporates in the healthcare, sports, entertainment, energy, renewable and industrial sectors, as well as assisting high-profile private equity houses. Practice head Jan Jensen is well known in the market for private equity and M&A work, while Johan Steen is another name for M&A and acts for financial sponsors and corporates. Jonas Lagerroos left for an in-house role.

Practice head(s):

Jan Jensen

Other key lawyers:

Patrik Erblad; Shoan Panahi; Johan Steen; Martin Järvengren; Henrik Wireklint


‘The team is extremely knowledgeable and available.’

‘As a client I know that they will deliver with the utmost quality and without delays.’

‘Extremely strong legal knowledge in this field.’

‘Outstanding transaction management and the team went above and beyond to deliver on tight timelines.’

‘Legal advice was always given with clear recommendations that made it easy for us to make decisions on the way forward.’

‘Outstanding legal professionals.’

‘We especially enjoy working with Martin Järvengren who has advised us on regulatory, corporate as well as M&A matters and has been an essential legal adviser and business partner to us.’

‘We appreciate their pragmatic and proactive approach.’

Key clients


Accent Equity Partners





Ancala Partners

APG Asset Management N.V.

Arcus Infrastructure Partners

Asper Investment Management

Axel Johnson International

BNP Paribas Cardif Nordic AB


Cary Group

Columbia Threadneedle Investments

Epicor Software Sweden AB



FSN Capital



Hero Gaming Group AB


IK Investment Partners



JPMorgan’s Infrastructure Investments Fund (IIF)

Juni Technology

Kjell & Company


Lime Technologies

Momentum Software


Nordic Capital

Nordstjernan Investment AB

Pagero Group





Safer Society Group

Summa Equity

Swedish Space Corporation



Valedo Partners

Vasa Vind

Vauban Infrastructure Partners

Verdane Capital

Work highlights

  • Advised EQT and Karo Intressenter on the SEK16.4bn public cash offer to the shareholders of Karo Pharma to acquire the shares in Karo Pharma not already owned by Karo Intressenter.
  • Advised IFS, a cloud enterprise software provider, and its shareholders including EQT, on a significant investment by Hg, a private equity investor focused on software and services businesses.
  • Assisted Klarna, a leading global retail bank, payments and shopping service, in connection with its acquisition of Piggy, a discount apps and browser extensions provider.

Baker McKenzie

Baker McKenzie leverages its large European and international network for support on cross-border deals and acts for domestic and global corporations in the pharmaceuticals, retail, energy and transport sectors. The team is jointly led by Carl Svernlöv, who focuses on M&A, corporate law and governance mandates, and Costin Mihailescu, who acts for private equity houses and their portfolio companies on M&A transactions. Anders Fast is managing partner of the Stockholm office and a key name to note for private equity work. Anna Orlander left for an in-house role.

Practice head(s):

Carl Svernlöv; Costin Mihailescu

Other key lawyers:

Anders Fast


‘Broad knowledge in law. Can easily understand problems and come up with solutions.’

‘Solution-oriented and cost-conscious.’

‘Global presence and consistently high quality.’

Key clients

Ryan LLC

Petronas Chemicals Group Berhad

Ninjas in Pyjamas Gaming AB

Orio AB

Nalka Invest

FSN Capital


AGIC Capital

Embracer Group AB

Ahead Global Investment Ltd

Capillar Equity

Sulzer AG


Trill Impact

Systematic Growth

Lyvia Group

Work highlights

  • Advised Petronas Chemicals Group Berhad on its acquisition of Swedish speciality chemicals company Perstorp Holding AB.
  • Advised Embracer Group on its acquisition of Asmodee Group in a deal valued at €2.75bn.
  • Advised Ryan LLC on its acquisition of Qvalia’s VAT Compliance and Recovery Business in the Nordics.

Bird & Bird

The Bird & Bird team is made up of  ‘competent people understanding the essentials of the underlying business’ and is well placed to handle cross-border mandates by virtue of its international network. The practice is led by Hans Svensson, Mårten Williamo and Mattias Lindberg, and advises on M&A, joint ventures, private equity buy-outs, venture capital investments, post-acquisition integration work and capital markets issues. Martin Folke joined from MAQS Advokatbyrå and acts for start-ups and growth companies on venture capital mandates.

Practice head(s):

Hans Svensson; Mårten Willamo; Mattias Lindberg

Other key lawyers:

Martin Folke


‘Mårten Willamo was very helpful for all post-closing matters of our transaction.’

‘Competent people understanding the essentials of the underlying business and taking care of the overall delivery.’

‘Truly engaged and experienced individuals, delivering on milestones and deadlines.’

‘Very proactive and effective team.’

Key clients


Ratos AB

CapMan Plc

Polaris Equity

Nalka Invest

Alder Equity


TK Elevator GmbH

Statkraft AS Group


Beta Nordic Studios


ChromoGenics AB

Secits AB

Fujitsu Sweden AB

The Synsam Group

Archive Resale, Inc

RCO Security

Aion NV/SA (Aion Bank)



Medhelp Sjukvårdsrådgivning AB

3G Infrastructure Services AB

Médecins Sans Frontières Sweden Innovation Unit

Work highlights

  • Advised PDSVision Group on the add-on acquisition of Cambridge-based Root Solutions Ltd. and on the acquisition of Manchester-based Wilde Analysis Ltd.
  • Advised Group on its acquisition of GetID, an Estonian developer of an all-in-one identity verification service that streamlines customer onboarding processes, and on the acquisition of Datacorp OÜ, an Estonian developer of AI software for image analysis based on neural network algorithms, computer vision and machine learning.
  • Advised IT and communications company, Fujitsu Sweden AB, on its sale of C7 business unit and related assets to Triona AB.

Cirio Advokatbyrå AB

Cirio Advokatbyrå AB advises clients on both public and private M&A under the joint leadership of Anders Moberg, Annika Andersson, Erik Bergenstråhle, Jörgen Möller and Per Hedman. The team is particularly strong in the renewable energy sector, where it advises clients on the acquisition and disposal of assets; it also has a strong venture capital and private equity practice. Hanna Tilus joined from Roschier, while Carl-Olof Bouveng left for Cobolo Advokat AB.

Practice head(s):

Anders Moberg; Annika Andersson; Erik Bergenstråhle; Jörgen Möller; Per Hedman

Other key lawyers:

Peter Lilja; Emma Dansbo; Hanna Tilus

Key clients



Smedvig Capital

Sustainable Development Capital




AI Sustainability Center AB (under name change to anch.AI AB)


Downing Renewables and Infrastructure Trust Plc

ICA Gruppen

Kindred Group

Nalka Invest



SEB Private Equity

SEB Venture Capital


TA Associates

Telia Company

Work highlights

  • Advised BEWI on its NOK3.6bn acquisition of Jackon.
  • Advised ICA Gruppen on ICAhandlarnas Förbund’s and AMF’s SEK107.4bn public takeover offer to the shareholders in ICA Gruppen.
  • Advised Enercon GmbH in connection with its divestment of the two wind farms Markbygden North and Markbygden South, with a combined production capacity of 235MW, when fully operational.

Advokatfirman Delphi

Advokatfirman Delphi is ’very solution-oriented’ and acts for public and private companies on public takeovers, acquisitions, carve-outs and spin-offs. Led by Michael Juhlin and Christoffer Mangelus, the team is well versed in deals in the TMT, energy and healthcare sectors; Juhlin is a key name for M&A transactions and corporate governance, and Mangelus is experienced in cross-border carve-outs and M&A deals.

Practice head(s):

Michael Juhlin; Christoffer Mangelus

Other key lawyers:

David Aversten; Rickard Isacson; Mats Dahlberg


‘Very solution-oriented.’

‘Really feels like extended arm with a supportive overall team in transactions.’

‘Fair and pragmatic in all discussions.’

‘Appreciated very much having Rickard Isacson as my co-partner in several transactions.’

Key clients

Verdane Capital

Momentum Group

MVI Partners

Intera Partners

Adelis Equity

Bure Equity







Markbygg Holding Sverige AB

Outdoor Network , LLC

Advokatfirma DLA Piper Sweden KB

Advokatfirma DLA Piper Sweden KB is one of the most active teams in the market when it comes to M&A deals and offers clients a strong Nordic platform, with offices in Sweden, Norway, Denmark and Finland. The team acts for large corporates and private equity houses on large cross-border transactions and is active in a range of sectors, including the technology, gaming, life sciences and fintech industries. Anders Malmström heads up the practice and is recommended for real estate and infrastructure deals, while senior associate Jesper Lindbom is a key name for private equity and venture capital transactions.

Practice head(s):

Anders Malmström

Other key lawyers:

Mathias Berggren; Richard Folke; Peter Ihrfelt; Mikael Moreira; Petter Kjöllerström; Jesper Lindbom

Key clients

Stillfront Group

GE Healthcare


Graphic Packaging

Din Bil Sverige

Polhem Infra

Heimstaden Bostad

Euroflorist 2.0


EQT Partners

Accelerated Innovation


Första AP-Fonden

Farallon Capital Europe

Brightly Ventures

NFT Ventures

Collector Ventures

OX2 Group

PNP Venture Capital

Venture Securities

SEB Skandinaviska Enskilda Banken



Fairpoint Capital


GP Bullhound

Equip Capital


Capillar Equity

Work highlights

  • Advised Heimstaden Bostad on its acquisition of a total of 599 properties, with 28,776 rental apartments, in Berlin, Hamburg, Stockholm, Malmö and Copenhagen, from Akelius.
  • Assisted EQT Partners in connection with the DoorDash acquisition of Wolt Oy in an all-stock deal worth circa €7bn.
  • Advised a consortium of investors on their acquisition from Litorina Capital of EuroFlorist, the leading European online platform for flower sales with operations in 11 countries.


Hammarskiöld acts for foreign and domestic clients on cross-border M&A, often assisting large international law firms as local counsel on deals. The team is led by Peder Hammarskiöld, Jakob Falkman, Erik Fahlgren and Erik Löfwall, with Hammarskiöld bringing significant experience to the team in public and private takeovers, M&A, and capital markets matters. Sandra Broneus joined from TM & Partners and regularly handles public M&A.

Practice head(s):

Peder Hammarskiöld; Jakob Falkman; Erik Fahlgren; Erik Löfwall

Other key lawyers:

Sandra Broneus


‘Erik Löfwall has a very strong team.’

‘I was impressed by the way they had aligned with the client on their M&A strategy and growth incentive structure.’

‘Erik Löfwall was competent and fairly pragmatic and very efficient in the process.’

Key clients


Altor Funds

ARC Group

Trill Impact


Euroapotheca UAB/Vilnius Prekyba

Avia Solutions Group

Carneo / Carnegie Fonder

QNTM Group

Sumitomo Group

AIG Europe Ltd

Universal Music

I-YUNO Media Group


Q-Park/Aimo Park



Alpha Private Equity


Agria Djurförsäkring


Flutter Entertainment plc


Carpenter Co.

Brightmill Holding


Work highlights

  • Acted as lead counsel for Scania on the multi-million USD equity investments, and multi-billion USD industrial collaborations and long term supply agreements with highly publicised and complex Swedish green mega start-ups Northvolt (lithium Ion batteries) and H2GS (steel production plant).
  • Acted as lead counsel on several highly publicised transactions for major Swedish PE house Altor related to very transaction-active digital powerhouse ARC Group, tech fund QNTM Group as well as the global media house IYUNO Group.
  • Acted as lead counsel in several M&A transactions as part of Trill Impact’s platform investments within education tech and infrastructure.

Advokatfirman Lindahl KB

Advokatfirman Lindahl KB fields ‘an excellent team with strong negotiations skills’ which advises on a large number of M&A deals across a broad range of sectors from its network of offices across Sweden. It is particularly active in the life sciences, IT, energy, automotive, real estate, private equity and venture capital sectors. The sizeable team is jointly led by Mikael Smedeby, Thorbjörn Wennerholm, Svante Liljedahl, Henrik Nobel, Robert Asplund and Emanuel Wallin.

Practice head(s):

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

Other key lawyers:

Gabriel Svedberg; Johan Herrström


‘Stands out with strong industry knowledge within IT/tech.’

‘Excellent team with strong negotiations skills.’

‘Easy to work with.’

‘Great team managers providing appropriate skills at the right moment in the projects, highly skilled at drafting documents and negotiating the same.’

‘Highest service level and attention to detail.’

‘The person that really stands out is Gabriel Svedberg. His combination of industry knowledge and negotiation skills is second to none.’

Key clients

Swedencare AB

Beijer Tech AB

Elon Group Holding AB

Bonnier Ventures AB

Embracer Group AB

Viking Venture

EVRY Sweden AB

Dacke Industri AB

Cardo Health AB

Recover / EQT

Volati AB


Miss Group AB

Prevas Aktiebolag

Storytel AB

Cardo Health AB

Altano Group / Ufenau Capital Partners

Sareq Invest

Sequent Invest

Strandberg Innovation AB

Work highlights

  • Advised Swedencare AB on its SEK4.1bn acquisition of The Garmon Corporation.
  • Advised Beijer Alma AB on the SEK910m sale of Habia Cable Group to HEW-KABEL Holding.
  • Advised Trinit AB on the sale of 70% of the shares of KeyPlants AB to Masco Group S.R.L.

TM & Partners

Fielding ‘a strong team of highly trained and client-focused M&A lawyers’, TM & Partners continues to act for foreign and domestic private equity funds, state-owned companies, and industrial corporates on cross-border M&A deals. Sten Hedbäck heads up the practice and has considerable experience in acquisitions and divestitures. Vaiva Eriksson is another key name for M&A and general corporate law matters, while Niclas Högström assists private equity funds and industrial clients with deals.

Practice head(s):

Sten Hedbäck

Other key lawyers:

Vaiva Eriksson; Niclas Högström; Per Granström


‘We have been working with TM & Partners for a number of years. They are our go-to law firm due to extensive experience, dedication and ability to work on complex M&A projects.’

‘TM & Partners has a strong team of highly trained and client-focused M&A lawyers.’

‘They take into account not only legal, but also the business and strategic aspects of projects, delivering precise and high-quality advice.’

‘Whenever needed, attorneys from other practice areas are ready to support us.’

‘Niclas Högström is our main point of contact and trusted adviser. He delivers sound legal advice and stands out for his ability to focus on resolving key issues. Together with his team I can give them the highest recommendation.’

‘Vaiva Eriksson is an exceptional lawyer.’

‘They have a good circle of contacts. They have a good speed in what they do.’

Key clients

Norvestor Equity

Priveq Investment

CombinedX AB

Nexxiot AG

Obvious Ventures

Mimir Capital

Coala-Life Group AB

Alliance Marine SAS

Colive AB

Footway Group



Fuud AB

Endúr ASA

PHM Group

Cyberinsights (a portfolio company of Moor Holding)

Zaver (Frink AB)

MB Funds

Work highlights

  • Advised the management of Tradera Sweden on its acquisition of the company from PayPal (an MBO project).
  • Advised Plint on the acquisition of all shares in KM Studio.
  • Advised Switzerland-based Nexxiot AG on the acquisition of a majority stake and a subsequent purchase of all outstanding shares in a Swedish company MOST from, among others, the Swedish family office Resona, one of Scandinavia’s foremost technology investors.


Wistrand is ‘very professional in every detail’ and focuses on mid-market M&A deals for domestic and international clients in the media, IT, industrial, leisure and hospitality, healthcare, automotive and transport sectors. Key areas of focus for the practice include company formation and structure transactions, shareholder matters, joint ventures and governance issues. Robert Kullgren and Per Dalemo head up the team and are recommended for cross-border transactions.

Practice head(s):

Robert Kullgren; Per Dalemo

Other key lawyers:

Sascha Schaeferdiek; Vilhelm Nyström


‘Extreme engagement and very honest opinions. Easy and clear communication. High experience.’

‘Very professional in every detail.’

‘The partner we worked with had very profound transactional experience, we quickly developed a trustful partnership which was very important due to a cross-border transaction.’

‘Robert Kullgren always combines deep legal skills with a great business sense. You can always trust Robert to have the best for your matter in mind, always walking the extra mile for your sake.’

‘Very talented in drafting contracts. Very good in negotiating legal matters. Work timely and efficiently and hold commitments.’

‘Wistrand has a great full service offering, always solving whatever legal matter you may have.’

‘Wistrand delivers value rather than hours and you very rarely feel anything but value for money.’

‘Wistrand is a long-term partner who has been absolutely decisive in our growth journey.’

Key clients

Schibsted Media Group

Stena Group




Scienta Scientific

Almi Invest




Strawberry Living

Formica Capital


B3 Consulting Group




Greencarrier AB




Vertiseit AB

Burgsvik Group AB (Rasta Group AB)



Mayr-Melnhof Holz

Spring Media

Juni Technology AB

Brodvik AB

Work highlights

  • Advised the seller on the divestment of the Polish upholstery manufacturer SITS to the Lars Larsen Group-owned Actona Group.
  • Advised Mayr-Melnhof Holz on acquisition of the Swedish sawmill group Bergkvist Siljan from the investment fund ESSVP IV.
  • Advised the sellers on the divestment of Swedspot AB to Knowit AB.

Eversheds Sutherland

Eversheds Sutherland’s team acts for large domestic and multinational clients on a range of corporate and commercial matters, including M&A, IPOs, corporate reorganisations and corporate governance issues. Ulrika Sparrman and Michael Hylander head up the team, with both leveraging considerable experience in cross-border M&A.

Practice head(s):

Ulrika Sparrman; Michael Hylander


‘Professional. Pragmatic. Business-like.’

Key clients

Digitalist Group Oyj

Brady Corporation

Tenneco Automotive Operating Company Inc

Veoneer Inc

3M Svenska AB


JCE Group


Glowing Pine BV

Industrial and Financial Systems, IFS AB

Mantle Wellness AB

Kingspan Group Plc


Sdiptech AB

Zordix AB


Korkia Oy

Rockwell Automation Inc


Linxon Sweden AB

Enaco Sverige AB

W5 Solutions AB

Coor Service Management Group AB

Johnson Matthey Formox AB

Work highlights

  • Advised Senzime AB, listed on Nasdaq Stockholm, in connection with the acquisition of 100 percent of the shares in Boston-based US company Respiratory Motion, Inc. for a total consideration up to $44m.
  • Advised Zordix AB in connection with the acquisition of the MG Team, Inc., and Maximum Games, Inc, including their subsidiaries in Brazil, UK and Ireland.
  • Acting as external legal counsel to 3M Company and coordinating its requirements for all types of legal services in the Nordic countries.

Magnusson Sweden

Praised as ‘timely, strong and capable’, Magnusson Sweden handles cross-border M&A, joint ventures and investments, with a focus on the insurance, hospitality, energy, retail and financial services sectors. Anders Bäckman heads up the team and is well versed in cross-border M&A. Tobias Edenman joined from Baker McKenzie.

Practice head(s):

Anders Bäckman

Other key lawyers:

Jonas Bergquist; Tobias Edenman


‘Jonas Bergquist and the team are always super quick and timely with support and response.’

‘They have a strong ability to make their clients feel comfortable.’

‘Timely, strong and capable.’

‘Willing to support you from start to finish in detail.’

‘Availability, insight, market recognition, agile approach, understanding of business needs.’

‘Jonas Bergquist – has a deep understanding of the market options, clearly explains the associated risks, always finds time to assist.’

Key clients

Wabtec Corporation

Söderberg & Partners

Nordiska Galleriet

Raw Fury AB

DSI Underground

Higab AB

Nineyards Equity

B Alm Holding AB et al


Atle Investment Management


Online Merchant Connect Ltd.

Bure/Atle Equity

Work highlights

  • Advised a consortium of banks and other financial institutions; Ålandsbanken, Ica Banken, Söderberg & Partners and Ikano Bank, on the creation and capitalisation of a mortgage loan bank.
  • Advised Söderberg & Partners on raising SEK2.5bn through a share issuance to the US-based PE house TA Associates.
  • Advised leading investment company Bure/Atle on its acquisition of asset management company, HealthInvest.

MAQS Advokatbyrå

Under the leadership of senior associate Jonas Svahn and legal director Lovisa Elardt, MAQS Advokatbyrå's group handles M&A deals from a number of offices across Sweden. It is particularly active in the energy sector and the corporate team draws on strength from practitioners in the related fields of tax, finance, competition and real estate.

Practice head(s):

Jonas Svahn; Lovisa Elardt


‘Focused, deal oriented with the clients best interest in hand always.’

‘For us, they have been very pragmatic and commercially understanding which has helped in post-transaction collaboration with our acquisitions.’

‘Precise in both communication internally and externally, fighting for us as clients above and beyond expectation!’

‘Very skilled in M&A with a wide range between very small and large transactions and capabilities and relationship skills.’

‘Good at finding efficient ways of working.’

‘The team that we work with are simply the best to work with. They are professional, knowledgeable, efficient and pragmatic.’

‘Foremost, they are good collaborators which makes it feel like when we work on a project we work as one team, like colleagues.’

‘The team at MAQS tune in together with us, and make the dialogue work no matter what. After 10 years in M&A I give my highest recommendations to the team.’

Key clients

SKF Group

BNP Paribas / Alfred Berg

Opera Tech Ventures (BNP Paribas’ corporate venture arm)

Semcon AB

Zeppelin Sverige AB

Rabbalshede Kraft AB

Stampen Lokala Medier

Profura AB


GPX Medical AB

Vätterleden Invest AB

Pandora AS

Oblique Therapeutics AB

Fluicell AB

IRLAB Therapeutics AB

OneMed Sverige AB

Sjöson AB

OnDosis AB

Elis Textil Service AB

Work highlights

  • Advised BNPP in connection with a JV cooperation with Dreams AB within the field of green financing/banking services.
  • Advised CAP 61 AB & CAP 89 AB on its divestment of 100% of the shares in M.C.R. Mobile Container Repair AB, the sister companies Glamco Containerservice AB and Conspect AB, as well as the real estate company Oceanterminalen Fastighetsförvaltning AB (the “MCR-Group”) to Vestum AB.
  • Advised Liquid Wind on its partnership with Ørsted on a large-scale e-methanol project in Sweden.

Morris Law

Morris Law is well known in the market for handling mid-sized deals in the construction, technology, energy, manufacturing, retail and life sciences sectors. Martin Prager heads up the practice and acts for domestic and international corporate and private equity clients on cross-border transactions; Racine Ashjari is a name to note for M&A.

Practice head(s):

Martin Prager

Key clients


Estea AB and its group companies and joint ventures

Provobis Holding AB

New Wave Group AB

Collaboration Art

Ramirent AB

Data Respons AS

Sylog AB

Erik Selin Fastigheter AB

RCL Holding AB

Nötudden Fastigheter AB

Kongsberg Automotive ASA

Christian Berner Tech Trade AB

Eitrium AB

Frame Invest AB


KPM Holding

Ceder Capital II AB

Talent Garden SpA

Väst Svensk Byggskruv AB


Work highlights

  • Advised Eitrium AB on a series of acquisitions during 2021/2022, including the acquisitions of Werinova, Eliasson Plast, Ilmeg, Minitech, Keymet, Polyfix and Mora Contracting.
  • Advised different sellers on a series of divestments to Vestum AB, among others, the owners of Västsvensk Byggskruv AB, Spännbalkskonsult AB and Högsbo El AB.
  • Advised RCL Holding AB on the acquisition of Sefina Svensk Pantbelåning Aktiebolag (Sweden) and Helsingin Pantti-Osakeyhtiö from Aurajoki Nordic Group Oy (Finland).

Advokatfirman Schjødt

Advokatfirman Schjødt’s transactions department is led by Ylva Forsberg in Stockholm and Oslo’s Tord Fondevik. The fully integrated team handles M&A, capital markets, banking and finance and tax matters. Pontus Bergsten brings 20 years’ experience in M&A to the team and is well versed in cross-border transactions. Ebba Perman Borg joined from Linklaters and former practice head Fredrik Hag left to form his own practice.

Practice head(s):

Ylva Forsberg

Other key lawyers:

Ebba Perman Borg; Pontus Bergsten

Key clients

Ferd Capital

Are Group




NCC Group

Oleter Group

Leo Vegas



Work highlights

  • Advised Procuritas on the purchase of a majority stake of shares in Werksta Holdco AB.
  • Advised TIAA/Nuveen on the acquisition of Green Storage, including the set-up of a new investment platform and advisory structure, ensuring a strong tech and sustainability-focused strategy and platform that allows for TIAA/Nuveen’s expansion plan both in Sweden and in the Pan-European market.
  • Advised listed company NCC AB on the sale of several entities, including its entire No Dig business in Sweden and Norway to No Dig Alliance (NDA AB) owned by private equity company Equip Capital and the sale of its entire Swedish foundation business to BE Group, through different subsidiaries.

Wigge & Partners

Wigge & Partners focuses on small and mid-cap M&A deals and is also active in the private equity space. Key areas of strength for the practice include transactions, joint ventures and restructurings, and it is particularly active in the energy and natural resources, infrastructure, media and entertainment, and technology sectors. Henrik Wenckert, Michael Wigge, Anders Morén and Frida Sander jointly lead the team.

Practice head(s):

Henrik Wenckert; Michael Wigge; Anders Morén; Frida Sander


‘The Commercial, Corporate and M&A practice at Wigge has surpassed our expectations in helping us with the setup of our first fund.’

‘Wigge has always focused on what is best for the company, explained what is market practice and protected the interests of both founders.’

‘We can sincerely recommend the team to anybody.’

‘Big shout out for Frida Sander, who is a star! Nobody knows more than her about fund law! Additionally, she has a pedagogic talent, always keen to explain and make sure we understand, when things get complicated. We are in good hands with her.’

Key clients



Indequity AB

KLAR Partners

3E Entertainment AB/ Pophouse Entertainment Group



Procuritas Capital Investors


SCA Energy AB

Third AP Fund






Fåhreaus Startup and Growth

Silvestica Green Forest

WA3RM Fund Management AB

Kyrkans Pension



Svenska Handelsfastigheter

Work highlights

  • Acting for WA3RM Regenergy Fund I AB, a Swedish sub-threshold registered AIF and EuVECA, on its fund formation, including regulatory applications, corporate structuring, preparing fund agreement, negotiations with investors, side letter drafting, internal policies etc.
  • Acting for Fårö Capital AB (sponsor) on the fundraising of Fåhreus Startup and Growth, a Swedish sub-threshold registered AIF and EuVECA including regulatory applications, corporate structuring, preparing fund agreement, internal policies etc.
  • Acted as the lead counsel for Pophouse Entertainment Group AB in connection with its purchase of Swedish House Mafia’s and Axwell^Ingrosso’s catalogues including master rights and publishing business rights and other intellectual property assets.

AG Advokat

Boutique firm AG Advokat is active across the construction, real estate and infrastructure sectors and advises clients on corporate and commercial matters, including M&A. Eric Ödling heads up the team and is well versed in corporate and commercial agreements, as well as cross-border transactions.

Practice head(s):

Eric Ödling

Work highlights

  • Acted as legal adviser to Ragn-Sells in connection with its acquisition of Fraktservice i Göteborg AB.
  • Acted as legal adviser to the sellers on the sale of ABTOT Mark och Anläggning to Rebellion Capital.
  • Acted as legal adviser to Kvalitetsbyggsgruppen and Aktiebolaget Astr-Ro on the sale of Kvalitetsmark R AB to Vestum AB.

Foyen Advokatfirma

Foyen Advokatfirma’s ‘exceptional’ commercial, corporate and M&A practice is led by Jonas Nilsson, Jonas Conradsson and Andreas Lindström, and focuses on the energy, IT, construction, engineering, mining and infrastructure sectors. The team handles transactional work for SMEs and listed companies, and assists international law firms with cross-border matters.

Practice head(s):

Jonas Nilsson; Jonas Conradsson; Andreas Lindström

Key clients

Mandalay Resources Corporation

Hill & Smith Holdings Plc

Kraftringen Energi AB

RWE Power AG


Ystad Energi AB

Landskrona Energi AB

Skånska Energi

Falu Energi & Vatten AB

Work highlights

  • Providing EIT InnoEnergy with ongoing assistance in all legal areas and on all matters affecting EIT InnoEnergy’s operations.
  • Advised UK-based infrastructure group Hill & Smith on its sale of the Swedish traffic rental, flagman and academy business.
  • Providing Kraftringen with ongoing assistance in all legal areas and on all matters affecting Kraftringen’s operations.

Advokatfirman Fylgia KB

Advokatfirman Fylgia KB’s M&A team is led by Mattias Larsson and advises clients on small and mid-market transactions and cross-border deals. It acts for foreign and domestic companies and is well versed in the industrial and technology sectors.

Practice head(s):

Mattias Larsson


‘The availability and the knowledge of the people that we are working with is second to none. Further, the team holds a commercial ability that makes negotiations much easier than other advisers in this field can.’

Key clients

Visma AS

Colosseum Smile AB


Beijer Byggmaterial AB

Bright Sunday




Insusci Holding/Miljöbelysning Sweden

Byggarnas Partner Sverige

Work highlights

  • Advised Visma on its acquisition of Bokio.
  • Advised Incusci Holding’s on the sale of Miljöbelysning Sweden AB.
  • Advised Södra Stockholmsgruppen on the sale of Byggarnas Partner.

Hellström Law

Hellström Law advises clients on private M&A, joint ventures, restructurings and privatisations under the leadership of Jonas Forsman, Bengt Olovsson and Hans Liljeblad. It also advises clients on contentious work pertaining to transactions and often handles deals with a cross-border element.

Practice head(s):

Bengt Olovsson; Jonas Forsman; Hans Liljeblad


‘Competent people, customer minded.’

‘They have a lot of knowledge and are professional and customer oriented.’

‘The flexibility. In our business there are a lot of quick turns and we often need a quick legal opinion; Hellstrom Law have shown to be really good at helping on us out this way.’

‘They are really good with helping us out in a quick manner to get help from legal firms in the other markets where we operate.’

‘We have worked with Jonas Forsman, and we truly appreciate his ability to manage complex situations and find solutions where others would have become stuck in a stand still.’

Key clients

Visual Art Group

Stella Futura AB