Advokatfirman Cederquist KB > Stockholm, Sweden > Firm Profile

Advokatfirman Cederquist KB
PO BOX 1670

Sweden > Data privacy and data protection Tier 1

Advokatfirman Cederquist KB’s IP, IT and media group in Stockholm offers a comprehensive service handling a variety of data protection and data privacy matters, ranging from compliance initiatives to breach notifications. Johanna Linder has extensive experience in the IT and tech spaces generally, recently advising major clients in connection with large-scale personal data processing projects, while Henrik Lindstrand’s broad practice covers GDPR, e-Privacy Directive, and Swedish Patient Data Act issues, and tech and telecoms specialist Malin Allard regularly works on data protection mandates, especially those at the intersection of marketing and data privacy. The trio jointly lead the team, with senior associate Daniel Eriksson and associate Antonia Carlsson also playing key roles in the practice.

Practice head(s):

Johanna Linder; Henrik Lindstrand; Malin Allard

Other key lawyers:


‘A great team that shows stellar collaboration abilities and delivers outstanding advice.’

‘Daniel Eriksson is a stellar individual who will become a star and leader within the field. Johanna Linder and Henrik Lindstrand are also great practitioners in the area.’

‘Johanna Linder is quick and knowledgeable and provides excellent, actionable advice.’

‘Daniel Eriksson is one of the best lawyers in Sweden in this area. He is passionate, gives clear advice and is great to work with.’

‘Daniel Eriksson and Malin Allard are both very competent and give practical advice.’

‘Agnes Carlsson is easy to work with and is a very ambitious lawyer who is eager to learn about businesses and consistently provides excellent advice and assistance.’

‘Data privacy can be a complex area, but the team at Cederquist makes it much easier. They are up to date and can sometimes even look a step ahead and anticipate legal developments, due to their deep knowledge of the area.’

‘Their data privacy practice stands out because it is very business oriented.’

Key clients

Dentalum Group AB


Föreningen Svensk Elitfotboll

PostNord AB

Telenor Connexion

Billerud AB


Mips AB


Bonava AB

Acast AB


Storykit AB

Mentimeter AB

SignUp Software AB

The Confederation of Swedish Enterprise (Svenskt Näringsliv)

Skandia Fastigheter

Svensk Adressändring

Kinnevik AB

Newsec Property Asset Management AB

Lumera AB

P27 Nordic Payments Platform AB

Treyd Services AB

Prima Vård AB

Work highlights

  • Assisted Mips AB with its GDPR 2.0 project, with the aim of increasing the company’s privacy compliance level.
  • Assisted SignUp Software AB with its GDPR 2.0 project, increasing the company’s level of GDPR compliance.
  • Assisted Billerud AB with various data protection related issues, including providing legal advice regarding the interpretation of GDPR, reviewing and drafting of agreements, and planning and structuring of policies and routines to be used in Billerud’s continuous compliance work.

Sweden > Employment Tier 1

Advokatfirman Cederquist KB’s growing employment practice handles a wide range of matters, including wrongful dismissals and redundancy disputes. Notably, the team has recently acted in a novel case concerning the employment status of a temporary worker contracted through a third party, with a key impact on the emerging gig economy. Practice head Robert Stromberg has considerable experience advising on matters arising out of major transactions and outsourcings. Capital markets expert Fredrik Lundén specialises in share-related incentive plans, and Malin Dunér is the key name at senior associate level. Jens Tillqvist left to establish his own practice.

Practice head(s):

Robert Stromberg

Other key lawyers:


‘They always work in teams to be able to answer clients quickly, and are also always available.’

‘They are very competent in labour law and in various business areas.’

‘The team is prompt in their replies and gives clear answers.’

‘They are professional and communicate clearly and quickly.’

Key clients

Foodora AB

The Swedish Installation Federation and its members Assemblin AB and FineWeld Sverige AB

Manpower AB and Manpower Matchning AB

Ankorstore SAS and Ankorstore Sweden AB

Medley Holding AB

Norteam AB

The Confederation of Swedish Enterprise

Sweden > Banking and finance Tier 2

Advokatfirman Cederquist KB’s banking and finance practice has a strong reputation for handling cross-border lender mandates for domestic and international banks, including leveraged, real estate, and investment grade financings. The team also has experience in high-yield bond financings within the private equity space. Per Henriksson focuses on leveraged financings, project finance work, and investment grade bonds, advising lenders as well as private equity sponsors. Berndt Pettersson joined the practice in early 2024 from Advokatfirman Delphi, and in early 2024, Johan Lundberg and Svante Hultqvist departed to establish their own firm.

Other key lawyers:


‘This is a very diligent team with high knowledge and integrity.

‘Thanks to partner attention, one can rest assured that one will receive the highest quality possible throughout when handling transactions!’

‘Per Henriksson, with a background that ranges from the academic world to being an in-house banking lawyer, covers the whole spectrum and is a delight to work with. He has a deep understanding of both legal matters and how banking business works in practice.’

Key clients

Nordea Bank Abp, filial i Sverige

DNB Bank ASA, filial Sverige

Swedbank AB

Skandinaviska Enskilda Banken AB


Svenska Handelsbanken AB

Goldman Sachs International

Deutsche Bank AG, London Branch

European Investment Bank (EIB)

Danske Bank A/S

Nordax Bank AB

Sweden > Capital markets

Advokatfirman Cederquist KB’s capital markets team has a client base consisting of large and mid-cap listed companies, investment banks, and several major private equity funds, advising in relation to a wide range of issues on both the debt and equity side, including IPOs, bond issuances, and securitisation work. The practice also increasingly acts as a high-yield bond financing arranger for Nordic banks. Fredrik Lundén, who has considerable experience advising issuers and underwriters on IPOs, leads the ECM team, which also includes Wilhelm Lüning. Per Henriksson leads the DCM team, recently advising on tier 1 and 2 notes, high-yield and convertible bonds, as well as MTN programmes. Johan Lundberg is also a key contact, focusing on securitisations and high-yield bond offerings, among other debt transactions.

Practice head(s):

Fredrik Lundén; Per Henriksson

Other key lawyers:

Johan Lundberg; Elin Ljungström; Wilhelm Lüning


‘Cederquist offers a very competent team to assist any client in capital market issues, ranging from senior expertise to excellent partners and associates. They are able to provide pragmatic and actionable advice in every discussion.’

‘Wilhelm Lüning is a safe pair of hands in all situations. He has sound judgement and is well connected among regulators.’

‘Per Henriksson is very pragmatic, solution oriented and smart. A good speaking partner.’

‘Fredrik Lundén is one of the top individuals in this field. He is very accessible and his knowledge is outstanding.’

‘Fredrik Lundén and Elin Ljungström are outstanding. They are always available and always give great legal advice with a commercial input. Fredrik Lundén is probably the best in class within capital markets in Sweden.’

‘The team is very customer focused and is willing to go the extra mile to find the best solution.’

‘There is broad expertise within the group and deep experience of many different areas and issues. They have a great understanding of the challenges businesses face as well and provide useful advice and support.’ 

Key clients

Billerud AB


Viaplay Group AB

Nordnet AB

Nyfosa AB

Mips AB

Collector AB

Nelly Group AB

engcon AB

Acast AB

Dustin Group AB

Modern Times Group MTG AB

Kinnevik AB

Catella AB

Bonava AB

Addnode Group AB

Cloetta AB



SEB Corporate Finance

Carnegie Investment Bank

Danske Bank A/S


Nordea Bank Abp

Skandinaviska Enskilda Banken AB

Collector Bank AB

Bonava AB

Nordic Capital

Nordax Bank

Work highlights

  • Advised listed company ACQ Bure on its $800m merger with Yubico AB and the subsequent listing of Yubico AB.
  • Advised Morgan Stanley on its SEK2.36bn investment in the SBB group.

Sweden > Commercial, corporate and M&A Tier 2

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


‘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

Sweden > Dispute resolution Tier 2

Advokatfirman Cederquist KB’s dispute resolution practice handles a wide range of domestic and international matters in key sectors, including the banking, transportation and TMT industries, and has recently been especially active in professional liability, insurance, and construction cases. Experienced litigator and arbitrator Erik Wernberg leads the group, and Fredrik Forssman regularly represents large construction companies in complex disputes, while Elsa Arbrandt specialises in international and competition law cases, particularly in the property, infrastructure, and life sciences industries Eric Johnson is noted for his arbitration experience.

Practice head(s):

Erik Wernberg


‘They clearly have the ability and resources to handle the biggest and most complex cases.’

‘Eric Wernberg and his team provide valuable advice in relation to complex insurance coverage matters.’

‘Eric Wernberg and Mattias Forsberg offer expert knowledge of insurance matters and straightforward, effective advice.’

‘Erik Wernberg is one of the best dispute lawyers around. He is extremely competent and is able to see the big picture while still being in control of the details. He is also very skilled, knowledgeable, and business oriented, and provides excellent client attention.’

‘Erik Wernberg is extremely hard working and analytical and his associates are second to none. A very impressive team!’

Work highlights

  • Representing If Skadeförsäkring AB in court proceedings before the Stockholm District Court regarding serial loss claims involving several insurance companies, emanating from a number of ongoing class actions in North America and Canada.
  • Representing Husqvarna AB before the Swedish Supreme Court regarding the validity of an arbitration clause.
  • Representing Peab Sverige AB in an arbitration relating to the construction of the Westfield Mall of Scandinavia.

Sweden > EU and competition Tier 2

Advokatfirman Cederquist KB’s Stockholm-based EU & competition team is increasingly instructed in relation to contentious matters, including cartel investigations and abuse of dominance cases, adding to its established reputation for merger control work. Practice head Fredrik Lindblom often advises industrial and private equity clients on M&A matters, as well as defending clients in domestic and European cartel investigation and abuse of dominance cases. Elsa Arbrandt has notable experience in cartel, vertical restraints, and abuse of dominance mandates, while Sanna Frånlund focuses on M&A and state aid matters.

Practice head(s):

Fredrik Lindblom

Other key lawyers:


‘Fredrik Lindblom has a wide understanding of Nordic antitrust law and procedures. He is very easy to work with.’

‘Fredrik Lindblom and Sanna Frånlund are both excellent advisors in competition law issues.’

‘Fredrik Lindblom has consistently demonstrated deep and broad knowledge of competition law and his ability to think critically and to offer practical solutions is often instrumental in guiding clients through complex legal challenges. He is a reliable partner in strategising and problem-solving and provides tailored legal advice.’

‘The team at Cederquist brings significant industry experience as well as an attention to commercial challenges when providing advice. They skillfully incorporate a deep knowledge of competition law into actionable advice that is easy to communicate within a business.’ 

‘An accessible team that is pleasant to work with.’

‘One of their standout qualities is their responsiveness. Their dedication to addressing legal needs promptly is invaluable in helping clients make informed decisions and navigate legal complexities effectively.’

Key clients

Kronans Apotek


Billerud AB




Samhall AB (publ)

Axel Johnson AB

Apollo Global Management

Haypp Group

Budbee Holding AB

Uponor Oyj

Bonava AB (publ)

CDON AB (publ)

Work highlights

  • Advised the Lithuanian pharmacy company Euroapotheca in relation to the joint venture with the Finnish company Oriola of the third and fourth largest pharmacy chains in Sweden (Kronans Apotek and Apoteksgruppen), with a combined turnover of SEK 12,000 million.
  • Advising Samhall in relation to the Swedish Competition Authority’s fourth investigation of alleged predatory pricing in the context of the prohibition of public sales activities.
  • Advising an FMCG manufacturer/supplier in relation to the Swedish Competition Authority’s lengthy investigation into alleged vertical restrictions in the supplier’s commercial terms, negotiating a unique set of commitments with the Authority to conclude the investigation.

Sweden > Healthcare and life sciences Tier 2

The group at Advokatfirman Cederquist KB handles the full spectrum of matters concerning ethical codes and contracts with regulatory authorities within the life sciences and healthcare sector. Malin Allard and Annika Blomqvist jointly head up the practice. Allard is known for her longstanding IP expertise, with technology licensing agreements, strategic IP rights protection, and infringement actions being her main areas of focus. Blomqvist leads the public procurement practice at the firm, advising on distribution agreements, collaboration agreements with healthcare professionals, and clinical study commercial contracts. Dispute resolution expert Elsa Arbrandt acts in international arbitrations and regulatory disputes concerning clinical trials, in addition to advising on internal investigations.

Practice head(s):

Malin Allard; Annika Blomqvist

Other key lawyers:


‘A very high level of service mindedness. A genuine interest in our needs and our success.’

Key clients

S Ahlén Medical Nordic AB

Aktiv Ortopedteknik i Sverige AB

Orkla ASA

Work highlights

  • Representing If Skadeförsäkring AB in complex court proceedings before the Stockholm District Court regarding serial loss claims involving several insurance companies, emanating from a number of ongoing class actions in North America and Canada.
  • Advised Lithuanian pharmacy company Euroapotheca on its joint combination with the Finnish company Oriola.
  • Advising a client on its negotiations for a distribution agreement with a manufacturer.

Sweden > Insurance Tier 2

Advokatfirman Cederquist KB’s insurance practice handles a variety of matters, ranging from professional liability and recourse claims to insurance-related M&A, advising both domestic and international insurers. Disputes specialist Erik Wernberg has acted in high-value professional liability and insurance coverage disputes, while Tobias Frödin Lilja specialises in financial regulatory law. M&A lawyer Pontus Röckert has advised several major insurance companies in connection with acquisitions, investments divestments, and joint ventures.

Practice head(s):

Erik Wernberg; Tobias Frödin Lilja; Pontus Röckert


‘Partner Erik Wernberg stands out as an excellent and experienced litigator in large and complicated insurance-related matters. He has excellent analytic and strategic skills.’

‘Their team is very efficient and structured with good professional skills.’

‘Erik Wernberg is always very responsive, knowledgeable, helpful, collaborative and constructive.’

Work highlights

  • Representing If Skadeförsäkring AB in court proceedings before the Stockholm District Court regarding several serial loss claims involving several insurance companies.
  • Representing the former board members of Concent Holding AB (instructed by the insurance company AIG Europe Limited UK, Swedish branch), as respondents in court proceedings against Concent Holding AB.

Sweden > IT and telecoms Tier 2

Advokatfirman Cederquist KB‘s 'very skilled' team advises on outsourcing, procurement, and IT contractual matters, and has an excellent reputation for handling AI, 5G, and digitalisation issues. Johanna Linder is very highly regarded for her expertise in the IT arena; she co-heads the practice with telecoms expert Malin Allard and Henrik Lindstrand, who handles fintech and privacy matters. Senior associate Daniel Eriksson specialises in data privacy.

Practice head(s):

Johanna Linder; Henrik Lindstrand; Malin Allard

Other key lawyers:


‘Very skilled team that has provided us with strategic and pragmatic advice. They are easy to work with and good with drafting and negotiating complex agreements.’

‘Johanna Linder is great at understanding our business needs and gives clear advice. I have not met any other lawyer with more experience and knowledge of the IT sector than her. She is also an excellent partner in contract negotiations. Malin Allard is very efficient, and excellent at negotiating complex international contracts. Henrik Lindstrand is a brilliant lawyer with deep knowledge in his field. He is pragmatic and always a pleasure to work with.’

‘Johanna and the team are always ready to deliver precise and accurate advice. ’

‘Great team, able to deliver on a wide variety of questions and matters. Great collaboration, clear responses and outstanding drafting. ’

‘Henrik Lindstrand is a star and one of the future legends of the field.’

‘Cederquist consistently provides excellent assistance and advice on complex contracts, negotiations, and large tender projects, to help guide us through both legal and commercial considerations to maximize our potential.’

‘Johanna Linder is fast and knowledgeable. She not only answers direct questions and requests for assistance, but goes out of her way to make sure that we are on the right track and that we don’t miss important aspects of the deal she is advising and assisting on.’

Key clients

Husqvarna AB

AFA Försäkring

Telenor Connexion AB

P27 Nordic Payments Platform AB




Föreningen Svensk Elitfotboll (the Swedish Professional Football Leagues)

Billerud AB

PostNord AB

Afry AB

Permobil AB

Camfil AB



Newsec Property Asset Management AB

Treyd Services AB

Work highlights

  • Assisted Proptivity with its unique platform solution for indoor 5G connectivity, inter alia with contract drafting and negotiations with top-tier global suppliers of telecoms equipment and services and in discussions with telecom operators.
  • Advised Afa Försäkring AB on issues relating to the procurement and provision of digital services.
  • Advised Husqvarna AB on contractual matters relating to web and e-commerce issues.

Sweden > Construction Tier 3

Advokatfirman Cederquist KB's team is made up of commercial real estate and dispute resolution experts. Practice head Fredrik Forssman acts for contractors and employers in contentious and non-contentious matters, and has a solid track record in acting as an arbitrator. Erika Åslund is a key contact for real estate M&A. Erik Wernberg and Eric Johnson are both well-versed in litigation; Johnson is very experienced in advising on international disputes, and Wernberg is equally adept at advising on arbitration proceedings.

Practice head(s):

Fredrik Forssman


‘Cederquist has an excellent reputation in the market in the field of construction arbitration. We engaged them urgently in a large construction arbitration and were readily provided with excellent advice. Their availability and staffing was excellent; and they always delivered on time. ’

‘In addition to his outstanding knowledge and years of experience, Erik Wernberg is one of the easiest people to work with. He is truly a team player and quickly adapts to whatever role needs filling. His calming and persuasive demeanour was especially appreciated working in a large international team.

‘Fredrik Forsman is very well versed in the matter.’

Sweden > Fintech Tier 3

Advokatfirman Cederquist KB‘s financial regulations team, which works closely with the firm’s IT and telecoms and IP and media law teams, advises on a variety of matters in the Nordic fintech space, spanning transactional and regulatory issues. Practice head Tobias Frödin Lilja regularly advises financial institutions on licensing requirements, information security issues, governance work and outsourcings. Henrik Lindstrand has substantial expertise in IT and technology law, with notable experience working on payment platform matters.

Practice head(s):

Tobias Frödin Lilja; Henrik Lindstrand

Other key lawyers:

Joel Aneheim


‘Joel Aneheim is a trusted adviser and future star in the regulatory field. His strategic mindset and ability is second to none.’

‘An experienced team that is competent, easy to work with and delivers quickly.’

‘A specialised and dedicated team within the field that truly delivers on each matter. By being precise, clear and supportive, the team is able to deliver stellar results every time.’

Key clients

P27 Nordic Payments Platform AB

Nordic Capital

NOBA Bank Group AB

The Swedish Financial Benchmark Facility

Afa Försäkring

Lumera AB

Treyd Services AB

Ellos AB

Work highlights

  • Advised P27 Nordic Payments Platform AB in relation to putting agreements and other documentation in place governing the participants’ participation in digital payment services.
  • Acting as legal adviser to the SFBF in all legal and regulatory matters.
  • Advised Afa Försäkring on various matters relating to both the procurement and provision of digital services.

Sweden > Insolvency Tier 3

Advokatfirman Cederquist KB’s insolvency and restructuring team handles a wide range of matters, including complex workouts and restructurings. The department also often works closely with lawyers in the firm’s other departments, namely the banking, capital markets, and M&A teams, to advise on distressed transactions. Per Henriksson and Berndt Pettersson are the key contacts following the departures of Johan Lundberg and Svante Hultqvist in early 2024.

Other key lawyers:

Key clients

Nordea Bank Abp, filial i Sverige

European Investment Bank (EIB)

Skandinaviska Enskilda Banken AB

Swedbank AB

DNB Bank ASA, filial Sverige

Deutsche Bank

Sweden > Intellectual property and media Tier 3

Advokatfirman Cederquist KB is active in the media, technology, and telecommunications sectors, and has an excellent reputation for its expertise in IP and marketing matters relating to digital services and online platforms. Malin Allard, who advises on technology licensing agreements, infringement cases, and strategies for IP protection, co-heads the practice alongside IT expert Johanna Linder and Henrik Lindstrand, who is well versed in handling privacy issues.

Practice head(s):

Malin Allard; Johanna Linde; Henrik Lindstrand

Other key lawyers:

Gustav Kyringer-Jurell


‘Very knowledgeable and business oriented. Shows strong understanding of the business realities and how their legal advice will be used in our business, which makes it very effective to work with the team.’

‘In additional to technical skills, have experience from the buyer side, which ensures a solid understanding on what is expected and valued by the buyer of legal services, making collaboration and advice efficient, and adding value. Appreciate working with Malin Allard. ’

‘The firm has a stellar and diverse client base for IP and media work and deep expertise in the field. ’

‘Malin Allard has significant experience of working at a senior level in-house, making her approachable and pragmatic. The entire team is able to operate on complex international matters and is focused on results for clients.’

‘Very competent hands on advice from Malin Allard.’

Key clients

Acast AB

Telenor Group

Arla Foods

Svenskt Näringsliv

Haypp Group AB


Kiselkarbid i Stockholm AB (KISAB)

PostNord AB


Föreningen Svensk Elitfotboll




Work highlights

  • Represented Arla Foods in a high-profile trade mark infringement and invalidity matter concerning the use of a trade mark for marketing cheese.
  • Advising Acast on the licensing of audio content and the distribution of said content through its tech platform.
  • Assisting Kiselkarbid i Stockholm AB with IPR licensing issues.

Sweden > Public procurement Tier 3

Advokatfirman Cederquist KB handles a wide range of matters, ranging from the bidding process through to claims for damages, for domestic and international clients. Practice head Annika Blomqvist has experience advising industry leaders on the bidding process as well as applications for review in Swedish courts, with particular strength in the life sciences sector. Alexander Widén is also a key member of the team, advising on public contracts in the context of M&A deals, among other areas.

Practice head(s):

Annika Blomqvist

Other key lawyers:


‘Annika Blomqvist is very sharp and has in-depth knowledge of public procurement. She gives professional advice and is very agreeable to deal with.’

‘A team of very experienced advisers when it comes to public procurement. They give hands-on advice and are flexible and easy to collaborate with.’

‘A very competent team that is always accessible and explains in a clear way the legal situation and the way forward.’ 

Key clients

S Ahlén Medical Nordic AB

Coor Service Management Group AB

YrkesAkademin AB and subsidiaries

Atrium Ljungberg AB

Solann AB

Papera Sol AB

Keeparo AB

Aktiv Ortopedteknik i Sverige AB

Work highlights

  • Providing YrkesAkademin AB with ongoing support in various public procurement matters, including negotiations with authorities.
  • Assisting Keeparo with various public procurement matters, including tender strategies.

Sweden > Real estate Tier 3

Advokatfirman Cederquist KB has been active in project development matters, forward funding issues and property management work, as well as advising on buying and selling matters concerning real estate portfolios. Practice head Erika Åslund has 'deep knowledge in the field', bringing over three decades of experience in assisting investment companies, municipalities, and property developers with complex transactions, often in commercial real estate. Senior associates Ivar Näslund and Oskar Högberg are names to note. In March 2023 Christian Johard moved to Skierfe Advokatfirma KB.

Practice head(s):

Erika Åslund

Other key lawyers:


‘High integrity firm with a vast knowledge of the property sector.’

‘Erika Åslund is always standing by to answer any questions, and to bounce ideas off. She has deep knowledge in the field and is always a friendly face.’

‘Calm and experienced.’

High service level and proactive team.’

Key clients

KLP Kontorsfastigheter AB

DNB Liv Eiendom Sverige AB


Anders Bodin Fastigheter

Fastighets AB Stenvalvet


Vectura Fastigheter AB


Møller Eiendom

Katalysator AS

Work highlights

  • Advised DNB Liv on the sale of Vasahuset to Folksam for BSEK 3.
  • Advised Atrium Ljungberg on the sale of Skotten 6 to Axfast for BSEK 1.9.
  • Advised Anders Bodin Fastigheter on the acquisition of the well-known hotel property Diplomat on Strandvägen in central Stockholm.

The firm: For more than half a century, Cederquist has grown together with its clients, never compromising the high standards of legal excellence, craftsmanship and business sense distinguishing its lawyers from the very beginning.

Founded in 1953 by the in-house lawyer of a major Swedish publishing house, Cederquist now engages approximately 100 of the top lawyers available on the Swedish market.

As the demands of the firm’s clients have changed and developed, so has Cederquist. Recently the firm has mainly focused on transactional and financing work and it is now regarded as among the best in the country within each of the firm’s practice areas.

Cederquist believes that the heart and soul of an outstanding law firm is legal excellence. All of the firm’s 100 lawyers combine being among the foremost experts within their respective area with an in-depth knowledge of the law in general. This means that not only can the firm provide advice of the highest available quality, but any of its lawyers will be able to identify all the relevant issues within each assignment and, if necessary, refer such issues to one of Cederquist’s experts within that particular area.

Since the firm has a lean organisation it always works closely with clients and can adapt its services based on their specific needs. Personal attention combined with keen business knowledge are key elements to understanding the needs of the client and ensures effective legal advice. It also makes working together more fun!

Areas of practice: To effectively accommodate the needs of its clients, all of the firm’s lawyers combine extensive legal knowledge with an in-depth expertise in specific areas. The firm’s specialists from different practice groups often work together. Many have practiced at law firms or companies outside Sweden. Cederquist can thus offer both its Swedish and international clients high quality, business-focused and cost-efficient advice. The firm’s areas of expertise consist of: M&A, PE, commercial real estate, finance, competition and public procurement, corporate recovery, dispute resolution, employment and benefits, financial market regulation, intellectual property, media and IT law, life sciences and corporate internal investigations.

Department Name Email Telephone
Equity capital markets Tone Myhre-Jensen
Equity capital markets Fredrik Lundén
Competition and public procurement Fredrik Lindblom
IP, media and IT Johanna Linder
Employment and benefits Robert Stromberg
Life sciences Johanna Linder
M&A Martin Ulfson
M&A Carl-Johan Deuschl
Commercial real estate Erika Åslund
Dispute resolution Erik Wernberg
Private equity and venture capital Martin Ulfson
Private equity and venture capital Pontus Röckert
Commercial contracts Maja Wettergren
Corporate M&A Carl-Johan Deuschl
Corporate recovery Johan Lundberg
Finance Per Henriksson
Finance Berndt Pettersson
Equity capital markets Henrik Wållgren
Dispute resolution Linus Jonson
Dispute resolution and construction law Fredrik Forssman
FinancialrRegulation Sebastian Bertheau
Finance and financial regulation Tobias Frödin Lilja
Dispute resolution Eric Johnson
Photo Name Position Profile
Malin Allard photo Malin Allard Partner. IP, media and IT Partner Malin Allard is Head of Cederquist’s…
Elsa Arbrandt photo Elsa Arbrandt Partner. Dispute resolution, Competition and public procurement
Erika Åslund photo Erika Åslund Partner. Commercial real estate
Annika Blomqvist photo Annika Blomqvist Head of Public Procurement Annika Blomqvist is a member of Cederquist’s EU…
Carl-Johan Deuschl photo Carl-Johan Deuschl Partner. M&A
Fredrik Forssman photo Fredrik Forssman Partner. Dispute resolution, Construction
Per Henriksson photo Per Henriksson Partner. Finance
Tobias Johansson photo Tobias Johansson Partner. Finance
Eric Johnson photo Eric Johnson Partner. Dispute Resolution
Fredrik Lindblom photo Fredrik Lindblom Partner. EU, Competition and Public Procurement
Johanna Linder photo Johanna Linder Partner. IT, IP & Media
Henrik Lindstrand photo Henrik Lindstrand Partner. IP, media and IT
Fredrik Lundén photo Fredrik Lundén Partner. Equity capital markets
Wilhelm Lüning photo Wilhelm Lüning Senior Counsel. Equity capital markets
Tone Myhre-Jensen photo Tone Myhre-Jensen Managing Partner. Equity capital markets
Berndt Pettersson photo Berndt Pettersson Partner. Finance
Pontus Röckert photo Pontus Röckert Partner. M&A, Private equity and venture capital Pontus Röckert is a partner…
Robert Stromberg photo Robert Stromberg Partner. Employment and benefits
Martin Ulfson photo Martin Ulfson Partner. M&A, Private equity and venture capital
Erik Wernberg photo Erik Wernberg Partner. Head of Dispute Resolution
Maja Wettergren photo Maja Wettergren Partner. M&A
Number of lawyers : 113
Contact : Tone Myhre-Jensen (managing partner)

Foreign Direct Investment Screening in Sweden – one of the broader screening mechanisms in Europe

On 1 December 2023, the Swedish Act on Screening of Foreign Direct Investment (the “Swedish FDI Act” or the “Act”) entered into force. The Swedish FDI Act provides for the screening, and if necessary, prohibition of foreign direct investments into protected activities. The Act requires pre-notification of an investment, prescribes a prohibition for completion of an investment before approval as well as fines for failure to notify a notifiable investment.

In this article, we will first introduce the new legislation and thereafter our experiences with the legislation 3.5 months, at the time of writing, into its applicability, as well as describe the practical implications it has had on transactions on the Swedish market.



Sweden is one of the few European Union member states that has not previously had a legal possibility to intervene against or review foreign direct investments that have or could have an effect on Swedish national security interests. For completeness, Sweden abolished such national legislation before becoming a member of the European Union.

Although Sweden was late in adopting an FDI legislation, it could be considered that Sweden eventually caught up with other national regimes and went a step further when the Act was adopted. As of 11 March, the authority has received 300 notifications, approved 188 investments without further actions and initiated 8 Phase II reviews of investments. No investments have (yet) been subject to approval or prohibition following a Phase II review. The number of notifications received so far exceeds the total number of notifications some countries receive on an annual basis.


Investments caught by the Swedish FDI Act

The Swedish FDI Act requires prior notification for all direct and indirect investments made into protected activities by all types of investors. As compared with many other FDI regimes, Sweden also requires notification of investment made by Swedish and EU investors.


Which types of investments are caught by the Swedish FDI Act?

All direct and indirect investments into business activities, whether incorporated or not, that carry out protected activities require notification under the Swedish FDI Act. Investments into limited liability companies, limited and general partnerships and trusts with seat in Sweden are caught by the Swedish FDI Act. However, the Act also targets investments by way of starting new business ventures (greenfield investments), internal restructurings and the gain of influence through e.g. a shareholders’ agreement into an existing business also requires prior notification.

Please note that if the main target company is e.g. a German company with a subsidiary in Sweden, a notification requirement could arise depending on the business activities of the Swedish subsidiary.


Which investments are subject to screening?

Investments into legal entities or assets that carry out protected activities which will give the investor a certain level of influence are subject to screening.

Investments into limited liability companies and economic associations resulting in the investor holding at least 10 per cent of the voting rights must be notified. Investments can be made directly by a natural person, but also indirectly through e.g. a legal entity that is owned by an individual investor or co-owned by several investors. As such, an investment into a US company that holds at least 10 percent of the voting rights in a Swedish limited liability company that carries out protected activities will be caught by the Swedish FDI Act.

In relation to limited liability companies, a notification is required each time any of the following thresholds for voting rights is intended to be met or exceeded: 10%, 20%, 30%, 50%, 65% and 90%. A notification is also required if the investor were to become a board member.

Influence over protected activities could also be gained by other means, such as through a shareholders’ agreement, e.g. by receiving certain veto rights or if a shareholder is granted the right to exercise the voting rights belonging to another shareholder.


What constitutes ‘protected activities’?

‘Protected activities’ is the umbrella term for seven different types of activities covered by the Act.

  • Essential services – services and infrastructure that maintain(s) or assure(s) societal functions that are vital to society’s basic needs, values or safety. The activities that constitute essential services have been more closely defined in a regulation issued by the Swedish Civil Contingencies Agency. Besides classic activities such as infrastructure construction, wholesale of food stuffs, healthcare, electric and pharmaceutical supply, some less obvious activities such as property management of data centers and labs, provision of ready meals for public sector, courier services, parcel delivery and transport of foods are also covered.
  • Security-sensitive activities – activities covered by the Swedish Protective Security Act.
  • Activities that prospect for, extract, enrich or sell raw materials that are critical to the EU, or other metals and minerals that are critical to Sweden – raw materials critical for the EU are listed by the EU and the Swedish critical metals and minerals are listed in an Ordinance.
  • Activities whose principal purpose is the processing of sensitive personal data or location data – activities in large-scale processing of sensitive personal data, as defined in article 9(1) GDPR, or location data processed in an electronic communications network.
  • Activities related to emerging technologies and other strategic protected technologies – activities within technologies relating to e.g. electronics, AI, navigation systems etc.
  • Activities that manufacture, develop, conduct research into or supply dual-use products or supply technical assistance for such products – covers dual-use products listed in the annex to the Dual Use Items Regulation (2021/821).
  • Activities that manufacture, develop, conduct research into or supply military equipment or supply technical support for military equipment – military equipment and technical assistance as referred to in the Swedish Military Equipment Act.

Businesses that carry out protected activities also have a duty to inform any investor that the Act is applicable on the business’ operations and that any investment must be notified.


Which investors much notify an investment?

All investors, regardless of their origin, must notify investments made into a business that carries out protected activities and that will give the investor a certain level of influence. No investor type is therefore excluded from the scope of the FDI Act, as such investors from Sweden, other EU countries as well as investors from third countries must notify their investments to the review authority.

If the investor is a natural person, and only holds a Swedish or other union citizenship, that is making the investment either directly or indirectly through a legal entity, there is a presumption in the legislative preparatory works that the investment should be approved without further action. This is also valid if it is a legal entity that makes the investment that is directly or indirectly owned by one or more natural persons with either a Swedish or Union citizenship.


Standstill obligation and procedure

An investment must be notified to the Inspectorate of Strategic Products (the “ISP”) which is the designated supervisory authority. If a notifiable investment is not notified, the ISP also has the possibility to produce its own notification in order to review a particular investment. However, the ISP also has the power to ex officio review investments that are not notifiable under the Act. Such an ex officio investigation can only be initiated if the authority has reason to believe that the investment could harm Swedish national security interests.

The ISP has 25 business days (Phase I), from the submission of a complete notification, to decide to either approve an investment or to initiate a review of the investment. If a review is initiated (Phase II), the ISP has three calendar months to make a decision whether to approve the investment unconditionally, subject to conditions or prohibit the investment. The review period can also be prolonged by an additional three months due to special circumstances. The lapse of the case handling time in both Phase I and Phase II does not signify that an investment is automatically approved, a formal approval decision from the authority is necessary in order to carry out the investment. As such, an investment is subject to a standstill obligation during the review period until a final decision is adopted.

During its assessment, the ISP will make an overall assessment of the investment taking into consideration the activity’s actual protective value as well as circumstances related to the potential investor. As regards the circumstances related to the potential investor, the ISP will mainly consider the following circumstances:

  • Whether the investor is directly or indirectly, in whole or in part, controlled by the government of another country through its ownership structure or substantial financing or in some other way.
  • If the investor has previously been involved in activities that have or could have adversely affected Sweden’s security or public order or security in Sweden.
  • If there are other circumstances surrounding the investor that could pose a risk to Sweden’s security or public order or security in Sweden.

Such ‘other circumstances’ relate to e.g. previous illegal activities relevant to the risks associated with the investment in question, if the actor could obtain an overly dominant position within a certain sector, previous economic sanctions as well as the degree of antagonism in the country that the investor has links to may also be relevant to consider.

During the review, the ISP has the right to request information and documents from the parties to the investment but also has the right to make visits to the premises of the parties in order to gather information.

A prohibition can only be issued in relation to a (true) foreign direct investment, i.e. a third-country investor, if it is necessary to prevent a harmful impact on Swedish national security interests.



The Swedish FDI Act allows the ISP to issue fines in cases of e.g. failure to notify a notifiable investment as well as if an investment is carried out before an approval has been issued. Fines can also be issued in cases of providing wrongful or misleading information to the ISP. The fines may range between SEK 25,000 and SEK 100 million.

If an investment has been prohibited, any legal action that constitutes a part of the investment will be null and void under civil law. However, this will not affect the entire agreement pertaining to the investment, instead some of the clauses in the agreement will survive, e.g. those that regulate the parties’ actions in case of a prohibition the loan agreements etc.

It should also be noted that whilst the ISP has two years from the wrongful event to issue fines, there is no time bar for the review of an investment. As such, if a notifiable investment was carried out in January 2024, without prior notification and approval. The ISP then has until January 2026 to issue a statement to the investor with the intention to impose a fine and allow the investor to comment. After such time, ISP cannot issue fines. As such, if ISP detects the investment in March 2026, it may not issue fines but still has the power to review the investment and ultimately prohibit the investment.


Lessons learned and practical implications of the Swedish FDI Act

The entry into force of the Swedish FDI Act has had a notable impact on transactions that directly or indirectly involve Swedish businesses. Besides the additional regulatory requirement introduced by the Swedish FDI Act in relation to regulatory approval as well as the adaptation of the transaction documents to include conditions precedents to closing by such approvals, many target companies must first start by making a due diligence whether or not it carries out protected activities within the meaning of the Act. This is sometimes a straightforward task, but in our experience, it may be the most unlikely and non-core activity that results in the business operation falling within the scope of the Swedish FDI Act. This is due to the duty to inform that is placed upon the target company. It should however be noted that this duty to inform is not subject to administrative fines if not fulfilled, instead it will be regulated between the parties. In our experience, this is done by way or a warranty in the agreement whereby the seller warrants that the Swedish FDI Act is not applicable to the business operations of the target company or assets.


The number of notifications and ISP’s case handling

75 percent of all notifications submitted to ISP for review relates to ‘essential services’, which is equivalent to approx. 210 notifications the first three months (280 notifications had been received by 4 March 2024). It is then interesting to note that the Swedish Civil Contingencies Agency, when detailing the regulation what constitutes essential services in relation to the FDI Act, considered that about 1 000 companies would be targeted by the Regulation and that it would lead to approx. 350 notifications a year. At the current rate of notifications, although there may be some additional ones due to transactions that could not be closed by 30 November 2023, the actual number will be closer to 800 notifications relating to investments into businesses that carry out essential services. However, it is also likely that internal restructuring, the starting of new businesses or changes to shareholders’ agreements have not been taken into consideration when the Agency made its assumptions. The ISP has also estimated that it will receive about 1,200 notifications during the first year of the legislation.

ISP has been the contact authority for FDI consultations within the EU screening mechanism prior to the entry into force of the Swedish FDI Act. Otherwise, the primary task of the ISP has previously been within export control of military equipment and dual-use items. It has been a very small authority with a small staff. However, during the next couple of years, the authority is set to treble in staff numbers, mainly to be able to handle the notification under the FDI Act with a targeted number of dedicated staff of 30 FTEs. This can be compared with the Swedish Competition Authority which has approx. 15 dedicated case handlers for merger notifications and they receive about 60-90 notifications a year. The Competition Authority also uses resources from other units within the authority when needed.

The obvious shortage of case handlers has, so far, had an effect on the case handling of the authority. In our experience, the ISP uses the mechanism of complete notification to be able to moderate when the clock for review starts. We have seen cases where ISP has questioned if there are not any other shareholders that should be accounted for in the notification or whether or not there are not any other documents that should be submitted with the notification. Once informing the authority that all relevant information has been accounted for in the notification, ISP then decides that from the date of such answer, the clock will start. This, despite no new or additional information having been submitted. We hope that this is just due to the shortage of staff in the early days.


Transactions impacted by the Swedish FDI Act

Due to the broad scope of the Swedish FDI Act, most types of transactions are within scope of the notification obligation. We therefore will have a closer look at different types of transactions and whether or not they are within scope of the FDI Act. In all the examples below, we presume that the relevant transaction relates to a target company that is active within protected activities.


Internal restructuring

Internal restructurings are caught by the FDI Act as both direct and indirect investments are within scope of the FDI Act, and, as the ISP has noted, there is no exemption in the Act for such transactions. Therefore, due to the changes in the direct and indirect ownership structure, a notification of the internal restructuring is mandated. It should be noted that many question whether or not e.g. a merger between two companies could amount to an investment within the meaning of the FDI Act. However, the only manner in which to test that theory in court would be following a decision by the authority to issue a fine.


New establishments

The establishment of a company that will carry out protected activities must be notified prior to the start of the company. This is also relevant for joint ventures that are established for the purpose of carrying out a specific project. Our view is that the acquisition of an off-the-shelf company to set up a purchasing structure in order to e.g. acquire a specific target company would not amount to an notifiable establishment as the company is will not carry out protected activities. The notification obligation rather arises as a condition to acquire the target company.


Shareholders’ agreements

Rights granted through a shareholders’ agreement could amount to a notifiable influence in a target company. Relevant aspects to consider are e.g. rules on decision-making in the articles of association, veto rights, being able to use another shareholder’s votes, a seat at the board as well as if a relative of the investor gains a seat at the board.


Share or asset transfers

The acquisition of shares in a target company or the assets that constitutes a business activity are the most straightforward types of transactions within the scope of the Swedish FDI Act. In relation to these types of transactions, it will be important to include provisions in the SPA or ATA pertaining to the FDI aspects. In case the sellers have informed that the target company does not carry out protected activities, it is common to include a warranty to that effect in the agreements. When a notification is required, conditions precedents as well as break-up clauses are relevant to include.


Trading over the stock market and other regulated markets

Trading on regulated markets (e.g. the stock exchange or MTF platforms) are not exempted from notification obligations and an approval must be received before any of the thresholds can be met/exceeded in terms of holding. There is no exemption allowing a person to first acquire the shares and thereafter notify the investment on condition that the voting rights are not used until after approval (a solution which is available under competition rules).


Public offers

Public offers must be notified to the authority, and an approval must be granted before the bid can be declared unconditional. It is important to consider the case handling time for the FDI approval when determining the length of the acceptance period. It is normal that the notification is submitted at the time of making the bid public.


Share issues

There are three main types of share issues: (i) share issue with preferential rights, (ii) a guaranteed share issue with preferential rights and (iii) directed new share issue.

In relation to share issues with preferential rights, there is an exemption available from the notification requirement in relation to the acquisition of the pro rata share. This exemption applies regardless of whether a threshold is met or exceeded due to other shareholders deciding not to subscribe to their pro rata share. The reason being that an existing shareholder should always be allowed to protect its ownership share.

As regards a guaranteed share issue with preferential rights, the existing shareholders subscribing to their pro rata share will be exempted. However, to the extent that the guarantee will be used, a notification and clearance is needed to allow the guarantor to meet or exceed any of the thresholds. It is therefore advised that the guarantor submits a notification at the time of making the share issue public.

Lastly, for a directed new share issue a notification requirement will arise if the new shareholder is set to hold more than 10 percent of the voting rights. In a scenario where the directed new share issue is made in order for the company to quickly receive funds. It could be advised to first issue 9.99 percent of the voting rights and then award the remaining per cent following an approval by the ISP.



The entry into force of the Swedish FDI Act has had an impact on transactions and investments that directly or indirectly involve Swedish entities. Being late to the game to introduce a screening mechanism, Sweden has opted for the broad regime which captures a large number of transactions, some more obvious and foreseeable than others. However, as the trend in Europe is to broaden the screening mechanisms, our understanding is that soon many of the other European countries will have FDI regimes which are more similar to the Swedish system. Comparing with some other countries, we do believe it is beneficial that the Swedish rules are very detailed allowing for some legal certainty as to the scope of the FDI regime.


Fredrik Lindblom


Sanna Frånlund

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