Capital markets in Finland

Borenius

Borenius’ capital markets and public M&A practice advises shareholders, issuers, underwriters, and arrangers on equity and debt securities offerings, IPOs, and de-SPAC combinations and listings. Practice head Juha Koponen divides his time between Helsinki, London, and New York and is a recognised leader in securities offerings, public mergers and listings. Deputy head Mia Mokkila is well-equipped to handle public tender offers and mergers. Aksu Tuominen focuses on disclosure regulation, while Eeva Terho is active on matters at the intersection between capital markets transactions and financial regulation. Kenneth Kraszewski, who joined from Sullivan & Worcester LLP in September 2024, has a speciality in deals involving the US. Eino Järnroos, who joined from Avance in February 2025, is also praised for being a ‘standout attorney’.

Praxisleiter:

Juha Koponen; Mia Mokkila


Weitere Kernanwälte:

Aksu Tuominen; Eeva Terho; Kenneth Kraszewski; Eino Järnroos


Referenzen

‘Eino Järnroos is a standout attorney who has provided consistently great work and critical support. He is my go-to person out of any lawyer in the country.’

‘Juha Koponen provides practical, no-nonsense solutions drawing on his great knowledge of the market. He’s very well connected both locally and in the US.’

‘Deal team is dynamic, and everyone appointed to the deal team contributes. Borenius’ finance/capital markets team always keeps the arranging bank(s) well informed on the overall project status and key focus points. This is not common with other offices and is highly appreciated.’

Kernmandanten

Lifeline SPAC I Plc


Exel Composites Plc


Topdanmark A/S


Sunborn International Holding Oy


Nanoform Finland Plc


Citycon Oyj


Oma Savings Bank Plc


Nightingale Health Plc


Kesko Corporation


Endomines Finland Plc


YIT Corporation


PHM Group


Scanfil plc


Highlight-Mandate


  • Advised Lifeline SPAC I on its de-SPAC combination with Canatu to form a publicly listed company through a share exchange.
  • Advised Topdanmark A/S on the Finnish legal aspects in Sampo plc’s recommended public exchange offer for shares in Topdanmark A/S.
  • Advised the finance parties on Mehiläinen’s notes offering for financing the acquisition of Regina Maria in Romania and MediGroup in Serbia.

Krogerus

Krogerus demonstrates deep expertise across equity and debt capital markets as well as public M&A transactions. The team has considerable experience in complex deals, including public tender offers, de-SPAC transactions, and IPOs. Tom Fagernäs heads up the team and regularly represents in domestic and cross-border transactions, with recent activity in public takeovers. Managing partner Mårten Knuts is sought after for public M&A and for assisting with buy-back programmes. Credit institutions, investment firms, and fund managers turn to Paul Raade for advice in the nexus between capital markets and financial regulatory work.

Praxisleiter:

Tom Fagernäs


Weitere Kernanwälte:

Mårten Knuts; Paul Raade


Referenzen

‘Remarkable team able to understand the client and its needs.’

‘Fantastic personal communication skills beyond high expertise in law and practices.’

‘Team includes very high-profile individuals. Staffing for projects has been a good mix of seniority.’

Kernmandanten

GRK Infra Plc


Qt Group Plc


DNB Carnegie Investment Bank AB, Finland Branch


Danske Bank A/S, Finland Branch


Nordea Bank Abp


Nokia Corporation


HKFoods Plc


Sampo plc


Mandatum plc


Innofactor Plc


Highlight-Mandate


  • Acted as lead counsel for GRK Infra and the selling shareholders on the initial public offering and listing of GRK Infra on the official list of Nasdaq Helsinki.
  • Acted as lead counsel for Qt Group on its recommended voluntary public tender offer for I.A.R. Systems Group.
  • Acted as lead counsel for Sampo on relaunching its EMTN bond programme after a hiatus that resulted from Sampo spinning off Mandatum.

Roschier

Roschier’s capital markets practice is a top choice for its comprehensive expertise across rights offerings, private placements, demergers of listed companies and public tender offers. The department has an impressive client roster, featuring premier asset managers and investors. Co-head Antti Ihamuotila regularly advises on the offering of equity and debt securities. Alongside him, Petri Avikainen has over two decades of experience assisting Finnish listed companies and corporates on securities transactions. Seppo Kymäläinen specialises in public M&A and acts for issuers and PE-sponsored buyers. Johannes Ahti handles debt capital markets transactions.

Praxisleiter:

Antti Ihamuotila; Johannes Ahti; Petri Avikainen


Weitere Kernanwälte:

Seppo Kymäläinen


Referenzen

‘Very strong capabilities in both capital markets and M&A related work. Clearly differentiated position on public M&A, in particular, where they have a first-class team.’

‘Antti Ihamuotila is clearly the go-to person in Finland for many topics, particularly for capital markets and public M&A related questions. Very well connected in Finland, with a clear leadership position and unbeatable experience in public M&A topics, particularly. Also, Antti’s international legal background gives him a unique edge in the Finnish markets.’

‘Excellent expertise in various areas, a deep understanding of the company’s business operations, and quick and flexible responsiveness to current issues.’

Kernmandanten

Tietoevry Corporation


Apollo


Heeros Oyj


Huhtamäki Oyj


Finnair Oyj


Bain Capital


Viking Ventures


Puuilo Oyj


Sitowise Oyj


Nokia Corporation


Sampo Plc


Enersense International Oyj


Highlight-Mandate


  • Advising Nokia on its $2.3 billion acquisition of Infinera, a supplier of innovative open optical networking solutions and advanced optical semiconductors.
  • Advising Apollo, acting in consortium with Rettig, on the voluntary recommended public cash tender offer for all the shares in Purmo Group and acting as the counsel to the issuer as to Finnish law in the USD 380,000,000 sustainability-linked senior secured notes by Project Grand (UK) Plc.
  • Advising Tornator Oyj as it issued EUR 300 million in senior secured green notes, maturing in 2031 with a 3.75% annual interest rate.

Asianajotoimisto White & Case Oy

Asianajotoimisto White & Case Oy’s capital markets practice is renowned for its strong cross-border capabilities, leveraging its network across the Nordic region, Europe more broadly, and the US. The department acts for major investment banks and corporates in both the investment grade and high yield space. Practice head Mikko Hulkko has a broad practice, advising on the full spectrum of both equity and debt capital markets, including IPOs, secondary offerings, and bond issuances. Jenni Nygård advises on a range of equity-linked, hybrid and debt offerings. Thomas Killeen assists PE firms, issuers and underwriters on the full gamut of securities transactions.

Praxisleiter:

Mikko Hulkko


Weitere Kernanwälte:

Jenni Nygård; Thomas Killeen


Referenzen

‘Excellent partner quality.’

 

Highlight-Mandate


Avance

Avance is involved in significant recent deals, including de-SPAC transactions, complex public tender offers, and dual track exits. Public tender offers are a key area of activity for the department, which is overseen by Rasmus Sundström, a public M&A and equity capital markets expert. Robin Nordblad possesses a strong grasp of capital markets transactions with a nexus between the US and Finland. Leevi Mehtäjärvi remains an asset to the team, contributing his expertise to public M&A and securities law issues.

Praxisleiter:

Rasmus Sundström


Weitere Kernanwälte:

Robin Nordblad; Leevi Mehtäjärvi


Referenzen

‘One of the best teams in town.’

‘The team is pragmatic, fun to work with, feet on the ground, but most importantly, exceptionally knowledgeable and professional. Highly recommended.’

‘We view the capital markets team as highly experienced, commercially minded, and solution-focused. They combine strong technical expertise with a clear understanding of market dynamics and regulatory expectations, which makes their advice both practical and reliable.’

Highlight-Mandate


  • Advised Rettig Oy Ab and a consortium formed by certain affiliated funds of Apollo Global Management and Rettig in relation to the voluntary recommended public cash tender offer for all the shares in Purmo Group Plc announced by the consortium’s special purpose vehicle Project Grand Bidco (UK) Limited.
  • Advised Canatu Oy and its shareholders and option holders on the de-SPAC combination of Canatu and Lifeline SPAC I Plc, whereby Lifeline SPAC I acquires all shares and option rights in Canatu by way of a directed share issue consisting of Lifeline SPAC I’s new shares and option rights
  • Advised Accountor Software in relation to the voluntary recommended public cash tender offer for all the shares and option rights in Heeros Plc announced by Accountor Finago Oy.

Castrén & Snellman

Castrén & Snellman’s deep bench of seasoned capital markets practitioners has a strong track record advising on high-profile public tender offers. The team also has longstanding experience assisting with debt issuances. Team lead Janne Lauha is a leader in securities transactions and is also deeply knowledgeable on the regulatory issues faced by issuers, financial institutions and shareholders. Sakari Sedbom, who advises on public takeover bids and right issues, and securities markets regulations specialist Anna-Maarit Laurila are also highlighted.

Praxisleiter:

Janne Lauha


Weitere Kernanwälte:

Sakari Sedbom; Anna-Maarit Laurila


Referenzen

‘We have experienced exceptional cross-border capability. The team led our multijurisdictional mandate across the EU, carried it out under a single commercial strategy and delivered on a matter with no established playbook. Most impressively, they designed and executed the re-domiciliation of our publicly listed company, achieving an outstanding outcome for our business.’

‘Janne Lauha – perfect transactional and regulatory fluency, brilliant banking sector know-how and seamless coordination of cross-border matters.’

‘Broad relevant capital markets knowledge and expertise combined with an excellent attitude.’

Highlight-Mandate


Dittmar & Indrenius

The capital markets team at Dittmar & Indrenius advises on debt and equity instrument issuances. Juha-Pekka Mutanen is at the helm of the practice, routinely handling the restructuring of high-value bonds and notes. Hanna-Mari Manninen focuses on securities regulation advisory matters, while Kristian Karlsson specialises in securities law and financial regulation.

Praxisleiter:

Juha-Pekka Mutanen


Weitere Kernanwälte:

Hanna-Mari Manninen; Kristian Karlsson


Referenzen

‘Dittmar & Indrenius‘ work has consistently demonstrated high-level expertise, particularly in challenging cross-border acquisitions and compliance issues. The complexity of these matters required sophisticated legal analysis, which the firm delivered exceptionally well. What makes their practice unique is their ability to manage complex international aspects while maintaining clear communication.’

‘We have, in particular, worked primarily with Kristian Karlsson and his team at Dittmar & Indrenius. In addition to what has been described in the previous section, they demonstrate exceptional strategic thinking and industry knowledge, show very high technical expertise and attention to detail. The entire team stands out for their commitment to understanding the business objectives and providing tailored legal solutions.’

‘Kristian Karlsson is knowledgeable.’

Kernmandanten

Handelsbanken


OPR-Finance


Zurich Insurance Group


Nordic Trustee


Ecster AB


Kreate Oyj


Highlight-Mandate


  • Advised Handelsbanken on the disposal of its private, SME, asset management and life insurance operations in Finland to S-Bank, Oma Savings Bank and Fennia Life Insurance Company.
  • Advised the bondholders on the Finnish aspects of the restructuring and subsequent repayment of the EUR 50 million high-yield bond issued by the Sunborn Group, an owner-operator of hotels in Finland and other European countries.
  • Advising OPR-Finance, a provider of finance solutions to small and medium-sized enterprises, on a complex restructuring of its financing arrangements, including its hybrid bond and preference shares.

Hannes Snellman

Hannes Snellman’s capital markets and public M&A team has considerable strength across IPOs, public tender offers, equity, and bond offerings. The team is involved in significant transactions, including share buybacks, SPAC and de-SPAC transactions, and directed share issuances. Leadership is split between Klaus Ilmonen, Mikko Heinonen, and Sonja Siggberg. Heinonen is well-versed in securities regulation, while Siggberg guides clients on disclosure, corporate governance, and other regulatory issues related to securities. Anniina Järvinen regularly acts as lead counsel on debt capital markets mandates.

Praxisleiter:

Klaus Ilmonen; Mikko Heinonen; Sonja Siggberg


Weitere Kernanwälte:

Anniina Järvinen; Antti Kuha


Referenzen

‘Hannes Snellman’s capital markets team demonstrates exceptional industry insight and precision in their advice. Their board-level guidance fosters trust and supports diligent decision-making. The team is highly responsive and meticulous, ensuring thorough attention to detail throughout the process.’

‘Anniina Järvinen has deep industry knowledge and she gives highly precise guidance. Communication with the board was especially effective, fostering trust and enabling diligent decision-making. Her attention to detail was evident in the thorough documentation and proactive identification of regulatory nuances, ensuring a smooth and compliant process throughout.’

‘Particularly strong credentials and experience in public M&A and capital market transactions as well. Have worked on both sides with them in multiple situations over recent years.’

Kernmandanten

Lassila & Tikanoja Plc


Sampo plc


Kalmar Corporation


Hiab Corporation (formerly Cargotec Corporation)


Faron Pharmaceuticals Ltd


Citycon Oyj


YIT Corporation


Mandatum plc


Betolar Plc


Optomed Plc


Virala Corporation


QPR Software Plc


Oriola Corporation


Highlight-Mandate


  • Advises Lassila & Tikanoja plc on the separation of its Circular Economy business area by way of a partial demerger into a new independent listed company to be named Lassila & Tikanoja Plc.
  • Advised Sampo plc on the recommended public exchange offer for the shares in Topdanmark A/S.
  • Advised Mandatum plc on the sale of its shares in the Danish investment and trading service provider Saxo Bank A/S for approximately EUR 319 million.

Waselius

Waselius has a niche in securitisation and structured finance, advising on all aspects of securitisation transactions. The team is also noted for its expertise in the regulatory and derivatives aspects of these deals, as well as significant risk transfer (SRT) transactions. A ‘true powerhouse’, structured finance and securitisation expert Maria Lehtimäki leads the team and regularly assists with the securitisation of large portfolios. Timo Lehtimäki is a recognised leader in debt capital markets.

Praxisleiter:

Maria Lehtimäki


Weitere Kernanwälte:

Timo Lehtimäki; Linda Nyman


Referenzen

‘The Waselius team is always very responsive, professional and commercial.’

‘I would particularly recommend Timo Lehtimäki and Linda Nyman, who are very focused on service delivery.’

‘Waselius has deep knowledge, a dedicated team and a great way of guiding their clients. They deliver high-quality advice within short timelines and are very pragmatic.’

Kernmandanten

First Quantum Minerals


Santander Consumer Finance


Monitchem Holdco 3 S.A. (CABB Group)


NatWest Markets N.V.


SEB


Pliant


Gilead 2025-1 Aviation Limited


Nordic Trustee & Agency AB


MetLife Group


Citibank


Citigroup


LocalTapiola Finance


Barclays Bank plc


Barclays Bank Ireland


The Royal Bank of Canada


BNP Paribas


Société Générale Group


Goldman Sachs International


Natixis


Crédit Agricole Corporate and Investment Bank


Deutsche Bank AG


DWS


HSBC


Credit Suisse International


Bank of America Corporation


Ture Invest


Nomad Foods


Castlelake


Highlight-Mandate


  • Advised Santander Consumer Finance as the originator on a EUR 420 million full-cap stack public securitisation of a portfolio of Finnish consumer auto hire purchase contracts, dubbed “KIMI 13”.
  • Advised First Quantum Minerals Ltd on the Finnish law aspects of two separate offerings of USD 1 billion each of senior notes as follow-up transactions to a large mining high-yield deal.
  • Advised Pliant as originator on a significant risk transfer (SRT) transaction of European corporate credit card receivables.

Bird & Bird

Bird & Bird‘s capital markets team serves a diverse client base comprising issuers, investment banks, underwriters, bookrunners, and sponsors. The team most notably advises on share issuances. Laura Huomo routinely assists with listings on the Nasdaq First North Growth Market Finland.

Praxisleiter:

Laura Huomo


Kernmandanten

S-Bank Plc


St1


Nexstim Plc


Tekova Oyj


Highlight-Mandate


  • Advised Tekova Oyj on its listing to Nasdaq First North Growth Market Finland.
  • Advised Nexstim Plc, a Finnish medical technology company, on its development and distributorship cooperation agreement and investment agreement with Brainlab AG, a German developer of advanced medical technology solutions.
  • Represented St1 Sverige AB, which joined forces with HitecVision entity HV Daytona Holding AS, to consolidate their ownership in Biokraft International AB into a newly established company, 1Vision Biogas AB.

DLA Piper Finland Attorneys Ltd

DLA Piper Finland Attorneys Ltd regularly handles listings and public tender offers on the Nasdaq First North Growth Market. Kristiina Hirva specialises in bond issuances and regulatory matters. She leads the team in tandem with Salla Tuominen, who focuses on ECM transactions.

Praxisleiter:

Kristiina Hirva; Salla Tuominen


Referenzen

‘From our point of view, the differentiating factor is the presence of a strong corporate finance Finnish team within a strong international organisation, capable of advising on and driving M&A and capital markets transactions.’

‘We have been working mainly with Salla Tuominen. We have valued mainly the competence, hands-on, direct and efficient approach and availability over a long assignment.’

Kernmandanten

Aktsiaselts Tallink Grupp


CapMan Plc


Dexcom Inc


Digia Plc


Digital 9 Infrastructure plc


Elisa Oyj


HKFoods Plc (Previously HKScan Corporation)


Leonardo S.p. A.


Municipal Guarantee Board


Municipality Finance Oyj


PPG Industries, Inc.


Santander CIB


Solar Foods Oyj


Tenendum Oy


Teollisuuden Voima Oyj


The International Swaps and Derivatives Association (ISDA)


Varma Mutual Pension Insurance Company


Wulff Group Plc


Highlight-Mandate


  • Advised Solar Foods Oyj on its direct listing on the Nasdaq First North Growth Market Finland marketplace operated by Nasdaq Helsinki Ltd.
  • Acted as Finnish counsel for Teollisuuden Voima Oyj on the issuance of a EUR 600 million green bond and the related tender offer.
  • Assisted Santander CIB in relation to a secured €125 million loan financing arrangement to Gobybike Group from global asset-based private credit specialist Castlelake and Santander CIB.