24.11.2021

SPACs Accelerating Mergers and Acquisitions and Sustainability

It has been possible to list SPACs in Finland since last spring. The first Finnish SPAC listed in June. In early September it announced its combination with Purmo Group.

Until now, SPACs have mostly been a US phenomenon, but many companies now have their sights on the European market. Globally, the amount of capital looking for a suitable acquisition target is staggering: the aggregate value of mergers and acquisitions is an average of USD 500–550 billion a year. Existing SPACs are expected to announce over USD 700–800 billion in deals over the next two years.

Buoyed by a promising start, SPACs are set to play an important role in Finland, too. This development would be faster if the Finnish Tax Administration would dispel uncertainty by taking a position on the tax treatment of SPACs. There is currently no case law or established taxation practice applicable to SPACs.

Speed is needed, because SPACs could also have a decisive role in achieving sustainability goals. Merging with a SPAC would offer growth companies a new way to raise significant new capital quickly, because the SPAC’s valuation of the growth company can be based on future profit forecasts, which makes early-stage investments possible.

ESG-oriented SPACs offer institutional investors and private investors the opportunity to invest in companies that align with the investor’s own values. Value-driven investors often prioritise long-term value creation over quarterly profits. As listed companies, SPACs are more transparent and better governed than private companies. Under Nasdaq’s new requirements, SPAC boards are also set to become more diverse.

We are in the midst of a radical shift in how our society moves, builds and eats. This transition will require the scaling up of sustainable technologies, which in turn will require an unprecedented amount of capital. SPACs are an innovation that could help achieve these goals.

Latest references

We are acting as the joint legal advisor to Oomi Oy and Lumme Energia Oy in a transaction whereby Lumme Energia will merge with Oomi. As from the completion of the merger, the combined entity will be the largest electricity retail and service company in the Finnish market. In 2024, Oomi reported a turnover of EUR 373.9 million and had approximately 110 employees. Lumme Energia’s turnover for the same year was approximately EUR 314.6 million and it had approximately 50 employees. The transaction is primarily driven by the recent developments in the electricity market and the strategic goal to develop competitive products and services. Another key objective is to further enhance the customer experience, which is a shared value between the two companies. As a result of the merger, Lumme Energia’s customers will transfer to Oomi, and Lumme Energia will become one of Oomi’s shareholders. The completion of the transaction is subject to an approval by the Finnish Competition and Consumer Authority.
Case published 29.8.2025
We advised Nokian Brewery Plc in its listing on Nasdaq First North Growth Market Finland. Investor demand in the IPO, which consisted of a public and institutional offering, was very strong and the IPO was oversubscribed. Nokian Brewery raised gross proceeds of approximately EUR 10 million from the IPO. In the IPO subscriptions were received from more than 2,900 investors and as a result of IPO the number of shareholders in the company increased to more than 4,700 shareholders. The IPO gives us a strong platform for the next years of growth. We are grateful to investors for their confidence and excited about what we can achieve together. This is the beginning of a new chapter in the Nokian Brewery story.  – Janne Paavola, CEO Trading in Nokian Brewery’s shares began on First North on 3 April 2025 with trading symbol BEER. Nokian Brewery is Finland’s second largest microbrewery and fifth largest brewery in terms of turnover in 2023. Nokian Brewery is particularly known for its Keisari beers. Nokian Panimo manufactures all its products at its production facility in Nokia, and in 2024 its sales volume totalled more than 8.3 million litres and turnover was EUR 11.9 million. Domesticity, responsibility and sustainable practices are at the heart of Nokian Brewery.
Case published 3.4.2025
We advised Huhtamäki on the EU sustainability legislation and its impacts on Huhtamäki’s ESG strategy.  Our team focused on compliance with the ESG regulation and the actions required to further Huhtamäki’s ESG targets.
Case published 1.4.2025
We advised Huhtamaki Oyj in relation to a EUR 450 million sustainability-linked syndicated multi-currency revolving credit facility loan agreement (“RCF”) with a maturity of five years. The RCF refinances an existing EUR 400 million sustainability-linked syndicated revolving credit facility signed in January 2021 and will be used for general corporate purposes of the Group. The RCF has two one-year extension options at the discretion of the lenders. The Mandated Lead Arrangers and Bookrunners of the RCF are Citi, Nordea Bank Abp, Skandinaviska Enskilda Banken AB (publ), BNP Paribas, Commerzbank Aktiengesellschaft, Danske Bank A/S, DBS Bank Ltd., London Branch, J.P. Morgan SE, Landesbank Hessen-Thüringen Girozentrale, OP Corporate Bank plc, Raiffeisen Bank International AG and Standard Chartered Bank AG.
Case published 28.11.2024