14/02/2019

Busy and Multifaceted 2018 for Castrén & Snellman Capital Markets and Banking & Finance Teams

Finland’s IPO, share issue and bond markets remained lively in 2018. We are pleased that issuers and other parties seeking financing placed their trust in the expertise of our Capital Markets and Banking & Finance teams.

We maintained our position as one of the leading firms in the field and were involved in the year’s most important arrangements, such as IPOs, transactions in the financial sector, structurings and the largest real estate transactions on the market.

Our Capital Markets team was kept busy in 2018 by the following assignments:

  • We advised Nordea with respect to Finnish law when the parent company’s registered office was transferred to Finland. This was one of the largest arrangements of 2018 on the European scale. Nordea’s re-domiciliation also contributed to the workload of our Banking & Finance and Corporate Governance teams. With respect of Finnish legislation, the re-domiciliation involved a cross-border reversed merger by way of absorption, through which Nordea Bank AB (publ) merged with its Finnish subsidiary.
  • The IPO market was active during 2018. Over the course of the year, we were involved in Harvia’s, Viafin Service’s and Oma Savings Bank’s IPOs either as the advisor to the company or to the lead manager. All of these IPOs were oversubscribed.
  • Furthermore, we successfully advised Efore in an oversubscribed rights issue and transaction in which Efore acquired the entire share capital of Powernet International.
  • We advised Caverion in a directed share issue, which was carried out through accelerated book-building.
  • In the field of impact investment, we advised FIM in the establishment of the SIB fund focused on promoting child and youth welfare.
  • The consolidation trend in the financial and insurance sector kept us busy. Among other things, we advised Titanium in its acquisition of Investium Group’s subsidiaries and assisted Danske Bank in a major arrangement concerning the continuation of the co-operation with Mandatum Life regarding the distribution of Mandatum Life’s insurance products.
  • In the field of regulated transactions, we assisted Häggblom & Partners when it advised funds managed by United Bankers in a major forest property transaction and Gasum in the acquisition of Enegia’s energy market services.
  • We also advised Restamax in its acquisition of Royal Ravintolat. The acquisition created one of largest listed restaurant groups in the Nordic countries.
  • On debt capital markets, we assisted numerous bond issuers, including Ålandsbanken, Central Bank of Savings Banks Finland, Lassila & Tikanoja, Sunborn Finance, Nortal and Bonum Bank.
  • In addition to issues, we worked on many assignments relating to fintech and new forms of financing.

We have Finland's largest and most closely integrated Capital Markets team, with expertise that extends from issues to regulatory advice and transactions in the financial sector. Partners Merja Kivelä and Janne Lauha are renowned as long-time experts in the industry. We appointed two senior associates in 2018, Hannu Huotilainen and Aksu Tuominen. Our team also includes senior associate Anna-Maarit Laurila, associates Viola Valtanen and Lauri Liljavirta and associate trainee Julian Lagus. Furthermore, we just appointed veteran regulatory expert Sami Lommi as Counsel in our team. Sami joins us from Folksam Non-Life Insurance Company, where he has served as member of the management team in charge of legal affairs, HR and Internal Services.

Our Banking & Finance team was involved in the following arrangements in 2018, among others:

  • We advised SEB in a financing arrangement in which Evli Healthcare I Ky, a fund managed by Evli-Rahastoyhtiö Oy, acquired the partnership interests in BPT Healthcare II Ky, a fund managed by Northern Horizon, with the portfolio being valued at EUR 141 million.
  • The Zsar Outlet Village, located in Vaalimaa, is Finland’s first premium outlet village. Our Banking & Finance team handled the complex financing structure, which consisted of several equity issues, bank financing and a junior bond.
  • We assisted Nordea in a financing arrangement in which Apax Partners purchased a majority stake in Finland’s leading technology, strategy and design company, Solita Oy, from Vaaka Partners.
  • We advised YIT in the Garden Helsinki real estate development project, which is one of Finland’s largest urban development projects. The arena and service centre planned for construction in the Töölö district of Helsinki will include housing, entertainments and offices.
  • We acted as counsel for OP Financial Group’s insurance and pension insurance companies and LocalTapiola Group in an arrangement in which said investors agreed, together with SRV Yhtiöt Oyj, on the implementation of the Central Deck and Arena project located in the Tampere city centre. The total floor area of the building complex will be approximately 120,000 m².
  • We advised Cramo in an acquisition finance arrangement in which Cramo strengthened its position in the Nordic modular space market by acquiring Nordic Modular Group. Nordic Modular Group, a well-established player in the Nordic modular space market, was founded in 1956.
  • We are advising Turun Ratapihan Kehitys Oy, which is developing a nearly EUR 500 million, 170,000 m² family holiday destination in the Turku rail yard.
  • We acted as legal adviser to Pihlajalinna Plc in a finance arrangement where Pihlajalinna signed a five-year, EUR 120 million unsecured financing arrangement with Danske Bank and Nordea.
  • We advised CapMan Buyout X fund in its investment in KotiSun Group.

Our experienced Banking & Finance team is led by partner Tero Tuomisto together with partner Sakari Lukinmaa. They are assisted by senior associates Mariella Både-Landell and Niko Johansson as well as associates Sonja Hänninen, Juhani Lautjärvi and Henri Kaasalainen. Our team also gained new members in counsel Minna Korhonen, who joined us in October, and associate Valtteri Jalo from the start of the year. Additional hires have already been agreed, and our team is set to grow further this year.

The wide range of our assignments and the strategic planning sessions we engage in with our clients are indicators of the scope of our expertise and the market’s faith in us. We are grateful for the trust placed in us and will venture into 2019 with the same spark and dedication to our work while continuing to develop our expertise.

Despite the volatile market conditions, our books are already filling up for 2019, and the year is looking promising.