Miika Junttila, Tuomas Honkinen and Jussi Mäkikangas contributed a chapter to the Chambers Technology M&A 2023 Global Practice Guide covering the law and practice of the technology M&A market and the recent developments in Finland.
6.3.2023
Castrén & Snellman contributed a chapter on Finland to the Chambers Technology M&A 2023 Global Practice Guide
Jussi Mäkikangas & Tuomas Honkinen
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At the beginning of the COVID-19 pandemic, there was a steep decline in M&A activity and also some decline in investments in general (especially in 2020). However, the pace quickly picked up in 2021 and reached record-breaking levels with Nasdaq Helsinki breaking the record for IPOs, with a total of nine listings in the main market and 23 listings in the First North Growth Market.
Given the market uncertainty due to the Ukraine situation and increase in interest rates, M&A activity again showed signs of minor deacceleration in 2022 (especially in the second quarter). Although IPO activity significantly dropped during 2022, trade sale transactions raised their profile as an exit route for investors. The lower deal volume was to some extent also offset by the high number of divestments and reorganisations that many large and medium-sized Finnish companies had to undertake in order to comply with the sanctions imposed against Russia.
New technologies attracting interest
The past two years have seen major interest and investments in new technologies and markets such as AI, robotics, and blockchain technology. These include:
Read more about the technology M&A market in Finland
The second edition of the Chambers Technology M&A 2023 Global Practice Guide covers the lifespan of a technology company from incorporation to early funding and venture capital rounds and to the ultimate goal of becoming a public company or being sold at a high premium.
The coverage of the guide has been expanded this year, and it now addresses the same set of issues in 19 countries globally.
The guide can be downloaded here.
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Move Energy – Combination of 3North Partners and Steady Energy and related private placement and IPO
We advised Move Energy as an investor in connection with the combination of 3North Partners Plc and Steady Energy Oy and the related private placement and initial public offering of the combined company on Nasdaq First North Growth Market Finland. In connection with the transaction, 3North Partners received approximately EUR 69.8 million in investor commitments from a group of institutional and other investors, including Move Energy, to fund the combined company. Steady Energy is a Finnish nuclear technology company developing a new generation of small modular reactors (SMRs) particularly suited for district heating. Its LDR-50 reactor is designed to provide cities and utilities with a scalable and low-carbon alternative to combustion-based heat production.
Case published 19.10.2026
Efima – Sale of AI business
We advised Efima Oyj on the sale of its AI business to Better Care Technologies Oy. The transaction included Efima’s Moiva AI platform developed for the care sector, the related technology and brand, customer contracts, and the experts working in the business. Efima is a Finnish digital company that supports the sustainable growth of large and mid-sized companies by streamlining their business processes and by creating competitive advantage through the innovative use of artificial intelligence and data. The company has nearly 200 experts based in Helsinki and Tampere.
Case published 21.9.2026
Neoen – Sale of data centre
We advised Neoen Renewables Finland Oy, part of the French Neoen Group, in its sale of a data centre project to a consortium consisting of international data centre developers and operators. This marked Neoen’s first data centre development project in Finland. Founded in 2008, Neoen is one of the world’s leading independent renewable energy producers. The company operates in 15 countries. It develops, finances, builds, owns, and operates solar power plants, wind farms, and battery storage systems. Neoen Group is owned by global alternative asset manager Brookfield Corporation.
Case published 17.9.2026
Jolt Capital and Tesi – Investment in VEV
We advised Jolt Capital and Tesi in connection with their investment in VEV, a leading provider of commercial fleet electrification solutions. The investment, led by Jolt Capital with Tesi as co-investor, will support VEV’s next phase of growth and expansion across Europe. As part of the transaction, VEV became an independent company following the acquisition of Vitol’s stake in the business. Founded by Vitol, VEV provides integrated fleet electrification solutions combining fleet strategy, charging infrastructure, energy supply and operational services. Through its VEV IQ platform, the company supports more than 6,000 commercial electric vehicles across Europe and has been deployed across more than 600 sites spanning the transport, logistics and waste sectors. Jolt Capital is a private equity firm focused on growth investments in European deeptech companies. Tesi is a Finnish state-owned investment company that promotes Finnish business and economic growth through investments. We advised Jolt Capital and Tesi on the equity financing and structuring aspects of the transaction. International law firm Goodwin advised the investors on the acquisition of VEV.
Case published 10.9.2026