23.6.2016

Arctia – Finance arrangements

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We advised Arctia Ltd in putting its financing services out to tender and in concluding unsecured bilateral loan agreements with three different financiers.

Arctia Ltd is a limited company owned by the Finnish State. Its line of business is the provision of icebreaking services and specialised multipurpose vessel services.

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Finnlines – Loan from EIB with guarantees from Nordea and Finnvera to finance part of the MEUR 100 Environmental Technology Investment Programme

Castrén & Snellman acted as legal advisor to Finnlines in an arrangement in which Finnlines has signed a EUR 50 million loan agreement with The European Investment Bank (“EIB”). Nordea Bank Finland Plc (“Nordea”) will, in favour of EIB, guarantee the loan facility and the subsequent counter guarantee covering 80 per cent is issued by Finnish Export Credit Agency Finnvera Plc (“Finnvera”) in favour of Nordea. The loan will be used for Finnlines’ EUR 100 million Environmental Technology Investment Programme. The aim of the programme is to improve the ships’ fuel economy and to reduce the emissions by installing exhaust gas scrubbers as well as by reblading and treating the vessels with silicone anti-fouling for reducing hull friction. By these measures Finnlines can meet the new stricter MARPOL sulphur emission regulations that came into force in the beginning of 2015 in a cost efficient way. The environmental programme was initiated in 2014 and by now 18 out of 22 ro-ro and ro-pax vessels are equipped with scrubbers, 7 have been rebladed and 2 repainted. Scrubbers, new propellers and the reduced hull friction will improve the fuel efficiency which in turn will also reduce the overall fuel consumption leading in the reduction of the CO 2 , NOx and SO 2 emissions. In 2015, Finnlines’ overall fleet fuel consumption decreased over 8 per cent compared with 2014. Measured as Finnlines’ environmental footprint, this means a 75,000 tons CO 2 emission reduction, approximately 1,700 tons NOx emission reduction and 5500 tons SO 2 emission reduction (i.e. 91 per cent) on an annual basis. The programme is to be completed by early 2017.

Fortum – AI workshop

We delivered two AI workshops for Fortum Corporation’s Mergers and Acquisitions team, with both legal and business professionals participating. The sessions combined fundamental AI principles with custom use cases for commercially available AI tools tailored to Fortum’s needs. We also presented a bespoke solution merging AI with a script-based tool developed by our Legal Tech team, enabling a more automated way of working. Our experts conducted the training drawing on their legal background and leading experience in this emerging field of legal technology. Participants particularly appreciated the clarity and relevance of the implementations demonstrated. ‘C&S delivered an excellent, well-structured series of workshops, with directly applicable takeaways,’ says Sabina Hautaviita, Legal Counsel for M&A at Fortum.

VR – Supreme Court decision clarifies working time practices

We successfully represented VR Group before the Supreme Court in a case concerning the meal break practice of commuter train drivers. On 6 February 2026, the Supreme Court ruled in VR’s favour (decision KKO:2026:12), confirming that VR had the right to amend the commuter train drivers’ meal break practice in 2021 by rendering the break unpaid in accordance with the applicable collective agreement. This decision clarifies the interpretation of collective agreements and employment legislation as well as the limits of the employer’s right to direct work. Over 250 commuter train drivers challenged the unpaid meal break practice which VR introduced in April 2021. Before the change, meal breaks had a long history of being paid. The change was based on the train drivers’ collective agreement, which allows for meal breaks to be organised either as paid or unpaid time. The Supreme Court ruled that the scheduling and managing of breaks falls within the core area of the employer’s right to direct work. This increases the threshold for an established practice becoming a binding condition for the parties. Merely following a practice consistently and over a long period of time does not make the practice binding; instead, the employer’s intent to commit to the practice must be clearly evident from the employer’s conduct or other circumstances. As both alternatives – paid and unpaid – for organising meal breaks had been retained in the collective agreement despite other amendments over the years, it could not be considered that VR had intended to commit to the paid break practice and waive its right to direct work as regards break scheduling. It was also significant that the employment contracts explicitly referred only to the collective agreement as regards working time. The Supreme Court deemed that the employees’ paid meal break was not an established term of employment and that VR was entitled to change the practice based on the collective agreement. The employer had the right, by virtue of its right to direct work, to unilaterally change the meal break practice by choosing to apply the other arrangement permitted by the collective agreement.

CapMan Growth – Investment in Kuntokeskus Liikku

We are assisting CapMan Growth in its significant investment in Kuntokeskus Liikku, a Finnish gym chain known for its high-quality self-service facilities and excellent value for money. The investment will further strengthen Liikku’s position as a market leader and support the continued execution of its growth strategy. Liikku is one of Finland’s leading fitness chains, with more than 70 locations across the country serving nearly 90,000 members. The company’s concept is to offer high-quality self-service gyms at an exceptionally competitive price point which, combined with strong operational efficiency, provides a solid foundation for profitable growth. The company’s main shareholder is COR Group, a long-time partner of CapMan Growth, and a Finnish health and wellness conglomerate known for active ownership and long-term value creation. CapMan Growth is a leading Finnish growth investor that makes significant investments in entrepreneur-led growth companies with a turnover of €10–200 million. CapMan Growth is part of CapMan, which is a leading Nordic private equity investor engaged in active value creation work. CapMan has been listed on the Helsinki Stock Exchange since 2001.

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