13.5.2020

VR-Group – Tender for HSL Commuter Train Traffic

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We represented VR Group Ltd in the first HSL commuter train traffic tender in history. VR Group won the tender and will continue HSL commuter traffic operation and train fleet maintenance until 2031. The contract value is approximately 400 million euros. The contract for commuter train traffic covers all of HSL’s traffic on the Ring Rail Line, on the Coastal Railway from Helsinki to Siuntio and on the main line all the way to Kerava. This means more than seven million train traffic kilometres and more than 70 million journeys a year.

VR Group is a responsible service company operating in the field of travel, logistics and maintenance. The group employs 6,000 professionals, with annual net sales of approximately one billion euros. The group primarily operates in Finland, but it also has operations abroad, especially in Russia. VR Group is owned entirely by the Finnish state.

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Downing – Acquisition of the entire share capital of Tornionlaakson Voima

We advised UK-based investment company Downing in its acquisition of the entire share capital of Tornionlaakson Voima Oy. Tornionlaakson Voima owns three hydropower plants in the Tengeliönjoki river system – the Portimokoski power plants in Ylitornio, the Jolmankoski power plants in Raanujärvi and the Kaaranneskoski power plants in Sirkkakoski. The power plants produce a total of approx. 45 gigawatt-hours of electricity per year. Tornionlaakson Voima’s daily operations will continue normally, and the transaction will not affect customers. The consummation of the transaction is subject to the approval of the Ministry of Economic Affairs and Employment. Downing has over 35 years’ experience in providing a wide range of investment solutions to the needs of institutional investors, advisers and retail investors. The company manages over £2 billion in assets in both the private and public markets and its current hydro power portfolio includes approx. 50 hydro power plants in the Nordics.

LähiTapiola and OP Henkivakuutus – Successful representation of insurance companies in Supreme Administrative Court health data processing cases

We successfully represented insurance companies LähiTapiola and OP Henkivakuutus in two cases concerning an important point of principle: the right of insurance companies to process health data as part of the insurance application process. The Supreme Administrative Court handed down twin decisions ( one published as precedent ) addressing the matter in light of contrary DPA decisions. Under the Finnish Data Protection Act, insurance companies may, to simplify, process health data concerning “insured persons” (vakuutettu, försäkrad) to determine liability under the insurance. This rule constitutes an exception to Article 9 GDPR. At issue was whether the term “insured person” also covers people in the process of obtaining insurance coverage or only people who are already covered. In more practical terms: can an insurance company rely on the rule when considering whether/how to grant the insurance in the first place? The SAC answered in the affirmative and thus upheld the traditional industry approach over the DPA’s contrary view. The SAC noted that the Data Protection Act did not define the term “insured person” and thus looked at insurance legislation for guidance. As argued by the insurance companies, that legislation also uses the term in the context of describing the insured person’s pre-contractual informational obligations. Thus, and in view of the underlying purpose of the rule at issue, the SAC found that an “insured person” could be someone in the process of obtaining coverage, not just a person already covered. The outcome clarifies the scope of the local rule at the insurance application stage for the Finnish insurance industry.

SuperOffice – Acquisition of Lyyti

We acted as Finnish counsel to SuperOffice AS, backed by Axcel, in its acquisition of Lyyti Oy from Finnish private equity firm Vaaka Partners and other sellers. Lyyti is a leading event management software company for physical, digital and hybrid events with a strong customer base in Finland, Sweden and France. SuperOffice is a leading provider of customer relationship management (CRM) software for small and medium-sized businesses across Northern Europe. Axcel is a Nordic private equity firm with a focus on technology, business services and industrials, healthcare, and consumer sectors.

Lantmännen – Acquisition of Leipurin from Aspo

We advised Lantmännen ek för in its contemplated acquisition of Leipurin from Aspo Plc. Lantmännen is an agricultural cooperative and Northern Europe’s leader in agriculture, machinery, bioenergy and food products. Lantmännen is owned by 17,000 Swedish farmers and has 12,000 employees in over 20 countries. Leipurin is a leading Nordic supplier of bakery ingredients, equipment, and expert services to professional bakeries, confectioneries, and food manufacturers. The company operates across Finland, Sweden, and the Baltic countries with subsidiaries located in the aforementioned countries, providing comprehensive solutions to the baking industry. The closing of the transaction remains subject to regulatory approvals.

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