Last summer, we reported how the beginning of the year got off to a lively start on the M&A front. We also listed four key deal trends (14 July 2016: M&A World Is Waking up to Smell the Potential in Finland). As we have entered the final quarter of the year, the same fast transaction pace has continued after the summer as well. Private equity investors and venture capitalists have been involved in a significant portion of deals.
20.10.2016
Brisk M&A Pace Continues in the Autumn – Private Equity Investors on the Move
Carola Lindholm, Jan Örndahl & Jarno Tanhuanpää
For example, last week Thomson Reuters and Mergermarket, two companies compiling statistics of the number of transactions, published their latest tables for the first three quarters of the year.
Thomson Reuters’ statistics1 included a total of 108 transactions, and we advised our clients in 34 of them. In terms of the number of transactions, we are the only Finnish firm to reach top 3 at the Nordic level. On the Finnish scale, we are in joint first position in Mergermarket’s table2 during the first three quarters.
Private equity investors and venture capitalists have been involved in many of this year’s transactions—and these investors are increasingly from abroad. The number of newly raised private equity funds and funds that are currently being raised is exceptionally high in Finland and in the Nordic countries in general. Representing Intermediate Capital Group in the acquisition of Esperi Care Group, acquiring Luvata’s Special Products division from Nordic Capital and selling Touhula Varhaiskasvatus to EQT are good examples of private equity transactions in which we have advised our clients this year.
For further information, please contact:
Jarno Tanhuanpää
Jan Örndahl
Carola Lindholm
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Lenders and Export Credit Agencies – EUR 514.4 million green project financing for Easpring Finland New Materials’ CAM plant
We acted as Finnish law legal adviser to the lenders and the export credit agencies in connection with the EUR 514.4 million green project financing for the development and construction of Easpring Finland New Materials Oy’s cathode active material (CAM) manufacturing plant in Kotka, Finland. The borrower, Easpring Finland New Materials Oy, is a joint venture owned by Beijing Easpring Material Technology, Finnish Minerals Group and LG Energy Solution. The financing was provided by six international commercial banks, with Société Générale acting as financial adviser and mandated lead arranger together with Natixis as co-mandated lead arranger, and DNB, ICBC, ING and Standard Chartered participating as lenders, with support from the export credit agencies Finnvera and Sinosure. The project represents a significant milestone for Finland and the European battery value chain by strengthening Europe’s domestic supply of cathode active materials, a key component in lithium-ion batteries for electric vehicles and energy storage applications. Once the first phase of the project is operational, the Kotka facility is expected to produce approximately 60,000 tonnes of cathode active material annually, making it one of the largest CAM production plants in Europe and supplying leading battery manufacturers across Europe.
Case published 21.7.2026
Delta Capacity – Acquisition of BESS Project
We acted as Finnish legal advisor to Delta Capacity in connection with its acquisition of the ready-to-build Karppio battery energy storage system (BESS) project from Helios Nordic Energy. The acquisition was made and the project will be implemented together with Strioga Family Foundation. The Karppio BESS project is located in Teuva, Finland, and has a capacity of 125 MW / 300 MWh. Delta Capacity will lead the remaining development of the project through to commissioning, planned for 2027, and will serve as long-term asset manager. Delta Capacity is a Swiss-based developer of utility scale battery storage systems. The acquisition adds to Delta Capacity’s growing Nordic portfolio.
Case published 20.7.2026
Swedbank – Refinancing of Trophi’s Finnish retail real estate portfolio
We advised Swedbank AB (publ) on the refinancing of a large Finnish retail real estate portfolio owned by Trophi’s Finnish subsidiaries. Trophi is the leading Nordic real estate company focusing on grocery anchored retail properties, with 278 properties across Sweden and Finland. Finland is a market that continues to develop and is also strategically important for Trophi, accounting for approximately 30% of Trophi’s letting and property value.
Case published 17.7.2026
HANZA – Acquisition of Fortaco Finland’s heavy mechanics and assembly business
We are acting as Finnish legal advisor to HANZA in connection with its acquisition of Fortaco Finland’s heavy mechanics and assembly business. The transaction is structured as a combined asset and share acquisition and includes Fortaco Finland’s heavy mechanics and assembly operations in Finland, as well as shares in two Estonian and two Polish subsidiaries. The transaction is expected to close during the fourth quarter of 2026, subject to customary closing conditions, including regulatory approvals. Founded in 2008, HANZA is a Swedish mechanical engineering and electronics contract manufacturing company listed on the Nasdaq Stockholm main list. HANZA has approximately 5,000 employees and annual sales of SEK 10 billion. We advise HANZA on this transaction in collaboration with the Swedish law firm Lindahl.
Case published 15.7.2026