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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Banyan Software – Acquisition of Carus Ferry
We acted as legal adviser to Banyan Software on its acquisition of Carus Ferry, a Finland-based provider of reservation, check-in and port operations software for ferry and passenger shipping operators. The acquisition further strengthens Banyan Software’s presence in the Nordic region while providing Carus with a long-term partner to support its continued growth and development. Carus was founded in 1998 and is headquartered in Mariehamn on the Åland Islands, Finland. The company develops mission-critical software for ferry, cruise and passenger shipping operators, covering the full passenger journey from booking and ticketing to capacity management, check-in and boarding. Carus also provides port automation, onboard sales systems and business information tools. The company serves approximately 30 operators across four continents and is the largest vendor by customer count in ferry reservation and departure control. Banyan Software is an acquirer and long-term operator of mission-critical software businesses serving specialised industries. Founded in 2016, Banyan follows a buy-and-hold-for-life approach and supports the long-term growth and development of its portfolio companies. Banyan operates more than 130 portfolio companies across North and South America, the United Kingdom, Europe and APAC. Following the acquisition of Carus, Banyan operates three businesses in the Nordic region.
Case published 20.10.2026
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