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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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