Finnish tax regulation includes gift and inheritance tax alleviations applicable in donations of business or agricultural activities. These alleviations are normally used in change of generation arrangements. One requirement for application of the provisions is that the recipient or heir actively continues the business or agricultural activity.
17.9.2018
New Case Law Concerning Taxation of Change of Generation in Enterprises and Protection of Legitimate Expectations
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The Finnish Supreme Administrative Court issued a ruling (SAC 2018:122) where it further elaborated the required level of participation in business activity. Further, the SAC discussed the Tax Administration’s liability to protect legitimate expectations of the recipient based on an earlier positive advance ruling statement in a situation when legal practice has changed after that ruling.
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Metsäkonepalvelu – Acquisition of PJP Metsäexpertit
We advised Metsäkonepalvelu Oy in its acquisition of the entire share capital of PJP Metsäexpertit Oy. PJP Metsäexpertit is a Pirkanmaa-based company specialising in forest management and logging. The acquisition will strengthen Metsäkonepalvelu’s operations, particularly in the Pirkanmaa region, and expand its operations. Metsäkonepalvelu is a portfolio company of A. Ahlström Oy, a Finnish family-owned industrial owner. Metsäkonepalvelu provides mechanical timber harvesting services to forest companies, large private forest owners, and the public sector in Finland and Sweden. Metsäkonepalvelu Group employs nearly two hundred forestry professionals.
Case published 6.2.2026
EcoUp – Directed share issue
We acted as legal adviser to EcoUp Oyj in a directed share issue, through which EcoUp raised a total of approximately EUR 3 million in gross proceeds to strengthen the company’s capital structure and finance its growth. The share issue was directed to a limited group of domestic investors, deviating from the shareholders’ pre-emptive subscription right. EcoUp’s shares are traded on the First North Growth Market Finland marketplace maintained by Nasdaq Helsinki. EcoUp promotes the green transition of the construction industry by producing carbon-neutral, energy-efficient and circular economy-based materials, services and technologies that help construction industry players reduce their environmental impact. The company has over 40 years of experience in developing and delivering circular economy solutions to customers.
Case published 29.1.2026
Brookfield – EUR 1 billion holdco financing for DayOne Data Centers
We advised a leading global investment firm Brookfield, alongside a global sovereign wealth investor, on the Finnish law aspects of a EUR 1 billion holdco financing for DayOne Data Centers, a Singapore-headquartered developer and operator of hyperscale data centres. Structured as a seven-year secured holdco financing facility of €500 million, expandable to €1 billion – and secured by DayOne’s Finland platform – the financing will support the rollout of hyperscale developments in Lahti and Kouvola, providing nearly 300MW of planned capacity across Finland. The proceeds will also support DayOne’s global expansion across the EU and APAC, with flexibility to allocate to other key growth markets as required.
Case published 29.1.2026
OP Corporate Bank and SEB – EUR 200 million financing of Sello Shopping Centre
We advised OP Corporate Bank and Skandinaviska Enskilda Banken (SEB) in the EUR 200 million financing of Sello Shopping Centre, one of the Nordic countries’ largest and most diverse shopping centres. The shopping centre is owned by Finnish pension insurance companies Keva, Elo and Ilmarinen. Sello is a pioneer in sustainable development, featuring an intelligent energy system and 2,300 solar panels. The shopping centre holds the highest LEED Platinum environmental certification, becoming the first shopping centre in Europe to achieve this distinction. Sello has demonstrated outstanding operational performance throughout 2025, achieving record visitor numbers and sales figures.
Case published 29.1.2026