Carola Lindholm

Partner, Member of the Finnish Bar

Services

  1. Private M&A
  2. Corporate Governance
  3. Private Equity

Contact details

I am a Partner in Castrén & Snellman’s Private M&A practice with more than 25 years of experience and involvement in numerous divestments, acquisitions, mergers and joint ventures. My work focuses on complex deals in the energy, renewables, green transition, circular economy, infrastructure and logistics sectors — areas where regulatory change, capital intensity and strategic timing shape outcomes. I also advise Finnish and international investors on cross-border mandates across a broad range of other industries.

Clients turn to me for strategic M&A advice and commercially grounded guidance. I am a pragmatic, solution oriented negotiator who pushes deal strategy into action. I navigate complex dynamics and use the momentum of each negotiation to advance client interests and keep deals moving.

Why M&A? I genuinely enjoy working with clients to build and execute their growth strategies. With streamlined project management and a hands-on, disciplined approach, I deliver clarity, momentum and results — on time and on budget.

Latest references

Gasum – Acquisition of NSR Biogas AB and Liquidgas Biofuels Genesis AB
We advised Gasum when it acquired 100% of the shares in NSR Biogas AB and the remaining 1/3 of the shares in Liquidgas Biofuels Genesis AB. Gasum has already been the majority owner of Liquidgas Biofuels Genesis AB since 2023 and is now acquiring full ownership. Gasum is a Nordic gas sector and energy market expert. Gasum offers cleaner energy and energy market expert services for industry and for combined heat and power production as well as cleaner fuel solutions for road and maritime transport. The company helps its customers to reduce their own carbon footprint as well as that of their customers.
Case published 5.6.2025
KKR – Acquisition of Karo Healthcare
We acted as Finnish legal adviser to KKR in connection with its acquisition of the entire share capital of Karo Healthcare from EQT. The transaction follows Karo’s significant strategic transformation from a Nordic specialty pharma business into a leading pan-European consumer healthcare platform, with an attractive product portfolio spanning core categories such as Skin Health, Foot Health, and Intimate Health, as well as Digestive Health and Vitamins, Minerals & Supplements. KKR & Co. Inc. (NYSE: KKR), is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds.  Completion of the transaction is subject to customary conditions and regulatory approvals. The transaction is expected to close in the coming months.
Case published 17.4.2025
Gasum – Construction and chartering of a new bunker vessel
We advised Gasum in a Joint Venture project concerning the construction and chartering of a new LNG and bio-LNG bunker vessel. The vessel called Celsius will serve Gasum’s customers starting 2027. The investment is part of Gasum’s strategy to secure the availability of LNG and bio-LNG to its customers in the Northwestern European area as demand increases in the coming years. The vessel is owned by a joint venture between Gasum and the Swedish shipping company Sirius Shipping. The vessel is being built by RMK Marine in Istanbul, Turkey. Gasum is a Nordic gas sector and energy market expert. Gasum offers cleaner energy and energy market expert services for industry and for combined heat and power production as well as cleaner fuel solutions for road and maritime transport. The company helps its customers to reduce their own carbon footprint as well as that of their customers. Sirius is a Swedish shipping company founded by the Backman family. Sirius operates 11 product/chemical tankers and 2 LNG tankers and has a further 3 product/chemical tankers under commercial management.
Case published 11.3.2025
City of Pori – Sale of 49% stake in Pori Energia to Polhem Infra
Castrén & Snellman is acting as the legal advisor to the City of Pori in its sale of a 49% stake in Pori Energia to Polhem Infra. Pori Energia, a multi-utility company, operates in various sectors including district heating, electricity distribution, and electricity generation through CHP and renewable sources. The company also provides wind power services and industrial energy solutions in the Satakunta region. This strategic partnership between the City of Pori and Polhem Infra aims to enhance Pori Energia’s financial stability and investment capabilities, enabling the company to further its efforts in the energy transition and continue delivering high-quality energy services to its customers. Polhem Infra, owned by Swedish state pension funds, focuses on investments in critical infrastructure, including renewable electricity generation, energy storage, energy distribution, digital infrastructure, and transport infrastructure. The transaction values Pori Energia at EUR 905 million. 
Case published 31.1.2025
Fortum – Acquisition of a project development portfolio for renewable power from Enersense
We are acting as a counsel to Fortum in a transaction in which Fortum is strengthening its renewable power project pipeline through the acquisition of a project development portfolio from Enersense. The debt-and-cash free purchase price is approximately EUR 9 million, with the potential for project-specific earn-outs subject to projects successfully reaching a final investment decision in the future. The transaction is subject to customary closing conditions and is expected to be completed during the first quarter of 2025. Fortum is a leading Nordic energy company with the purpose to power a world where people, businesses and nature thrive together. Fortum’s core operations comprise of efficient, CO2-free power generation as well as reliable supply of electricity and district heat to private and business customers. The company is listed on Nasdaq Helsinki. One of Fortum’s strategic targets is to develop at least 800 MW of ready-to-build onshore wind and solar projects by the end of 2026.
Case published 19.12.2024
Gasum – Acquisition of Hærup Biogas
We advised Gasum Oy in its acquisition of 100% of the shares in Hærup Biogas ApS, which owns and operates a biogas plant in the northern part of mainland Denmark. This acquisition marks Gasum’s first biogas plant in Denmark, expanding its biogas production portfolio. Gasum’s strategic goal is to bring seven terawatt hours of renewable gas to the Nordic market yearly by 2027. The acquisition is one step towards achieving the strategic goal. Gasum is a Nordic gas sector and energy market expert. Gasum offers cleaner energy and energy market expert services for industry and for combined heat and power production as well as cleaner fuel solutions for road and maritime transport. The company helps its customers to reduce their own carbon footprint as well as that of their customers. 
Case published 3.12.2024
VR-Group – Sale of road logistics business to investment company Mutares
We acted as legal advisor to VR-Group Plc in their strategic decision to sell their road logistics business to the investment company Mutares. This transaction supports VR’s focus on rail transport in freight traffic. The road logistics business, which generated a revenue of approximately EUR 80 million in 2023, will be transferred to a newly established company under Mutares. The business unit employs around 75 people who will transition to the new company.
Case published 18.11.2024
Fortum – Sale of recycling and waste business
We acted as the lead counsel to Fortum in a cross-border transaction in which Fortum sold its recycling and waste business. The business was sold to thematic impact investing firm Summa Equity through its portfolio company NG Group. The debt-free purchase price is approximately EUR 800 million.  Fortum’s recycling and waste business to be sold comprises municipal and industrial waste management and end-to-end plastics, metals, ash, slag and hazardous waste treatment and recycling services. These businesses are located in Finland, Sweden, Denmark and Norway and currently employ approximately 900 employees.
Case published 18.7.2024
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