Karlo Siirala

Jolt Capital and Tesi – Investment in VEV

We advised Jolt Capital and Tesi in connection with their investment in VEV, a leading provider of commercial fleet electrification solutions. The investment, led by Jolt Capital with Tesi as co-investor, will support VEV’s next phase of growth and expansion across Europe. As part of the transaction, VEV became an independent company following the acquisition of Vitol’s stake in the business. Founded by Vitol, VEV provides integrated fleet electrification solutions combining fleet strategy, charging infrastructure, energy supply and operational services. Through its VEV IQ platform, the company supports more than 6,000 commercial electric vehicles across Europe and has been deployed across more than 600 sites spanning the transport, logistics and waste sectors. Jolt Capital is a private equity firm focused on growth investments in European deeptech companies. Tesi is a Finnish state-owned investment company that promotes Finnish business and economic growth through investments. We advised Jolt Capital and Tesi on the equity financing and structuring aspects of the transaction. International law firm Goodwin advised the investors on the acquisition of VEV.

10.9.2026

Korona Invest – Sale of Innoflame

We advise Korona Invest and the other shareholders of Innoflame Oy on the sale of Innoflame to Sponsor Capital. The transaction makes Sponsor Capital the new majority owner of Innoflame. Korona Invest has been a shareholder of Innoflame since 2021 and, together with the other selling shareholders, has over the past five years supported the company’s growth, development and several strategically significant corporate transactions, through which Innoflame has strengthened its position as Finland’s leading product media company. The ownership change is intended to support Innoflame’s next phase of growth, including its ambition to build a significant European product media company with the capability to expand rapidly into new markets. The transaction is conditional to the customary closing conditions such as authority approvals. Innoflame is one of Finland’s leading product media specialists, helping its clients build a unified brand experience by offering the design, sourcing and management of product media as a single integrated service. Korona Invest is a Finnish private equity firm founded in 2006, specialising in buyout and growth investments in domestic small and medium-sized enterprises. It makes both majority and minority investments, structuring each project to suit the company’s growth strategy.

27.8.2026

Marina Group – Acquisition of Iisiveneily and Porvoon Venekorjaamo

We advised Hopeasalmen Telakka Oy, part of Marina Group, on the acquisitions of Iisiveneily and Porvoon Venekorjaamo. The transactions form part of Marina Group’s expansion into the Finnish marina and boatyard sector, strengthening its position under the Quattro Marine brand. Following the acquisitions, Quattro Marine’s Finnish operations comprise Hopeasalmen Telakka, which operates boatyard facilities in Helsinki’s Mustikkamaa and in Tolkkinen, Porvoo, together with Iisiveneily and Porvoon Venekorjaamo. Marina Group is a Norwegian marina and boatyard consortium owned by the private equity sponsor Norvestor. It has grown rapidly through acquisitions to become the Nordic region’s largest boating services provider, having acquired 24 marinas and boatyards across Norway, Sweden and Finland within roughly a year.

24.8.2026

Efima – Sale of financial management services business

We advised Efima Oyj on the sale of its financial management services business to Rantalainen as part of its strategic focus on fully concentrating on the delivery of business applications as well as data and AI solutions. As a result of the transaction, customer contracts related to financial management services and 65 experts working in these services will transfer to Rantalainen. The transaction will be carried out as a transfer of business, and the experts will move to the new owner as existing employees. 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.

12.6.2026

Ugly Duckling Ventures – EUR 6.5 million funding round of Skyfora

We advised lead investor Ugly Duckling Ventures on the EUR 6.5 million funding round of Skyfora. The round also included Eviny Ventures, LUMO Labs and EIC Fund, alongside non-dilutive funding from Business Finland. The investment will support the commercial scale-up of Skyfora’s weather intelligence solutions, the expansion of partnerships with telecom operators, forecasting providers and meteorological institutions, and the continued growth of the team. Skyfora is a Finnish company developing high-resolution weather data solutions using patented technology that extracts atmospheric data from GNSS receivers embedded in existing infrastructure, such as telecom networks. By unlocking previously untapped data sources, Skyfora enables the next generation of AI-driven weather forecasting and supports improved decision-making across weather-sensitive industries. Ugly Duckling Ventures is a Copenhagen-based venture capital firm focused on early-stage Nordic B2B technology companies, with an emphasis on medtech, resilience tech and business services.

10.6.2026

General Atlantic – ICEYE’s EUR 1 Billion Series F Funding Round

We advised General Atlantic as the lead investor on ICEYE’s EUR 1 billion series F funding round, valuing the company at over EUR 10 billion. ICEYE raised EUR 450 million (USD 520 million) in a primary Series F funding round led by General Atlantic. Additional investors included Solidium, Tesi, Varma, Ilmarinen, Lifeline Ventures, Nokia, Qatar Investment Authority (QIA) and TCV. Together with a secondary placement, the total fundraising exceeds EUR 1 billion. ICEYE is the world leader in sovereign intelligence from space, providing continuous monitoring capabilities to detect and respond to changes in any location on Earth. The company operates the world’s largest and most advanced Synthetic Aperture Radar satellite constellation. General Atlantic is a leading global investor with more than four and a half decades of experience providing capital and strategic support for over 885 companies throughout its history. As of March 31, 2026, General Atlantic manages approximately USD 126 billion in assets across its investment strategies. We advised General Atlantic on this transaction in collaboration with the international law firm Paul, Weiss, Rifkind, Wharton & Garrison.

9.6.2026

NATO Innovation Fund – Kelluu’s EUR 15 million Series A funding round

We advised the NATO Innovation Fund as lead investor on Kelluu’s EUR 15 million Series A funding round, with participation from Keen Venture Partners, Gungnir Capital, and Tesi. Kelluu is a Finnish deep tech company operating the world’s largest autonomous airship fleet. We advised NIF on this transaction alongside global law firm Latham & Watkins.

17.4.2026

Taaleri – Acquisition of a majority stake in Nordic Science Investments

We are acting as legal adviser to Taaleri Plc on its acquisition of a 51 per cent ownership stake in Nordic Science Investments Oy (NSI), marking Taaleri’s expansion into deeptech-driven venture capital. Through the transaction, Taaleri broadens its private equity offering into early-stage venture capital funds as well as the commercialisation and scaling of research-driven innovations. NSI is a Finnish venture capital fund manager operating across the Nordic and Baltic regions, focusing on early-stage investments in research- and science-based technologies. Its portfolio companies develop, among other things, health technologies, life sciences, advanced materials and AI-driven solutions. In addition to providing growth capital, NSI supports spin-out companies with strategic guidance, access to networks and assistance in building teams during the early phases of business development. NSI’s first fund, the EUR 45 million NSI Nordic Science I Ky, was established in 2024 and has to date invested in 22 early-stage companies in Finland, Sweden and the Baltic countries. Taaleri is a specialist in investments, private asset management and non-life insurance, with a strong position in renewable energy, bioindustry and housing investments as well as credit risk insurance. Taaleri has EUR 2.7 billion of assets under management in its private equity funds, co-investments and single-asset vehicles, employs approximately 130 people and is listed on Nasdaq Helsinki. The founders of NSI will continue in their operational roles following the transaction. The completion of the transaction is subject to approval by the FIN-FSA.

13.4.2026

Aurevia and Labquality – Strategic reorganisation

We advised Aurevia Oy, a portfolio company of French private equity sponsor Mérieux Equity Partners, in a strategic reorganisation that involved splitting Aurevia and its parent companies into two independent groups of companies and reorganisation of its existing debt-financing arrangements. Following the reorganisation, the newly formed Aurevia continues as a leading provider of Contract Research Organization (CRO) and Quality Assurance and Regulatory Affairs (QARA) services, while the newly formed Labquality focuses on delivering External Quality Assessment (EQA) services. Aurevia serves operators in the medical devices, in vitro diagnostics and pharmaceutical sectors. Labquality’s customers include clinical laboratories and social and healthcare organisations. The reorganisation positions Aurevia and Labquality to allocate investments more effectively, accelerate growth within their respective customer segments, and respond to evolving market and client needs. The transaction was implemented through multiple parallel demergers and required comprehensive legal and tax structuring across several jurisdictions. Our team supported Aurevia throughout the planning and implementation phases, covering corporate, tax, employment law, and regulatory matters, as well as the optimisation of each group’s financing structure.

7.4.2026

CapMan Growth – Investment in Kuntokeskus Liikku

We are assisting CapMan Growth in its significant investment in Kuntokeskus Liikku, a Finnish gym chain known for its high-quality self-service facilities and excellent value for money. The investment will further strengthen Liikku’s position as a market leader and support the continued execution of its growth strategy. Liikku is one of Finland’s leading fitness chains, with more than 70 locations across the country serving nearly 90,000 members. The company’s concept is to offer high-quality self-service gyms at an exceptionally competitive price point which, combined with strong operational efficiency, provides a solid foundation for profitable growth. The company’s main shareholder is COR Group, a long-time partner of CapMan Growth, and a Finnish health and wellness conglomerate known for active ownership and long-term value creation. CapMan Growth is a leading Finnish growth investor that makes significant investments in entrepreneur-led growth companies with a turnover of €10–200 million. CapMan Growth is part of CapMan, which is a leading Nordic private equity investor engaged in active value creation work. CapMan has been listed on the Helsinki Stock Exchange since 2001.

27.2.2026

General Catalyst – ICEYE’s EUR 150 Million Series E Funding Round

We advised General Catalyst as lead investor on ICEYE’s EUR 150 million series E funding round, valuing the company at EUR 2.4 billion. ICEYE is the world leader in synthetic aperture radar (SAR) satellite systems and operates the largest SAR constellation globally. Its technology delivers objective, near real-time Earth observation in any weather or light conditions, enabling governments and institutions to manage risks and respond faster. General Catalyst is a global investment and transformation company, partnering with leading entrepreneurs to build toward global resiliency and applied AI. Its portfolio includes companies such as Airbnb, Snap, Stripe, Mistral AI, Hubspot, Anduril, Helsing and Legora. We advised General Catalyst on this transaction in collaboration with the US law firm Goodwin.

8.12.2025

CapMan Growth – Investment in restaurant chain Factory

We are assisting CapMan Growth in making a significant investment in Factory, a Finnish restaurant chain known for its high-quality homemade meals and excellent value for money. The investment supports Factory’s ambitious growth strategy to expand nationwide and strengthen its presence also in shopping centres. Industry veteran Aku Vikström also joins as a co-investor and member of the board to support the company. Factory is a restaurant chain that specialises in high-quality homemade meals. In addition to buffet offerings, Factory provides catering services for meetings and events. All dishes are prepared in Factory’s own restaurant kitchens by the restaurants’ own chefs, and the menu focuses on diverse, high-quality home cooking. The company currently operates 22 restaurants in Southern Finland and employs around 200 people. CapMan Growth is a leading Finnish growth investor that makes significant investments in entrepreneur-led growth companies with turnover of €10–200 million. CapMan Growth is part of CapMan, which is a leading Nordic private equity investor engaged in active value creation work. CapMan has been listed on the Helsinki Stock Exchange since 2001.

2.12.2025

Stena Line – Acquisition of NLC Ferry (Wasaline)

We are acting as legal adviser to Stena Line on its acquisition of NLC Ferry Ab Oy (Wasaline), strengthening Stena Line’s position in the Baltic Sea and enabling it to take over operations of the ferry route between Umeå in Sweden and Vaasa in Finland. The acquisition further strengthens Stena Line’s position as one of the leaders in sustainability within the ferry industry and enhances the company’s access to alternative fuels whilst providing a strong intermodal transport link towards Gothenburg and Trelleborg, and onwards to the European continent. NLC Ferry, operating under the auxiliary name Wasaline, were owned by Kvarken Link, a company jointly owned 50/50 by the cities of Umeå and Vaasa. Wasaline is the world’s northernmost shipping company, operating daily passenger and freight services between Vaasa, Finland and Umeå, Sweden, and is the first carbon-neutral ferry operator in the Baltic Sea with its hybrid vessel, Aurora Botnia, which runs on biogas and batteries. Stena Line is one of Europe’s leading ferry operators, with 20 routes across the continent. The company is family-owned, was founded in 1962 and is headquartered in Gothenburg, with 6,550 employees and an annual turnover of 19.6 billion SEK. The transaction is conditional to the approval of the respective municipal councils of Umeå and Vaasa as well as customary closing conditions such as authority approvals. The completion of the transaction is expected to take place in the beginning of the year 2026. Castrén & Snellman is collaborating with CMS Wistrand, Stena Line’s advisor on Swedish law matters in connection with the transaction.

4.11.2025

Netel Group – Sale of Finnish Operations

We advised Netel Group, a Nasdaq Stockholm-listed contracting company, on the sale of its Finnish operations, Netel Oy, to a group of private investors. The divestment forms part of Netel Group’s strategic realignment. In January 2025, Netel Group announced its decision to exit the Finnish market in order to concentrate on its core markets in Sweden and Norway and growth markets in Germany and the UK. Netel Group is a leading provider of services in the development and maintenance of critical infrastructure within Infraservices, Power and Telecom across Northern Europe. The company has been listed on Nasdaq Stockholm since 2021.

1.7.2025

Efima – Acquisition of Sparta Consulting

We acted as legal adviser to Efima Oyj in its acquisition of the entire share capital of Sparta Consulting Oy, a leading data management consulting firm. The acquisition strengthens Efima’s position as a strategic development partner for large and medium-sized enterprises and supports the company’s growth strategy and ability to meet the growing demand for intelligent, data-driven business solutions. Founded in 2012, Sparta Consulting specialises in comprehensive information management, and its clients are primarily large Finnish companies in the banking and insurance, energy, and telecommunications sectors. Efima Oyj is a Finnish digital company that promotes the growth of large and medium-sized enterprises by streamlining and automating business processes and creating competitive advantage through innovative use of artificial intelligence and data. The company has over 250 experts in Helsinki and Tampere.

3.6.2025

eQ Fund Management Company Ltd – Structural Arrangement Related to Residential Funds

We acted as legal advisor to eQ Fund Management Company Ltd in a structural arrangement in which Special Investment Fund eQ Residential Fund and Special Investment Fund eQ Residential Fund II transferred their assets to the newly launched Special Investment Fund eQ Residential Fund III. In connection with the arrangement, eQ Residential Fund III raised 37 million euros in new capital, and its fundraising will continue throughout 2025. The portfolio of eQ Residential Fund III consists of 19 residential properties completed between 2021 and 2024, comprising nearly 1,400 apartments located in the Helsinki Metropolitan Area, Turku, and Tampere.

21.5.2025

Milexia Group – Acquisition of business of Alpha Positron

We advised Milexia Group, a portfolio company of the French PE sponsor Crédit Mutuel Equity, on its acquisition of the activities of Alpha Positron Oy, a Finnish distributor specializing in GPS/GNSS, time and frequency solutions for the electronics industry, process automation, corporate IT, defense, and other demanding markets. Milexia Group is one of the world’s leading European suppliers for high-quality electronic components, systems and scientific instruments technology. It has offices, warehouses and technical centres in France, Italy, Spain, the United Kingdom, Germany, Nordics and Hong Kong. The acquisition aligns with Milexia’s strategy to expand its presence in the Nordic region and enhance its portfolio of communication solutions.

24.4.2025

Savings Banks Group – Sale of Sb Life Insurance

We advised the Savings Banks Group on an arrangement whereby the shares in Sp-Henkivakuutus Oy were sold to Henki-Fennia and at the same time the parties agreed on a long-term distribution cooperation for insurance savings and loan protection products. The closing of the transaction remains subject to regulatory approvals. Sb Life Insurance is a domestic life insurance company, established in 2007, offering insurance savings and risk insurance products to private customers and companies. The Savings Banks and Oma Säästöpankki Oyj act as agents for Sp-Life Insurance. Henki-Fennia is a subsidiary of Keskinäinen Vakuutusyhtiö Fennia, specialising in voluntary life, pension and savings insurance.

11.4.2025

Readpeak – Capital Investment

We advised Readpeak in an arrangement where Finnish growth fund Voland Partners made an investment in Readpeak. Readpeak is a service platform specialising in native advertising for purchasing, designing, and targeting the distribution of advertising space. Readpeak has quickly risen to a leading position with its platform solution, which enables an easy way to target and schedule communications as part of the news feed on media sites. Readpeak is a company founded in Helsinki in 2014, which has since expanded to nine European market areas and collaborates with over a thousand publishers. Readpeak redefines content-driven advertising using advanced machine learning models, creating added value for both quality media and journalism. Voland Partners is a minority investor specialising in the development of technology companies, with a mission to work together with entrepreneurs to build successful companies responsibly, creating success stories that benefit the entire society. Readpeak is Voland Partners’ sixth investment target, into which the fund company is investing from its first growth fund of 57 million euros.

10.4.2025

Ugly Duckling Ventures – Investment in Clock & Cloud

We represented Ugly Duckling Ventures in the EUR 1.5 million pre-seed funding round of Clock & Cloud, with a EUR 0.2 million tail-end reserved for a potential strategic investor. The funding will support the product development and commercial expansion of Clock & Cloud. Ugly Duckling Ventures led the funding round, with participation from the company’s existing investor Icebreaker.vc. Ugly Duckling Ventures is a venture capital fund based in Copenhagen, Denmark, that focuses on seed and pre-seed stage investments in Nordic ventures. Clock & Cloud is a Finnish software company founded by a diverse team with backgrounds in geopolitical intelligence, military strategy, business development, and software engineering. Their AI-powered geopolitical intelligence platform helps enterprises make sense of global complexity by turning real-time geopolitical events into actionable business intelligence.

28.3.2025

KoBold Metals – Earn-In Agreement with Aurion Resources

We advised KoBold Metals on the Finnish legal and tax aspects related to its earn-in agreement with Aurion Resources. Under the agreement, KoBold (through its wholly owned subsidiary KoBold Exploration Finland Oy) can earn an undivided 75% interest in commodities discovered (other than any discoveries that are predominantly gold or silver), by incurring USD 12 million in exploration expenditures on or before the fifth anniversary of the date of signing the agreement. The exploration area covers approximately 35 km2 in Aurion’s 100% owned 160 km2 Risti Property in Sodankylä, Finland Following satisfaction by KoBold of the earn-in requirements, a joint venture will be established with KoBold owning 75% and Aurion 25%. KoBold Metals Company is a US-based exploration and mining company, supported by high profile investors such as Breakthrough Energy Ventures, Andreessen Horowitz, and Equinor. It combines expertise in geosciences with artificial intelligence, machine learning, and data science to improve and accelerate the exploration process in search of the critical minerals necessary for the global energy transition.

26.3.2025

eBrands – Funding round

We assisted eBrands Holdings Oy in its latest funding round, during which the company raised 7.5 million euros. The new funding brings the company’s total raised capital to 50 million euros. The latest funding round was mainly led by the family investment company Veikko Laine, Varma Pension Fund, and operational shareholders. The funding will be used to develop eBrands’ AI-based Apollo market growth tool, which helps brands expand into sixty different markets and sales channels without local infrastructure or heavy investments. eBrands is an export platform that grows consumer brands globally through e-commerce and major retail channels. Specializing in the US and European markets, eBrands enables brands to internationalize with an export service model that reduces the risk and complexity associated with expansion by leveraging advanced technology. Founded in 2020, the Helsinki-based company’s team includes 75 people, and the company’s revenue exceeds 35 million euros.

11.3.2025

Ugly Duckling Ventures – Investment in Skyfora

We represented Ugly Duckling Ventures in the EUR 4 million seed funding round of Skyfora. The investment will support the deployment of Skyfora’s advanced weather intelligence solutions, including their state-of-the-art Telecom GNSS Meteorology solutions. Ugly Duckling Ventures led the funding round alongside LUMO Labs, and other investors included, among others, Voima Ventures and EIC Fund. Ugly Duckling Ventures is a venture capital fund based in Copenhagen, Denmark, that focuses on seed and pre-seed stage investments in Nordic ventures. Skyfora is a Finnish weather intelligence company that provides next-generation AI-powered weather forecasting and data collection solutions. Their innovative Telecom GNSS Meteorology solutions are designed for optimizing the performance of AI weather forecasts improving global climate change resilience and weather-insight across industries.

4.3.2025

Sanok Rubber Company S.A. – Sale of a minority stake in Teknikum Group

We advised Sanok Rubber Company S.A. in connection with a transaction where the Polish International Development Fund 2 FIZ AN acquired 30% of the shares in Teknikum Group Ltd from Sanok Rubber Company S.A. Teknikum Group is a European polymer technology company serving industrial customers in need of reliable rubber, plastic, silicone, polyurethane, and foam solutions. The group has approximately 600 employees and operates four production plants in Finland and one in Hungary, and a sales office in Germany. Sanok Rubber Company S.A. is the European leader in the field of rubber products, rubber-to-metal articles and combination of rubber with other materials for the automotive, construction, agriculture, pharmacy and household appliances. Sanok Rubber Company S.A. is listed on the Warsaw Stock Exchange and employs more than 3,000 people in Europe and North America. Polish International Development Fund 2 FIZ AN is one of two specialised foreign expansion funds managed by PFR TFI. The fund’s aim is to co-finance foreign investments of Polish companies. We advised Sanok Rubber Company S.A. together with the Polish law firm Rymarz Zdort Maruta.

3.2.2025

Bionto – EUR 4 million seed equity funding

We advised Bionto Oy, a company offering industrial bio-solutions, in a financing arrangement where Korpi Capital made a EUR 4 million seed equity investment in the company. The execution of the investment requires that certain conditions specified in the investment documentation are met. Bionto is a Finnish early-stage biotechnology company that develops and produces sustainable, profitable and safe biotechnological solutions to support the green transition, business objectives and societal goals of various industrial operators.

8.7.2024

BHP – Alliance agreement with Kingsrose Mining Limited

We acted as the Finnish legal advisor for BHP in connection with an exploration alliance agreement entered into between BHP and Kingsrose Mining Limited under which BHP (through a wholly owned subsidiary) will provide funding for regional mineral exploration across areas of interest in Finland. As part of the arrangement announced on 22 May 2024, BHP and Kingsrose entered into two exploration alliance agreements, focusing on nickel and copper exploration in specified regions in Finland and Norway. In Finland, the alliance agreement covers Kingsrose’s four exploration reservations at the Central Finland project in the Kotalahti Nickel Belt, a 400 kilometre long greenstone belt which hosts the past producing Hitura, Kotalahti and Enonkoski nickel mines. The alliances follow from Kingsrose’s successful participation in the BHP Xplor program, a global accelerator program targeting innovative, early-stage mineral exploration companies to find the critical resources necessary to drive the energy transition. BHP is the largest mining company in the world by market capitalisation, producing essential commodities through its assets, including iron ore, metallurgical coal, copper and nickel, and moving into potash.

4.7.2024

BYG4Lab and Keensight Capital – Acquisition of Finbiosoft

We advised BYG4Lab, a portfolio company of the European growth buyout investor Keensight Capital, on its acquisition of Finbiosoft Oy, an innovative software company founded in 2011 with a mission to help laboratories reach higher quality and better efficiency. Founded in 1982, BYG4lab is a leading software company specialised in data management solutions for medical laboratories. The company is headquartered in France and employs nearly 110 people, of which approximately 40% are in R&D. Keensight Capital is a European growth buyout investor with deep expertise in technology and healthcare. Keensight Capital partners with the management teams of fast growing and profitable companies providing capital, strategic guidance and operational support.

14.3.2024

Keensight Capital – Combination of Biovian and 3P Biopharmaceuticals

We advised Keensight Capital on the Finnish law aspects of the combination of Biovian and 3P Biopharmaceuticals, two leading biologics contract development and manufacturing organisations (CDMOs) backed by Keensight Capital, to establish 3PBIOVIAN, a new pan-European leader in its field. The combined group will offer unparalleled end-to-end development and manufacturing services for all protein expression systems and viral vectors, both for drug substance and drug product, from preclinical to clinical development and commercial phases. With over 500 professionals, manufacturing sites in Pamplona-Noáin (Spain) and Turku (Finland) and its commercial office in Boston (USA), 3PBIOVIAN will become one of the main independent European bio-CDMOs. We advised Keensight Capital alongside Paul Hastings, Keensight Capital’s lead legal counsel in the transaction, and Strelia and Garrigues, who, respectively, advised Keensight Capital on Luxembourgian and Spanish legal aspects of the combination.

6.2.2024

Sanok Rubber Company – Acquisition of Teknikum Group

We are advising Sanok Rubber Company S.A. on the acquisition of Teknikum Group Ltd. Teknikum Group is a European polymer technology company serving industrial customers in need of reliable rubber, plastic, silicone, polyurethane, and foam solutions. The group has approximately 600 employees and operates four production plants in Finland and one in Hungary, and a sales office in Germany. Sanok Rubber Company S.A. is the European leader in the field of rubber products, rubber-to-metal articles and combination of rubber with other materials for the automotive, construction, agriculture, pharmacy and household appliances. Sanok Rubber Company S.A. is listed on the Warsaw Stock Exchange and employs more than 3,000 people in Europe and North America. The completion of the transaction, conditional on regulatory approval, is expected to take place in the first half of 2024.

20.12.2023

C&S Insurance Service – Castrén & Snellman’s full-service offering covers all areas of business law for the insurance sector

Castrén & Snellman is the trusted partner for companies in the insurance sector both in Finland and internationally. We have assisted our clients in matters such as obtaining authorisation for activities transactions, such as insurance portfolio transfers and ownership control processes system acquisitions disputes outsourcing arrangements sales, marketing and insurance distribution matters. We have extensive experience in the insurance sector and decades of collaboration with supervisory authorities. We offer our clients our internationally recognised competence, clear thinking and solution-oriented experts.

5.12.2023

Mérieux Equity Partners – Acquisition of Labquality

We acted as the legal and ESG advisor to Mérieux Equity Partners on the acquisition of a majority stake in Labquality through a leveraged buyout by its buyout fund, Mérieux Participations 4. Existing shareholders of Labquality, including Cor Group and the management, will reinvest a portion of their proceeds into the company in connection with the transaction. Headquartered in Helsinki, Finland, Labquality is a Nordic player specialized in EQA, CRO activities and regulatory affairs, with a strong local presence in Central and Eastern Europe. The company provides a comprehensive array of services for the healthcare, medical technology, and pharmaceutical industries. The company, employing over 120 professionals and supported by a network of more than 150 external experts and consultants across its offices in Finland, Germany, and Poland, serves a diverse clientele of over 8,000 customers, including major pharmaceutical companies in over 60 countries. Mérieux Equity Partners (MxEP) is an AMF-accredited management company dedicated to equity investments in the Healthcare and Nutrition sectors. MxEP actively supports entrepreneurs and companies with differentiated products and services, giving them privileged access to its sector expertise and international network. The transaction will enable Labquality to pursue its buy & build strategy in Europe to accelerate its CRO activities while continuing strong and recurring growth in the EQA segment. Labquality will benefit from MxEP’s sector expertise and financial resources to achieve its ambition of becoming a leading European CRO and EQA platform, with fully integrated regulatory consulting capabilities to serve major customers across Europe.

4.12.2023

Voisin Consulting Life Sciences (VCLS) – Acquisition of MedEngine

We advised Voisin Consulting Life Sciences (VCLS) on the acquisition of MedEngine, a leading medical science agency in the Nordics. MedEngine is a digitally minded, premium service provider for the pharmaceutical industry, built upon extensive academic expertise and years of experience in the industry. Founded in 2014, MedEngine has a strong presence across the Nordic countries with offices in Helsinki (Finland), Copenhagen (Denmark), and Stockholm (Sweden). Founded in 1997, VCLS provides end-to-end HealthTech solutions to support biotechnology, pharmaceutical and MedTech manufacturers throughout their product development. With offices in the US, France, UK, Switzerland, Denmark, Madagascar, India, and China, VCLS serves a broad range of developers and investors in HealthTech.

7.11.2023

Speechly – Sale of Speechly to Roblox

We advised the sellers on the sale of Speechly, a Helsinki-based AI voice technology startup, to Roblox Corporation. Speechly, founded in 2016, provides accurate real-time automatic speech recognition and natural language understanding tools and APIs. In 2021, the Finnish news media Talouselämä selected the company as one of the ten most promising Finnish startups. Speechly was admitted to Y Combinator in 2022 and its investors include Cherry Ventures, SNÖ Ventures, TQ Ventures, Seedcamp, Quantum Angels, Joyance Partners, Social Starts and Tiny.vc.

21.9.2023

Biovian – Manufacturing facility project

We acted as advisor to Biovian in a EUR 50 million manufacturing facility project in Turku, Finland. The new facility to be constructed in connection with the project will cover an area of 6,400 sqm and house cutting-edge equipment and advanced technologies to support the development, manufacturing, and testing of ATMP (Advanced Therapy Medicinal Products). It will also feature dedicated Class A to D cleanroom areas for bulk drug substances as well as final drug product manufacture. The construction project is expected to be completed in December 2024. Biovian is a globally operating GMP (Good Manufacturing Practice) contract development and manufacturing organisation (CDMO) of biopharmaceuticals, providing development and manufacturing services from early stage to finished product. Biovian is especially focusing on viral vector production, microbial production of recombinant proteins and GMP plasmid DNA.

30.8.2023

Inventure, Tesi and Presidio Ventures – Algorithmiq’s EUR 13.7 million series A funding round

We advised Inventure, Tesi (i.e. Finnish Industry Investment) and Presidio Ventures on the EUR 13.7 million series A funding round of Algorithmiq, a Helsinki-based growth company developing quantum computing algorithms and solutions for drug development and discovery. The round was led by Inventure, with participation from Tesi, Presidio Ventures, Thames Trust and existing investors. This latest round of investment will enable Algorithmiq to pursue its proof-of-concept work with pharmaceutical companies globally, dramatically reducing the time and cost of drug discovery and development, a process that typically takes around a decade and a billion dollars for a new drug to reach the market. We advised the investors alongside Wilson Sonsini Goodrich & Rosati.

24.8.2023

Triton – Platform investment and formation of Habeo Group

We advised Triton Smaller Mid-Cap Fund II in a new platform investment, the formation of Habeo Group, through its acquisition and financing of eight Finnish companies. After the acquisition, Habeo Group has approximately MEUR 120 in net sales with over 600 experts providing a variety of technical building services, such as heating, plumbing and sewerage, ventilation and air conditioning, electrical works, cooling and refrigeration, fire safety and automation. In line with Habeo Group’s strategy, it has acquired successful, locally operating Finnish group companies and is now Finland’s fifth largest player in the industry. Habeo Group continues to implement its strategy through acquisitions that suit its service portfolio in Finland. The eight Habeo Group companies are the following: Afire Oy – A company that provides its clients with the best fire suppression solutions for different purposes in the market. ESP Group – A group of companies specialised in new building and repair construction, offering all HVAC, electricity and automation services reliably and skilfully. HSK Sähkö Oy – A versatile and flexible full-service electrical contractor operating in all of Finland. Neloset Group – A full-service technical building service and construction company providing housing cooperatives with construction and renovation services from a one-stop shop. Respect Group – A group that serves its clients seamlessly in all their repair construction needs. SFT Finntekniikka Oy – A refrigeration expert that provides comprehensive, high-quality service in refrigeration equipment and cooling systems. Sähkö Oy Turku and Helsinki – A group of electrical engineering companies with a large range of services including design, installation, on-site project supervision and subcontracting. Vaasan Kylmäkone Oy – A company that plans, sells, installs and maintains refrigeration equipment and systems for professional use. Since its establishment in 1997, Triton has sponsored ten funds, focusing on businesses in the industrial tech, services, consumer and healthcare sectors. The companies currently in Triton’s portfolio have combined sales of around EUR 18 billion and employ around 105,000 employees. Triton Smaller Mid-Cap Fund II applies Triton’s proven investment strategy to lower mid-market companies in the same core sectors of Services, Healthcare, Industrial Tech and Consumer, using Triton’s in-house operational capabilities and resources to help management teams to sustainably expand their companies’ market position and to implement their growth strategies.

21.4.2023

LänsiAuto – Sale of Opel Import in Finland and the Baltics

We are advising LänsiAuto in a transaction whereby LänsiAuto will sell its Opel import business in Finland and the Baltics to Auto-Bon Oy, a Bassadone Group company. In the same conjunction, LänsiAuto will sell the Opel dealership it opened in Tallinn earlier this year to AutoHalle OÜ of the Bassadone Group. LänsiAuto is the largest Opel retail dealer in Finland and will continue to retail Opel in Finland in the future as well. LänsiAuto and Bassadone have also agreed that LänsiAuto will become an authorised sales and service partner for Peugeot and Citroën in a number of municipalities in Finland. LänsiAuto is a Finnish automotive group established in 1978. Its turnover is approximately EUR 350 million for the financial year 2022. The group has imported and retailed Opel into Finland and the Baltics. In addition to Opel, LänsiAuto also represents, among others, Toyota, Kia and Mercedes-Benz as a retail dealer and is the Finnish franchising partner of Enterprise, the world’s largest car rental company. LänsiAuto has approximately 500 employees. The transaction is conditional upon the approval of the competition authorities.

29.11.2022

Speechly – Delaware flip and admission to Y Combinator

We advised Speechly, a Helsinki-based spoken language understanding company, on the company’s admission to Y Combinator’s accelerator program and the related corporate and tax matters. We advised Speechly on the rearranging of its existing capital structure into a US holding company by executing a so-called Delaware flip arrangement practically in a tax neutral manner. We also advised on tax and corporate structuring and agreements in relation to the rearrangement and Y Combinator’s investment process. Speechly, founded in 2016, provides accurate real-time Automatic Speech Recognition (ASR) and Natural Language Understanding (NLU) tools and APIs. In 2021, the Finnish news media Talouselämä selected the software company as one of the ten most promising Finnish startups. The company’s previous investors include international venture capital funds such as Cherry Ventures, Seedcamp, Quantum Angels, Joyance Partners, Social Starts and Tiny.vc. Based in Silicon Valley, Y Combinator is a startup fund and one of the world’s leading technology startup accelerator programs. Every six months Y Combinator invests in a group of promising international startups that are admitted to its accelerator program out of over 10,000 applicants. Y Combinator’s investment portfolio includes companies such as Stripe, Airbnb, Dropbox, Doordash and Reddit.

13.9.2022

Evli – EAB Group Merger into Evli

We advised Evli in a transaction in which EAB is going to merge into Evli through a statutory absorption merger in accordance with the Finnish Companies Act. The combination agreement and the merger plans relating to the transaction were signed and announced on 31 May 2022, and the transaction is expected to be completed during the second half of 2022. For this transaction, we drafted the first exemption document in the history of Finland in accordance with Commission Delegated Regulation (EU) 2021/528 and regulation (EU) 2017/1129 of the European Parliament and of the Council. Both Evli and the EAB Group offer wide ranging investment services as well as asset and fund management including alternative investment funds (AIFs). The combination of Evli and the EAB Group is the next step for Evli in its strategic path to become a leader in Nordic wealth management services. The Combined Company resulting from the merger will have an especially strong position among others in wealth management for institutions and in the design and management of incentive and rewards systems.

7.6.2022

Blackstone Growth – RELEX Solutions’ EUR 500 Million Funding Round

Castrén & Snellman, together with Wilson Sonsini Goodrich & Rosati and Taylor Wessing, advised Blackstone Growth (BXG), Blackstone’s growth equity investing business, on the EUR 500 million funding round of Retail Logistics Excellence – RELEX Oy, a Finland-based provider of unified retail planning solutions. The funding round, led by funds managed by Blackstone Growth (BXG), values Relex Solutions at EUR 5 billion and is the largest funding round raised by a Finnish growth company to date. The funding raised allows the company to continue its growth path by hiring hundreds of developers and experts to grow its technical team that already stands at over 400 people strong. RELEX Solutions is a software company that automates and optimizes supply chain, merchandising, and operational decisions for retailers and consumer packaged goods companies. With the rise of both regulations and corporate initiatives to reduce waste and drive social, economic, and environmental benefits, RELEX Solutions is a key partner for companies to reach their sustainability goals without sacrificing customer experience. Headquartered in Helsinki, Finland, the company employs over 1,300 people globally. Blackstone is the world’s largest alternative investment firm with assets under management of USD 881 billion.

17.2.2022

Seraphim Space and Molten Ventures – ICEYE’s USD 136 Million Series D Funding Round

We advised international investors Seraphim Space Investment Trust plc and Molten Ventures on the USD 136 million series D funding round of ICEYE, a Finnish world-leading SAR data provider and expert in NatCat solutions. The round was led by Seraphim Space Investment Trust plc. New strategic investors to ICEYE also include BAE Systems and Kajima Ventures. In addition, Molten Ventures, OTB Ventures, True Ventures, C16 Ventures, Chione Ltd, Services Group of America, the UK’s National Security Strategic Investment Fund (NSSIF), Space Capital and Promus Ventures participated in the funding round. With this latest funding round, ICEYE has raised a total of USD 304 million in financing since 2015. ICEYE owns and operates the world’s largest constellation of SAR satellites and the company has successfully launched 16 satellite missions in total since its first-ever spacecraft was placed into orbit only four years ago. The financing will further accelerate the continued expansion of the world’s largest synthetic aperture radar (SAR) satellite constellation and the growth of ICEYE’s Natural Catastrophe (NatCat) Insights and Solutions offering. Seraphim Space Investment Trust plc (LSE: SSIT) is the world’s first listed fund focused on space technology, investing predominantly to early and growth stage private financed Space Tech businesses. Molten Ventures (LSE: GROW, Euronext Dublin: GRW), formerly Draper Esprit, is one of the most active venture capital firms in Europe, developing and investing in disruptive, high growth technology companies.

4.2.2022

Institutional Investors – Fund Investments

We advised and assisted our Finnish and international clients in dozens of fund investments in 2021. Our clients include pension institutions, asset management companies, fund management companies, foundations, private equity companies and listed companies. Individual fund investments amounted to approximately EUR 10–20 million on the average. Our advice related to both Finnish and foreign fund investments. The funds’ investment strategies varied mainly from different private equity funds (such as buyout, venture capital, private credit) to real property funds (such as real estate, infrastructure) and funds of funds, i.e. funds that invests in other types of funds using various strategies. Our task has been to ensure, in particular, that the commercial and administrative terms of the funds that are invested in are fair to the investor and are in line with customary market practice. To this end, we have negotiated the terms of the funds with fund managers. We have also ensured that the fund investment fulfils the constraints of national regulation applicable to our client and their potential investment policy. We have also advised our clients in other general issues that relate to the due diligence process of fund investments. We have also been actively assisting our clients in fund investments previously over the years. Our experts Antti Vepsä and Karlo Siirala discuss the specific issues relating to fund investments in their blog: Private Equity Fund Legal Due Diligence: How to Conduct It More Efficiently

31.1.2022

Keva – Acquisition of 50% Ownership in Stockholm Exergi by Investor Consortium

We advised Keva in a transaction in which a 50% ownership stake in the Swedish district heating and cooling company Stockholm Exergi Holding AB (publ) will be acquired by a group of long-term European institutional investors. The consortium comprises APG, Alecta, PGGM, Keva and AXA. The total consideration is approximately EUR 2.9 billion based on a 100% enterprise value of approximately EUR 7.1 billion. In 2020, Stockholm Exergi’s heating and cooling sales were 7.6 TWh and power sales 0.7 TWh. The consortium’s investment in Stockholm Exergi represents a significant milestone in their commitment to significantly reduce CO2 emissions. Stockholm Exergi has a fantastic track record of growth, leadership in ESG and delivering and developing customer centric solutions like Carbon Capture and Storage, all of which are driving the long-term sustainable energy transition of Stockholm and the region. The consortium intends to grow the Company by investing significant capital, targeting to enhance the environmental sustainability and efficiency of its heating plants and district heating networks.

1.7.2021

Tesseract – Investment Round

We assisted Tesseract Group Oy, the leading institutional digital asset lending company in Europe and emerging markets, in its USD 25 million Series A investment round. The first funding round in Europe focusing on the sector was led by Augmentum Fintech, a London-based FinTech investment company. Other participants in the round included global venture capital firms BlackFin Capital Partners, Concentric, DN Capital, Jabre Capital Partners Family Office, LeadBlock Partners, and Sapphire Ventures. Industry participants Coinbase Ventures, Wintermute, and Woorton also subscribed to the round. Tesseract is a diversified financial services and investment management innovator in digital assets, powered by world-class technology. Founded in 2017, Tesseract is a forerunner in the ever-evolving digital asset sector and has multi-disciplinary expertise in providing industry-leading solutions in investments, portfolio management, capital markets operations, and blockchain technology. A high-growth, cash-flow positive operation, Tesseract manages hundreds of millions in assets for its customers. Augmentum invests in fast growing fintech businesses that are disrupting the financial services sector. Augmentum is the UK’s only publicly listed investment company focusing on the fintech sector in the UK and wider Europe, having launched on the main market of the London Stock Exchange in 2018, giving businesses access to patient capital and support, unrestricted by conventional fund timelines and giving public markets investors access to a largely privately held investment sector during its main period of growth.

24.6.2021

Exiting Shareholders – Equity Investments by Ilmarinen and Elo in Saka

We represented the exiting shareholders, IAIK Ltd, Kaski Capital Ltd and Eero Kaski, of pre-owned car retailer Suomen Autokauppa Ltd (Saka) in a transaction in which Finnish mutual pension companies Ilmarinen and Elo made equity investments in the company. The investments strengthen Saka’s ownership structure and board and create a strong foundation for the company’s international expansion and for the implementation of its growth strategy. Following the investment, Elo and Ilmarinen will own approximately 19% of the company. The majority of the company is owned by the founding Poukkula family and the company’s management Saka is a leading retail chain focusing on pre-owned passenger cars founded by the Kaski and Poukkula families in 2015. The company’s headquarters are in Oulu and it operates nationwide through 21 stores as well as modern online channels.

19.5.2021

Atomico – Investment in Aiven

We acted as a Finnish local counsel to Atomico as it led a USD 100 million Series C funding round for Aiven, a Helsinki-based software company that combines the best open source technologies with cloud infrastructure. Salesforce Ventures and World Innovation Lab participated in the round as new investors, with existing investors Earlybird Venture Capital and IVP significantly increasing their capital commitment to Aiven. Aiven provides managed open source data technologies, like PostgreSQL, Kafka, and M3, on all major clouds. The company is headquartered in Helsinki and has offices in Berlin, Sydney, Toronto and Boston. Atomico is a European venture capital firm investing in innovative companies around the world. Atomico is headquartered in London and its experienced team includes entrepreneurs and executives from the world’s most successful technology firms.

26.3.2021

OP and C&S – Investing in a Better World

At OP sustainability is everything. When establishing an entirely new kind of impact fund, the leading financial services group trusted Castrén & Snellman’s expertise. An increasing number of investors want to not just make money, but make a difference. ‘This shift in values is particularly clear in younger investors. Sustainability has changed investment activities a great deal. Investing has become more difficult, but also more interesting’, says Tuomas Virtala , CEO, Asset Management, at OP Corporate Bank. The first wave came in the form of ethical and sustainable investing, which focused on either avoiding investments in unethical industries or encouraging companies to act more sustainably. In recent years, sustainable investing has been joined by impact investing, in which global problems are tackled with private money. ‘Impact investing is not about charity but about making a positive impact as well as a competitive profit. It is the only sustainable way to arrange financing to solve global problems’, Virtala says. Demand for Impact Fund Exceeded Expectations OP, Finland’s leading financial services group is a pioneer of impact investing. Last year, OP collaborated with Finnfund to establish Finland’s first impact fund to invest in emerging markets. Finnfund is a development financier that builds a sustainable world by investing in responsible and profitable businesses in developing countries. Finnfund is owned by the Finnish State, Finnvera and the Confederation of Industries. The new impact fund, OP Finnfund Global Impact Fund I, raised 76 million euros in its first round of funding. After the second round, the fund’s size stands at 135 million euros. ‘The investor interest exceeded our expectations. It is clear that investors are keen to promote sustainable development and are excited by the growth potential of emerging markets, despite the ongoing pandemic’, Tuomas Virtala says. The fund is seeking to achieve measurable positive impacts on climate change, food security, gender equality and the availability of financing. The fund’s main industries are renewable energy, financial institutions and sustainable agriculture. ‘By investing in developing markets, we can achieve major impacts. The investments are aimed at first getting the fundamentals in place in the target markets. For example, replacing generators with more sustainable means of producing energy. Once the foundations are in place, we can move on to more demanding projects, such as constructing mobile phone networks.’ Sustainability Part of Every Employee’s Day Establishing a new impact fund is just one example of OP’s sustainability work. ‘Sustainability is an integral part of OP’s strategy and is reflected in the daily work, decisions and activities of everyone at the company’, Tuomas Virtala says. OP’s corporate responsibility programme is framed around four themes: OP aims to foster a sustainable economy, support local vitality and community spirit, improve financial literacy in Finland, and use their intellectual and information capital in a responsible way. According to Virtala, sustainability expertise was previously centralised in a separate asset management unit, but now these experts have been placed in every unit. ‘One unit is no longer enough. Sustainability work and expertise needs to be integrated into every function and throughout the entire value chain.’ In addition to their corporate responsibility programme, each unit in OP has its own responsibility principles. ‘Asset management is a pioneer in promoting sustainability within OP. We provide the company sustainability expertise relating to wealth management and foster this expertise by training our employees and sharing knowledge.’ A Good Partner Knows the Best Practices Castrén & Snellman and OP have a long history of working together. Among other projects, Castrén & Snellman assisted OP in the establishment of Finland’s first impact fund to invest in emerging markets last year. According to Tuomas Virtala, Castrén & Snellman has been a good partner in sustainability work. ‘It is vital that our partners understand the best sustainability practices. A law firm that has a clear vision of the smartest way to do something can help us learn and develop’, Virtala says. It is also important for law firms to anticipate future regulation. ‘The regulation of sustainability matters is constantly developing, and we want to be able to anticipate it as best we can so that we can make sure we are keeping up.’ Some Success Stories from OP’s and C&S’s Shared Journey 2021 OP Financial Group – Sale of Checkout Finland to Paytrail OP Corporate Bank – Financing Arrangement for OP Vuokrakoti OP Corporate Bank – Finance of Acquisition of Profit Software 2020 OP-Public Services Real Estate Fund – Acquisition of Aalloppi Healthcare Property from eQ Finnish Real Estate Caverion Corporation and Manager Banks – Issue of EUR 35 Million Hybrid Bond OP and Finnfund – Establishment of a New Global Impact Fund Danske Bank, Nordea and OP Financial Group – Sale of Automatia Pankkiautomaatit to Loomis Ilmarinen, OP and LocalTapiola – Acquisition of Stakes in REDI and Tampere Central Deck and Arena Project OP Cooperative – Sale and Leaseback of OP Headquarter Campus in Helsinki 2019 OP Corporate Bank – Financing Arrangement for Veho Lenders – Metsä Board’s Bank Financing Facility with Sustainability Targets OP Group – Successful Defence of OP Group in Major FCCA Dominance Investigation OP Corporate Bank – SRV Group’s Issue of EUR 58.4 Million Capital Notes OP Financial Group – Reorganisation of Shareholding in Access Capital Partners Pohjola Health – Sale of Occupational Health Services Business OP Life Assurance Company – Disposal of a Helsinki CBD Property Fund Managed by OP Real Estate Asset Management – Konepaja Hotel Development Project 2018 OP Corporate Bank – EUR 43 Million Financing Arrangement for Kreate OP Corporate Bank and Nordea Bank – Revolving Credit Facility Agreement for Lehto OP Corporate Bank – Financing of the Acquisition of Roima Intelligence OP Financial Group – Sale of Residential Portfolio to Kojamo Group Central Deck and Arena – Pioneering Real Estate Development Project Featuring Finland’s Largest Multi-purpose Arena in Tampere City Centre 2017 OP Toimitilakiinteistö – Acquisition of Modern Logistics Warehouse OP Rental Yield – Acquisition of BREEAM Certified Office Properties 2016 OP Corporate Bank – Financing of Intera Partners’ Acquisition of Sikke Security Oy (formerly ISS Security Oy) OP Property Management – Sale of a Large Real Estate Portfolio to M7 Real Estate Helsinki Area Cooperative Bank – Court Case Concerning Electronic Identification Services Act 2015 OP-Rental Yield – One of Finland’s Largest Real Estate Portfolio Transactions in the 21st Century OP-Pohjola & LähiTapiola – Construction and Development of REDI Shopping Centre and Parking Facilities 2014 OP-Pohjola – Tender Offer for All Shares in Pohjola Bank OP-Rental Yield – Acquisition of a Property Portfolio Comprising Over 20 Residential Properties and Over 800 Housing Units

25.3.2021

Aktia Bank – Acquisition of Wealth Management Operations of Taaleri

We assisted Aktia Bank Plc in its acquisition of the wealth management operations of Taaleri Plc. The deal includes Taaleri Wealth Management Ltd, Taaleri Fund Management Ltd, Taaleri Tax Services Ltd and Evervest Ltd. The purchase price is EUR 120 million (on a cash and debt free basis). In the transaction, assets under management (AuM) amounting to EUR 4.4 billion will be transferred to Aktia according to Aktia’s reporting practice. Aktia’s assets under management will, thus, increase from EUR 10.4 billion to EUR 14.8 billion. As part of the transaction, the parties have agreed on initiating co-operation that supports the strategy of both parties, through which Aktia will be the distributor of Taaleri’s alternative investment products in Finland. The deal supports Aktia’s objective to be the best asset manager in Finland. Together, Aktia and the operations that are being transferred from Taaleri will form one of the leading asset management organisations in Finland. The completion of the transaction is subject to approvals by the Finnish Competition and Consumer Authority and the Financial Supervisory Authority. It is estimated that the transaction will be completed in May 2021. Aktia is a Finnish asset manager, bank and life insurer that has been creating wealth and wellbeing from one generation to the next for 200 years. Aktia serves their customers in digital channels everywhere and face-to-face in their offices in the Helsinki, Turku, Tampere, Vaasa and Oulu regions. Their award-winning asset management business sells investment funds internationally. Aktia employs approximately 750 people around Finland. Aktia’s shares are listed on Nasdaq Helsinki Ltd (AKTIA). Taaleri is a Finnish financial services company, whose parent company, Taaleri Plc, is listed on Nasdaq Helsinki main market. The Taaleri Group comprises three business areas: Wealth Management, Insurance, and Energy. In addition, the Group makes investments from its own balance sheet. At the end of 2020, Taaleri had assets under management totalling EUR 7.6 billion and over 6,000 wealth management customers. Taaleri Plc has some 6,000 shareholders. Taaleri’s operations are supervised by the Finnish Financial Supervisory Authority.

10.3.2021

OP Financial Group – Sale of Checkout Finland to Paytrail

We represented OP Financial Group in the sale of Checkout Finland Oy’s entire share capital to Finnish online payment company Paytrail Oyj, which is part of the international Nets Group. Nets is a leading supplier of payment solutions in the Nordics. OP and Nets have a long history of cooperation. Through this deal, Paytrail and Checkout will form a strong domestic player in a field that is facing intensifying international competition through rapid consolidation. The completion of the transaction is subject to approval from the FIN-FSA. Checkout Finland is a domestic payment gateway service that provides merchants payment solutions both in ecommerce and in store. Checkout’s services are currently in use in over 10,000 Finnish stores and it has forwarded over 12 million payments. Paytrail was established in 2007 and is the largest Finnish online payment service. The company handles payment traffic for over 10,000 online stores. OP Financial Group is Finland’s largest financial services group and is fully owned by its customers. OP Financial Group employs over 12,000 people. It has approximately 3.3 million private customers, 300,000 corporate customers and 2 million owner-customers. OP Financial Group is made up of 137 independent cooperative banks and their central cooperative, OP Cooperative, with its subsidiaries and affiliates. The C&S team included legal experts from our Mergers & Acquisitions, Capital Markets & Financial Regulation, Data & Technology, Tax & Structuring, Competition & Procurement and Employment services.

2.3.2021

Tesi and C&S – Together Towards More Sustainable Investing

Tesi expects sustainability from its investment targets. Castrén & Snellman helps Tesi achieve its sustainability goals. It is increasingly important for law firms to be able to support their clients’ sustainability work. One good example is the long-term collaboration between Tesi, or Finnish Industry Investment Ltd, and Castrén & Snellman, in which sustainability has grown in significance year by year. ‘We expect our partners to help us achieve our sustainability goals. To do that, they need expertise in and insight into sustainability issues and the developing regulatory environment’, said Heli Kerminen , a director at Tesi. Kerminen is responsible for developing the sustainability and impact of Tesi’s investment activities. Among other projects, C&S advised Tesi when it participated in Swappie’s 35-million-euro investment round last year. Swappie refurbishes and sells recycled phones. Its goal is to operate in 18 countries by 2023. Investments Totalling 250 Million Euros in 2020 Tesi is a Finnish is a state-owned investment company investing in venture capital and private equity funds and directly in growth companies. In 2020, Tesi invested a total of 250 million euros. Investments into nine private equity funds made up 82 million of that sum, and 39 million euros were invested into 20 growth companies. In addition, Tesi gave a 65-million-euro investment commitment to the KRR IV fund-of-funds, which it manages, and invested a total of 63 million euros into 24 companies through its COVID-19 stabilisation programme and Venture Bridge programme. Tesi was founded in 1995. Kerminen divides the company’s history into three stages: the first stage focused on building the Finnish venture capital and private equity market, the second on internationalisation and the third began in 2019 with a new strategy that shifted the focus onto social impact. ‘Sustainability is one of our key operating principles and an integral part of our investment and decision-making processes. We encourage companies to grow sustainably by sharing information and expertise with them’, Kerminen said. ‘We believe that Finnish companies have a key role to play in finding sustainable solutions to global challenges.’ A Circular Economy Programme to Promote Sustainable Growth Sustainability can be seen in many parts of Tesi’s operations. Based on the work Tesi has done with the Finnish Innovation Fund Sitra, Tesi created a circular economy programme, which is an investment programme focused on responsible and sustainable growth. The goal of the programme is to promote the circular economy, support the growth and internationalisation of target companies and promote impact investing. Tesi has dedicated 75 million euros to the programme. Tesi’s core mission is to support the growth and internationalisation of companies. Tesi’s mission is also to highlight and promote sustainable investing. ‘We look at the impacts that our investments have on the environment and on society. Profit is not enough for Tesi, we expect investment targets to operate sustainably and to have a positive impact on society’, Kerminen said. Tesi also encourages its portfolio companies to develop sustainable products, services and business models. ‘A great example of a sustainable business model that is going global is Swappie. Swappie sells refurbished smartphones. This reduces harmful environmental impacts by extending the lifecycle of smartphones and also provides social benefits by putting affordable phones on the market’, Kerminen said. Tesi’s and C&S’s shared journey promoting sustainable investing 2020 Establishment of Stabilisation Program for Mid-sized Companies Investment in Varjo Technologies Investment in Swappie 2019 Investment in Endev Investment in Oura Health 2018 Sale of IonPhasE to Croda International Investment in Nosto Solutions Investment in Zervant 2017 Investment in BC Platforms AG Group Co-investment in Midaxo 2016 Co-investment in OptoFidelity Co-investment in Verto Analytics 2015 Co-investment in in Rauma Marine Constructions 2014 Acquisition of Meyer Turku (formerly STX Finland)

10.2.2021

European Insurance Group – Acquisition of Extensive Forest Property Portfolio

We represented a company belonging in an European insurance group in the acquisition of an extensive portfolio of forest properties from United Bankers’ UB Nordic Forest Fund I. In the transaction, all partnership interests in the limited partnership fund were acquired for a total price of approximately EUR 73 million. In addition to forest properties, the purchaser obtained an existing forest management infrastructure. The transaction stems from the insurance group’s desire to grow the share of forest properties in its investment allocation.

23.10.2020

Shareholders of Donier Gastronomie – Sale of Donier Gastronomie

We advised the shareholders of Donier Gastronomie Oy in a transaction where Folmer Equity Fund II Ky, a fund managed by Folmer Management Oy, invested in the company. As of the completion of the transaction, Donier Gastronomie Oy became a portfolio company of Folmer Equity Fund II Ky. The owners of Donier Gastronomie Oy continue as minority shareholders of the company and the company’s founder, Alexandre Donier, continues as the managing director. Founded in 2003 by Alexandre Donier, Donier Gastronomie Oy is a Finnish wholesaler of high-quality food products specialising in the import and wholesale of dairy, meat, seafood and poultry products. The company reports a revenue of approximately EUR 8 million and employs a total of 16 employees in premises located in Helsinki, Tampere and Turku.

22.9.2020

Fennia – Sale of Fennia Asset Management and Fennia Properties to S-Pankki

We advised Fennia Mutual Insurance Company in the sale of Fennia Asset Management Ltd and Fennia Properties Ltd, comprising the asset management and real estate investment management services, to S-Pankki. With the acquisition, S-Pankki will after the closing gain €2.1 billion of new client assets under management. Fennia Group consists of Fennia, specialising in non-life insurance; Fennia Life, offering voluntary life, pension and deposit insurance products; Fennia Asset Management Ltd, offering asset management services and management services regarding alternative investment funds; Fennia Asset Management Ltd’s subsidiary Fennia Property Development Ltd; and Fennia-service Ltd. The Fennia Group’s parent company, Fennia Mutual Insurance Company, is a Finnish non-life insurance company owned by its customers. Its line of business includes statutory and voluntary non-life insurances, which Fennia offers to companies, entrepreneurs and households. In 2019, the Group’s turnover amounted to €996.5 million. S-Bank Ltd is the bank of the S-Group, a Finnish retailing cooperative organisation. At the end of 2019, S-Bank Wealth Management had €9.1 billion under management. As part of S-Group, S-Bank has three million customers. S-Bank offers convenience and benefits by combining bank and retail services. S-Bank is the first so-called supermarket bank in Finland. S-Bank is owned by SOK (37.5%), local cooperative shops under S-Group (37.5%), LähiTapiola Vahinkovakuutus (10%), LähiTapiola Henkiyhtiö (3.5%), LähiTapiolan alueyhtiöt (10%) and Elo (1.5%).

28.5.2020

Wolt – EUR 100 Million Funding Round

We advised Wolt Enterprises Oy as its Finnish counsel in securing a new EUR 100 million round of funding. The round was raised from current investors, including ICONIQ Capital, Highland Europe, 83North and EQT Ventures, with Goldman Sachs’ Growth Equity team joining as a new investor. We previously assisted Wolt in two financing rounds in 2018–2019, in which Wolt raised a total of EUR 137 million of venture capital investments from international and Finnish investors. The purpose of the 2019 round was to fuel growth, marketing and hiring. Since then, Wolt has grown to serve 5 million customers in 22 countries. Wolt is a Finnish technology company operating in the food delivery industry.

19.5.2020

OP and Finnfund – Establishment of a New Global Impact Fund

We represented OP and Finnfund in the establishment of Finland’s first impact fund that will invest into emerging markets. The OP Finnfund Global Impact Fund I will promote the achievement of the UN Sustainable Development Goals in a measurable way while providing an attractive return for investors. As a new type of fund in the Finnish market, the fund will seek systematic and measurable impact, primarily by investing into projects in the fields of sustainable agriculture and forestry, renewable energy and financial institutions. The investments will support mitigating and adapting to climate change, creating sustainable employment, as well as safeguarding affordable and clean energy. The fund will invest in developing countries defined by the OECD. OP Fund Management Company Ltd will act as the Alternative Investment Fund Manager (AIFM) of the fund. OP Financial Group is Finland’s largest financial services group whose mission is to create sustainable prosperity, security and wellbeing for its owner-customers and in its operating region by means of its strong capital base and efficiency. OP Financial Group consists of 143 OP cooperative banks, its central cooperative OP Cooperative, and the latter’s subsidiaries and affiliates. The Group has a staff of 12,000 and 2 million owner-customers. Finnfund is a Finnish development financier and professional impact investor. Finnfund builds a sustainable world by investing in responsible and profitable businesses in developing countries. Each year Finnfund invests 200–250 million euros in 20–30 projects, emphasising renewable energy, sustainable forestry, sustainable agriculture and financial institutions. Today Finnfund’s investments and commitments total about 800 million euros, half of them in Africa. The company has approximately 80 employees.

5.5.2020

Danske Bank, Nordea and OP Financial Group – Sale of Automatia Pankkiautomaatit Oy

We are advising the banks in the sale of the shares of Automatia Pankkiautomaatit Oy to cash handling company Loomis AB. The banks have committed to new long-term service agreements and will continue to be significant customers of Automatia. As part of the transaction, it has been agreed that Nordea and OP will acquire the Siirto brand, which is currently owned by Automatia. Automatia operates and develops the Otto ATM network in Finland and offers nationwide cash supply services to banks. Loomis AB is a listed company specialising in cash handling, with operations in more than 20 different countries. In Finland, the company has ten offices and approximately 500 employees. The completion of the acquisition is subject to approvals by the relevant authorities, including the Finnish Competition and Consumer Authority.

2.3.2020

Danske Bank – Sale of Kiinteistömaailma Oy

We assisted Danske Bank A/S, Finland Branch in connection with the sale of Kiinteistömaailma Oy to a Finnish company owned, directly or indirectly, by Risto Kyhälä, Arto Martonen, Kenneth Kaarnimo and Merasco Real Estate. Founded in 1990, Kiinteistömaailma Oy is the central unit of a Finnish real estate franchise chain that consists of a total of 700 Kiinteistömaailma agents who provide real estate business services in 100 real estate agencies around Finland. Following the completion of the transaction, Danske Bank and Kiinteistömaailma Oy will continue their co-operation through a strategic partnership, with strong emphasis on developing services and customer experience.

4.9.2019

Mutares – Acquisition of Ruukki Building Systems

We advised investment group Mutares AG when its portfolio company Donges Group acquired Ruukki Building Systems Oy and its subsidiaries from Rautaruukki Corporation, a subsidiary of SSAB Group. Closing of the transaction is subject to the approval of relevant competition authorities. Ruukki Building Systems is specialising in the design, manufacture and installation of building frame, envelope and bridge structures out of steel. The company offers heavy steel structures and bridges as well as other types of steel and concrete frame structures to its customers. Ruukki Building Systems operates four production sites in Finland, Poland and Lithuania and it employs some 500 people. Mutares AG shares are listed on the Frankfurt Stock Exchange. Donges Group has been part of the Mutares Group since November 2017. For Donges Group, the acquisition of Ruukki Building Systems allows to complement its existing setup by additional engineering and production know-how in Eastern Europe and to realize synergies within the Group.

4.9.2019

Bitbar – Sale of Bitbar Technologies to Francisco Partners backed Smartbear (US)

We acted as the legal advisor to Bitbar Technologies Oy and the sellers, including Inventure, in Bitbar’s sale process. Bitbar Technologies, the leading provider of testing technology for web and mobile applications, was acquired by Francisco Partners backed SmartBear Software Inc, a US software house. Bitbar is a cloud-based testing platform to automate continuous software delivery. Empowering DevOps teams of all sizes – including Mozilla, WeWork, Google, PayPal, Deutsche Telekom, Square, CBS Interactive, and TomTom. Bitbar Device Cloud is also offered through IBM Cloud as part of its Rational Test Workbench. Bitbar solutions help companies to optimise CI/CD workflows, leverage AI to accelerate the software development lifecycle, and accelerate their transformation into a New Software Organisation. SmartBear is behind the software that empowers developers, testers, and operations engineers at over 20,000 of the world’s most innovative organisations, including Adobe, JetBlue, MasterCard, and Microsoft. More than 6 million people use SmartBear tools to build, test, and monitor software. Francisco Partners is a leading global private equity firm which specialises in investments in technology and technology-enabled businesses. With over $14 billion of capital raised to date, Francisco Partners are one of the largest and most active technology-focused private equity firms in the world.

19.8.2019

Wolt – Two Financing Rounds Totalling EUR 137 Million

We assisted Wolt Enterprises Oy in two financing rounds, in which Wolt raised a total of EUR 137 million of venture capital investments from international and Finnish investors. In the most recent financing round, led by ICONIQ Capital, Wolt secured investments of EUR 110 million. In a previous round led by 83North, closed in 2018, the company raised EUR 27 million. Wolt is a Finnish technology company operating in the food delivery industry. It is currently present in fifteen countries. Over its lifetime, Wolt has raised EUR 150 million of funding.

27.6.2019

VTT – Fund Formation of Voima Ventures Fund II for anchor LP

Castrén & Snellman represented VTT Technical Research Centre as a cornerstone investor in the establishment and fund formation of new €50 million fund focusing on deep technology. Voima Ventures is a truly deep tech fund launched in the spring 2019 and investing across all stages, starting from a spin-off and seed, up to series A and growth. Voima Ventures primarily invests in Finland, the Nordics and the Baltics and combines science-driven innovation together with the Nordic serial entrepreneurial experience and a global mindset. VTT Technical Research Centre of Finland Ltd is a state-owned provider of research and innovation services and information for domestic and international customers and partners, both in the private and public sectors. VTT is part of Finland’s innovation system and operates under the mandate of the Ministry of Economic Affairs and Employment. VTT Group has three subsidiary companies.

30.5.2019

OP Financial Group – Reorganisation of Shareholding in Access Capital Partners

Castrén & Snellman represented OP Financial Group in a transaction where the shareholding of Access Capital Partners was reorganised and Alantra, a global investment banking and asset management firm focused on the mid-market segment, became a new strategic shareholder. Established in December 1998, Access Capital Partners is an independent Private Assets manager, majority owned by its management. With offices in six European countries and aggregate investor commitments of €8.8 billion, Access’ integrated expertise offers exposure to smaller buy-outs, infrastructure, and private debt through funds of funds, direct & co-investment funds and customised client solutions. The team is fully committed to integrating environmental, social and governance best practices into its investment strategies, acknowledging that a responsible investment approach partially mitigates investment risk and enhances long term returns. OP Financial Group is Finland’s largest financial services group, whose mission is to create sustainable prosperity, security and wellbeing for its owner-customers and in its operating region by means of its strong capital base and efficiency. OP Financial Group consists of 156 member cooperative banks, its central cooperative OP Cooperative, and the latter’s subsidiaries and affiliates. The Group has a staff of 12,000 and 1.9 million owner-customers. Alantra is a global investment banking and asset management firm focused on the mid-market with offices across Europe, the US, Asia and Latin America. Alantra’s Asset Management division has €4.4 billion of assets under management (AuM) in Private Equity, Active Funds, Private Debt, Real Estate and Wealth Management. Its Investment Banking division employs over 330 professionals, providing independent advice on M&A, debt advisory, financial restructuring, credit portfolio and capital markets transactions. Alantra is a publicly-traded partnership.

21.5.2019

LänsiAuto – Acquisition of Opel Finland and the Baltic Opel import business

We acted as the legal advisor to LänsiAuto Oy in a transaction in which LänsiAuto became Opel group’s wholesale importer in Finland and the Baltics (Estonia, Latvia and Lithuania) by acquiring Opel group’s Finnish sales company Opel Finland Oy and the Baltic Opel import business which was transferred to Opel Finland Oy in connection with the transaction. The transaction was approved by the Finnish Competition and Consumer Authority on 22 October 2018. The name of Opel Finland Oy has been changed to LänsiAuto Drive Oy. LänsiAuto is a growing and developing automotive group that offers car sales, repair, leasing and rental services. The group’s business has grown strongly in recent years: in 2019 its net sales will exceed EUR 400 million. LänsiAuto imports Opel to Finland and the Baltics and is the Finnish franchising partner of the world’s largest car rental company.

7.1.2019

LänsiAuto – Sale of LänsiAuto’s Volkswagen, Audi and SEAT businesses in Kotka, Kouvola and Lappeenranta

We are advising LänsiAuto Oy in the sale of LänsiAuto’s Volkswagen, Audi and SEAT businesses in Kotka, Kouvola and Lappeenranta to K-Caara Oy, a Kesko group company. The completion of the transaction is subject to approval by the Finnish Competition and Consumer Authority, which is expected to be completed during the first quarter of 2019. The pro forma net sales of the businesses to be sold totalled some EUR 67 million in 2017. LänsiAuto is a growing and developing automotive group that offers car sales, repair, leasing and rental services. The group’s business has grown strongly in recent years: in 2019 its net sales will exceed EUR 400 million. LänsiAuto imports Opel to Finland and the Baltics and is the Finnish franchising partner of the world’s largest car rental company.

7.1.2019

Keensight Capital – Acquisition of Biovian

We acted as advisor to Keensight Capital in its acquisition of a majority stake in Biovian Oy alongside the founders and the managers of Biovian and Edmond de Rothschild Equity Strategies (ERES) funds. Our Private Equity, Tax & Structuring, and Banking & Finance services advised Keensight Capital on all relevant legal, tax, structuring and financing aspects of the transaction. Founded in 2003, Biovian is a leading European GMP (Good Manufacturing Practice) contract development and manufacturing organisation (CDmO) of biopharmaceuticals, providing manufacturing and development services from early stage to finished product. The company provides services to approximately 30 customers, including international biotech and biopharma companies from the E.U., U.S. and South Korea. Keensight Capital is one of the leading European growth buyout firms, having almost 20 years of experience in investing for the long term in profitable companies with high growth potential and revenues in the range of €15 million to €250 million. Keensight Capital has strong expertise in the sectors of internet & information technology and healthcare & wellbeing, and in particular the pharma industry and the CDmO sector.

4.6.2018

Danske Bank – Co-operation between Danske Bank and Mandatum Life continued

We assisted Danske Bank in an arrangement, published on 24 April 2018, which concerns the continuation of the co-operation with Mandatum Life regarding the distribution of Mandatum Life’s insurance products through Danske Bank’s Finnish branch network. The transaction dates back to Mandatum Life disclosing in October 2016 that it would use its right to sell the insurance portfolio distributed by Danske Bank’s Finnish branch network to Danske Bank or a third party appointed by Danske Bank. The agreed arrangement between Danske Bank and Mandatum Life means that the transfer of the insurance portfolio will not take place and instead, the co-operation between the parties will be strengthened. Commission structures in the new co-operation agreement differ from the ones used earlier, and Mandatum Life will pay higher commissions for both new sales and the existing portfolio. The co-operation agreement is valid for five years at a time, but Danske Bank is entitled to extend it for a period of 15 years. Danske Bank also has the right to buy the portfolio in question from Mandatum Life at the end of the arrangement. The agreed transaction is subject to confirmation of its tax treatment. Upon the closing of the transaction, Mandatum Life will receive a transaction price of EUR 197 million from Danske Bank for the arrangement. The amount is subject to corporate tax. The transaction is expected to close within 3 months.

25.4.2018

CapMan – CapMan Growth Equity Fund Formation

Castrén & Snellman represented CapMan in the establishment and fund formation of new MEUR 86 fund focusing on growth investments. The growth investment fund that focuses on minority investments in unlisted companies with strong growth potential. The fund was clearly oversubscribed. The successful fund raising demonstrates the investor appetite for active minority investments. In conjunction with the establishment of the fund CapMan sells its shares in six growth companies to the fund for MEUR 26.6.

13.12.2017

Maillefer International – Sale of Maillefer International

We advised the sellers in the sale of Maillefer International Oy to Davis-Standard, LLC. Maillefer is the global leader in wire, cable, pipe and tube production technologies. Maillefer has more than 240 employees worldwide and a network of independent sales agents in nearly every country. The company has manufacturing and service facilities in Finland, Switzerland, China, Russia, India and Egypt. Davis-Standard, LLC is a global leader in the design, development and distribution of extrusion and converting technology. Davis-Standard has more than 900 employees worldwide and a network of independent sales agents and suppliers in nearly every country. The company has manufacturing and technical facilities in the United States, China, Germany and the United Kingdom.

15.9.2017

Ilmarinen – Etera’s Merger into Ilmarinen

We were the legal advisor to Ilmarinen Mutual Pension Insurance Company in its planned merger with Etera Mutual Pension Insurance Company. Ilmarinen and Etera signed a merger agreement on 29 June 2017 under which Etera will merge into Ilmarinen. The merger will be completed when the general meetings of Ilmarinen and Etera as well as the authorities have approved it. The Finnish Competition and Consumer Authority has already deemed that there is no competition law obstacle to approving the transaction. The plan is to complete the merger on 1 January 2018. The merger will create a solvent and cost-effective earnings-related pension company with the most competitive client benefits in the sector. By combining the strengths of each company, the goal is to build an innovative and agile service company that offers even more diverse and higher-quality services than before. The pension assets of the new company would be more than EUR 44 billion. It would manage the pension cover of more than 1.1 million Finns – the total number of insured coming to over 675,000 and pensioners numbering 460,000.

12.9.2017

Surfactor Germany – Acquisition of the Share Capital of Malesian L.P. Pacific Films

We advised Surfactor Germany GmbH in its acquisition of the entire share capital of L.P. Pacific Films Sdn. Bhd. from Kotkamills Oy. L.P. Pacific Films Sdn. Bhd. is a Malesia-based company that produces and sells phenolic resin impregnated papers to the Asian, Australian, South American and Middle Eastern markets. The acquisition gives Surfactor access to the strategically important Asia-Pacific and South American markets, considerably increasing the company’s growth potential. Surfactor Germany GmbH is a manufacturer of synthetic resin-impregnated surfaces for the plywood, furniture, transport and construction industries. Its parent company, the Kajo Neukirchen Group, is a German family-owned business specialising in investments in companies, real estate and forestry.

21.12.2016

Sp Mortgage Bank – Establishment of Cover Bond Programme and Issue of EUR 500 Million Covered Bond

We advised Sp Mortgage Bank Plc in the establishment of a EUR 3,000,000,000 mortgage covered bond programme. Under the programme, Sp Mortgage Bank Plc may issue covered bonds that may be listed on the regulated market. Sp Mortgage Bank Plc issued on 29 November 2016 an inaugural 5-year EUR 500 million covered bonds due 2021. The issuance was documented under the newly established programme and listed on the Irish Stock Exchange. Credit rating agency S&P assigned ‘AAA’ ratings to Sp Mortgage Bank Plc’s mortgage covered bond programme and inaugural issuance. Sp Mortgage Bank Plc is part of the Savings Banks Group and the Savings Banks Amalgamation. The role of Sp Mortgage Bank Plc is, together with Central Bank of Savings Banks Finland Plc, to be responsible for obtaining funding for the Savings Banks Group from money and capital markets. Sp Mortgage Bank Plc is responsible for the Savings Banks Group’s mortgage-secured funding by issuing covered bonds.

1.12.2016

Cramo – Voluntary Tender Offer of Outstanding EUR 100 Million Bond and New EUR 150 Million Bond Issue

We advised Cramo Plc and Nordea Bank Danmark A/S in the voluntary tender offer of Cramo’s EUR 100 million bond issued in 2012. The tender offer was successfully completed with an uptake of approximately EUR 83.7 million. We simultaneously acted as sole legal counsel to both Cramo as the issuer and Nordea Bank Finland Plc and OP Corporate Bank plc in their capacity as Joint Lead Managers in a new EUR 150 million bond issue. The transactions enable Cramo to reduce its financing costs and simultaneously extend its average debt maturity profile.

25.11.2016

Inventure – Investment in Noona Healthcare

We assisted Inventure, a leading Nordic venture capital company, in its investment in Finnish growth company Noona Healthcare Oy. Noona provides a cloud-based oncology platform for patient-reported outcomes. Inventure manages venture capital funds with over 120 million euros in total capital base. They focus on early stage investments in technology, software and the next generation of digital services.

11.11.2016

Solenis – Acquisition of Nopco Paper Technology

We acted as Finnish counsel for Solenis in its acquisition of Nopco Holding AS and related subsidiaries in Finland and other jurisdictions. The transaction was completed on 12 October 2016, following receipt of customary regulatory approvals in Germany. Nopco produces and supplies advanced chemical solutions for the European pulp, paper, industrial and recycling sectors. Nopco is headquartered in Drammen, Norway, and it has production facilities in Norway, Finland and Spain as well as laboratories and personnel throughout Europe, Asia and South America. Solenis is a leading global producer of specialty chemicals for the pulp, paper, oil and gas, chemical pro-cessing, mining, biorefining, power and municipal markets. Headquartered in Wilmington, Delaware, the company has 30 manufacturing facilities strategically located around the globe and employs a team of approximately 3,500 professionals in 118 countries across five continents.

4.11.2016

Citycon Group – Issue and Listing of EUR 300 million Guaranteed Eurobond

We advised the guarantor, Citycon Oyj, in the issue and listing of a EUR 300 million guaranteed eurobond as to Finnish law. The issuer of the bond is Citycon Treasury B.V. and it was listed on the Irish Stock Exchange. The bond matures in seven years and carries fixed annual interest at the rate of 2.375 per cent.

23.9.2015

Global Tungsten & Powders Corporation – Acquisition of Tikomet Oy

We acted as the legal advisor to Global Tungsten & Powders Corporation (GTP) in its acquisition of Tikomet Oy from Sponsor Capital and Tikomet Oy’s management. The share purchase agreement regarding the transaction was signed on 12 June 2015. The transaction is pending the approval of relevant authorities. Tikomet is one of the leading producers of hard metal powders that apply the zinc recycling process, which is cost-effective and environmentally safe. In 2014, Tikomet Oy had a turnover of EUR 28.2 million. Today, the company has 38 employees. GTP is one of the largest processors of tungsten raw materials in the Western world, with a history dating back to 1916. The company’s headquarters and largest production facility are located in Towanda, Pennsylvania. GTP is a division of the Austrian based Plansee Group. In the 2013/14 fiscal year, the Plansee Group realised consolidated sales of 1.2 billion euros and employed a total of 6,060 people worldwide.

2.7.2015

Meyer Werft and Finnish Industry Investment – Acquisition of Meyer Turku Oy

We acted as the buyer’s legal advisor in a transaction that involved the acquisition of 100% of the shares in Meyer Turku Oy, formerly STX Finland Oy, from STX Europe AS which is part of the group of international shipbuilding companies owned by the South Korean STX Corporation. In addition to Castrén & Snellman, numerous other professional advisors representing different fields and jurisdictions were involved in the various parts and stages of this highly complex transaction project. Meyer Turku Oy is an international shipbuilding company specialised in technologically demanding shipbuilding projects, including the M/S Oasis of the Seas and the M/S Allure of the Seas, Finland’s largest export products and the world’s largest and most innovative cruise ships. These ships were developed and designed at and delivered from the company’s Turku shipyard in 2009 and 2010, respectively. The share purchase agreement regarding the transaction was signed on 24 July 2014, and the transaction was completed on 19 September 2014 after merger clearance from the competition authorities. The successful completion of the transaction is an excellent example of the benefits that our clients gain from the combination of our long-term experience in demanding cross-border transactions and our expertise in a wide range of specialised facets of business law.

3.10.2014

Four Finnish Savings Banks – Issue of a EUR 100 Million Multi-Issuer Bond

We advised Liedon Säästöpankki, Länsi-Uudenmaan Säästöpankki, Nooa Savings Bank Ltd and Säästöpankki Optia in the issue of an unlisted EUR 100 million multi-issuer bond. The bond was issued on 5 May 2014. Pohjola Bank plc and Skandinaviska Enskilda Banken AB (publ) Helsinki Branch acted as the lead managers of the issue.

15.5.2014

ClassNK – Acquisition of the Maritime Software House Napa Oy

We are acting as the Finnish legal counsel of Nippon Kaiji Kyokai (ClassNK), a Japanese ship classification society, in its acquisition of Napa Oy, a Finnish maritime software company, which has a total of 170 employees and had a turnover of 18.4 million in 2013. The share purchase agreement regarding the transaction was signed by ClassNK and the majority of Napa Oy’s shareholders on 17 March 2014. Napa is the world leading software house supplying solutions for ship design and operation with a mission to improve the safety and eco-efficiency of the global maritime industry. Napa’s software is used by various maritime corporations and organisations, such as shipyards, ship owners and operators, charterers, ship designers, classification societies, research institutes, authorities, consultancies and universities. ClassNK is one of the world’s leading ship classification societies, dedicated to supporting the growth and development of the maritime industry and to ensuring the safety of ships, their crews, and the marine environment. With more than 8,500 vessels on its register, ClassNK provides classification and certification services to more than 20% of the world’s merchant fleet.

21.3.2014

Nordea Bank Finland – Castrén & Snellman Advised the Financiers in Metsä Board Corporation’s Issue of a Bond and in Refinancing of a Syndicated Credit Facility

We advised Nordea Bank Finland Plc in coordinating and arranging, together with other lead arrangers Danske Bank A/S, Pohjola Bank plc, Skandinaviska Enskilda Banken AB (publ) and Swedbank AB (publ), a senior unsecured bond of EUR 225 million issued by Metsä Board Corporation mainly to institutional investors. The bond matures on 13 March 2019, and it carries a fixed coupon interest rate of 4.00% per annum. The model terms and conditions for bond issues published by the Confederation of Finnish Industries (EK) were used for the first time in drafting Metsä Board Corporation’s bond terms. Castrén & Snellman was represented in EK’s working group by Partners Tero Tuomisto and Janne Lauha as well as Senior Associate Mikko Heinonen, and both Tero Tuomisto and Mikko Heinonen were also members of the team assisting the financiers in this transaction. In connection with this arrangement, Castrén & Snellman’s team also advised Nordea Bank Finland Plc and other financiers in arranging a new unsecured syndicated credit facility of EUR 250 million for Metsä Board Corporation. Nordea Bank Finland Plc acted as the coordinator and lead arranger, while the other lead arrangers were Danske Bank A/S, Pohjola Bank plc, Skandinaviska Enskilda Banken AB (publ) and Swedbank AB (publ). In addition to the banks mentioned above, Danske Bank Plc and DNB Bank ASA also participated as lenders.

21.3.2014

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