Lauri Liljavirta

Finnish industrial company – Decision to waive prosecution for an occupational safety and health offence

We assisted a major Finnish industrial company and two employees of its safety organisation in criminal proceedings concerning an occupational safety and health offence. The accident occurred at a common workplace where several other employers were also operating at the time of the incident. During the criminal investigation, the police suspected, among other things, two employees of the company of having committed an occupational safety and health offence. The police also investigated the company’s criminal liability. We examined the safety practices applied in the company and the common workplace, and the roles of the companies and individuals involved in the incident. We justifiably argued that our clients had acted diligently with respect to their duties. The prosecutor concluded that there were no grounds to prosecute our clients, so the prosecutor decided not to press charges against the company and its two employees.

6.8.2024

Finnish forest industry company – Decision to waive prosecution for an occupational safety and health offence

We assisted a Finnish forest industry company as well as its management and supervisors in a criminal investigation concerning an occupational safety and health offence. Based on the arguments we presented in the final statement, the prosecutor decided not to prosecute the CEO and two employees of the company and waived the corporate fine claim against the company.

17.4.2024

Finnish professor – Criminal investigation in a suspected offence in public office concerning direct procurement was discontinued

We successfully advised a Finnish professor in a wide investigation of an offence in public office concerning direct procurement in the social services and healthcare sector. Upon the proposal of the head investigator, the prosecutor decided to discontinue the criminal investigation with respect to our client.

17.11.2023

Meyer Turku and Meyer Werft – Meyer shipyards awarded compensation and damages in a criminal case concerning copyright and trade secret infringement

We successfully acted for Meyer Turku Oy and Meyer Werft GmbH & Co. KG in an extensive criminal case, from the very beginning of the internal investigation to the court’s decision. The case centred around a person having made unauthorised copies of thousands of files containing Meyer-proprietary information and providing consulting services to a competing Chinese shipyard. The District Court handed down its judgement in October 2023, holding that the offender’s actions constituted criminal copyright and trade secret infringement as well as industrial espionage. The court furthermore held that the offender’s actions could be attributed to a limited liability company he had set up. The court ordered the company to pay Meyer EUR 5 million in compensation for the infringement and also awarded Meyer damages for its expenses. The court thus accepted Meyer’s claims in full. The matter is an exceptionally extensive and significant case on criminal trade secret and copyright infringement. Meyer Turku and Meyer Werft are among the largest and most modern shipyards in the world. Luxury cruise ships built by Meyer are internationally known for their cutting-edge technology and innovativeness. Outset In 2018, Meyer received indications that certain Meyer-proprietary files might have been copied from its systems unlawfully. An extensive internal investigation revealed that that a person had copied a significant number of files containing information protected under both copyright and trade secret laws. The offender had also set up a limited liability company and, in the summer of 2018, entered into a service agreement with a Chinese shipyard. Under the agreement, the offender was to provide consulting services relating to new innovation and technology to the Chinese shipyard. The offender and his company also received significant payments from the Chinese shipyard. After the internal investigation, a police report was filed in the late summer of 2018. In addition, the offender’s property was confiscated for security. Criminal charges were filed, and Meyer presented its claims for compensation and damages as a complainant. Results The District Court agreed with Meyer and the prosecution that the offender’s actions met all the elements of criminal copyright and trade secret infringement as well as of industrial espionage. The court held that the offender’s actions constituted infringement of Meyer’s copyrights and its neighbouring database and catalogue rights under the Finnish Copyright Act and that all the elements of criminal trade secret infringement and industrial espionage, as defined in Finnish law, were met. The court also held that the offender’s actions could be attributed to the limited liability company he had set up. The court ordered the company to pay Meyer EUR 5 million in compensation for the copyright and trade secret infringements. The court also awarded Meyer damages and legal costs as claimed. The court thus accepted Meyer’s claims in full. This decision is noteworthy for the protection of the European shipbuilding industry’s know-how in general. The judgement is final.

18.10.2023

Finnish Broadcasting Company – Defamation charges dismissed by a Monegasque Court

We successfully advised the Finnish Broadcasting Company, Yleisradio Oy, and its Editor in Chief in a defamation case before a Monegasque Court (Tribunal Correctionnel de la Principauté de Monaco). Based on our argumentation, the Court deemed that it did not have jurisdiction to rule on the case. The Court dismissed all charges and civil actions against the Finnish Broadcasting Company and the Editor in Chief.

30.6.2023

Danske Bank – Listing of Toivo Group

We advised lead manager Danske Bank A/S, Finland Branch, in Toivo Group Oyj’s listing on Nasdaq First North Growth Market Finland. The initial public offering consisted of public, institutional and personnel offerings and was oversubscribed. The company raised gross proceeds of approximately EUR 13.0 million from the IPO and has a total of 1,500 shareholders after the IPO. Trading in Toivo Group’s shares began on First North on 11 June 2021. Toivo Group is a Finnish real estate company founded in 2015 that engages in project development and long-term ownership of real estate. Toivo Group’s turnover in 2020 was EUR 4.3 million and its operating profit was EUR 7.2 million.

11.6.2021

Netum Group – Listing on First North

We assisted Netum Group and lead manager Evli Bank Plc in Netum Group’s listing on Nasdaq First North Growth Market Finland. The initial public offering consisted of public, institutional and personnel offerings and was oversubscribed by 7.4 times. The company raised gross proceeds of EUR 8.0 million from the IPO. ‘The offering brought us significant Finnish institutional investors and a pleasing number of private investors as new owners. I am particularly proud that our personnel participated actively in the offering, as this is further proof of our personnel’s strong commitment to the company. I would like to thank everyone who participated in the IPO and welcome our new shareholders to join us in creating sustainable and secure digital change’, says Matti Mujunen , CEO of Netum. Trading in the company’s shares began on First North on 2 June 2021. Netum Group is a strongly growing IT services company with over 20 years of experience of demanding IT projects. The company offers its public administration and corporate customers its Legacy to Digi® concept that enables combining traditional IT solutions with the latest digital applications–sustainably and securely. Netum Group’s services include digital service development, continuity services, integration services, cyber security services as well as management consulting services. Netum Group’s turnover in 2020 was EUR 17.5 million and it employs over 160 people in Finland.

2.6.2021

Alexandria – Listing on First North

We advised Alexandria Pankkiiriliike Oyj and financial adviser Oaklins Merasco Oy in Alexandria’s listing on Nasdaq First North Growth Market Finland. The initial public offering consisted of a public, institutional and personnel offering and was oversubscribed multiple times. Alexandria has over 3,200 shareholders after the listing. Alexandria was established in 1996 and has grown over 25 years into one of the largest investment service firms in Finland. The company specialises in high-quality savings and investment solutions. Alexandria’s 250 professional investors serve over 35,000 customers in 30 municipalities.

11.5.2021

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

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

Joint Global Coordinators and Joint Bookrunners – Directed Share Issue of Remedy Entertainment

We acted as the legal advisor to Carnegie Investment Bank AB, Finland Branch and Alexander Corporate Finance Oy, the Joint Global Coordinators and Joint Bookrunners, in an issue of new shares of Remedy Entertainment Plc directed to a limited number of domestic and international institutional investors. The issue was carried out through an accelerated book-building process. The investor demand towards the share issue was strong, and the issue was subscribed multiple times. Approximately 37% of the issue shares were allocated to international investors. The total proceeds raised in the issue amounted to approximately EUR 41.5 million. Remedy Entertainment Plc is a globally successful video game company known for story-driven and visually stunning console and computer games. Remedy is listed on the Nasdaq First North Growth Market Finland marketplace.

23.2.2021

Ukkoverkot – Sale of All Shares to Cellnex

We assisted Ukkoverkot Oy and its shareholders in a transaction in which Cellnex, the leading operator of wireless telecommunications infrastructures in Europe, purchased all the shares in Ukkoverkot Oy, the parent company of EDZCOM, becoming the sole owner of the Edge Connectivity solutions provider. EDZCOM plans to accelerate its international expansion by entering the UK and French markets at the end of 2020, followed by growth across other European markets in succeeding years, enabled by its new owner, Cellnex. ‘EDZCOM is a growth company with an expert team. Cellnex, with their impressive footprint and capabilities, provides us with access to growth capital and new markets. The complementarity of our businesses promises strong opportunities for vertical integration’, says Mikko Uusitalo, who continues to lead EDZCOM as CEO, in a press release. EDZCOM is the Nordic market leader in Edge Connectivity – private wireless connectivity solutions. Cellnex is the main infrastructure operator for wireless telecommunication in Europe, providing services in Italy, the Netherlands, the United Kingdom, France, Switzerland, Ireland, Portugal and Spain.

26.10.2020

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

Cargotec – Contemplated Merger

We acted as advisor to Cargotec, a leading Finnish provider of cargo and load handling solutions, in a contemplated merger with Konecranes, a Finnish world-leading group of lifting equipment and solutions. The aim of the future company would have been to be a leader in sustainable material flow with a vision based on decarbonisation, safety, productivity and efficiency as well as maximizing the lifetime value of the equipment and solutions of its customers. Cargotec and Konecranes entered into a combination agreement on 1 October 2020. The completion of the merger was subject to the fulfilment of customary conditions precedent, including obtaining merger control approvals. On 29 March 2022 Cargotec and Konecranes jointly decided to cancel the planned merger. The reason for this decision was that the UK Competition & Markets Authority (CMA) blocked the merger. Prior to the cancellation, Cargotec and Konecranes had obtained clearances for the planned merger from numerous competition authorities, among others a conditional approval by the European Commission.

2.10.2020

Eezy – Transferring to Main Market of Nasdaq Helsinki

We advised Eezy Plc in transferring to the main market of Nasdaq Helsinki from Nasdaq First North Growth Market Finland. Trading in Eezy’s stock on the main market began today, Wednesday 9 September 2020. Eezy is one of Finland’s leading staffing services companies in terms of turnover. In addition to staffing services, the company’s versatile offering covers recruitment and organi s ational development as well as self-employment services.

9.9.2020

Employment Fund – Issue of Two Bonds in the Aggregate Amount of EUR 1.2 Billion

We assisted the Employment Fund in its issue of two EUR 600 million unsecured bonds on 16 June 2020. The first bond matures on 16 June 2023 and the other bond matures on 16 June 2027. S&P Global Ratings has assigned the bonds a credit rating of AA+.

1.7.2020

Neo Industrial – Acquisition of All the Shares in Reka Rubber

We assisted Neo Industrial Plc in their purchase of all the shares in Reka Rubber Ltd from Neo Industrial’s largest shareholder Reka Ltd. The purchase price is EUR 7.5 million and will be paid in cash. This acquisition is a step for Neo Industrial from an investment company to an industrial conglomerate, as it will form a new rubber industry business adjacent to its cable industry business. The company will later change its name to Reka Industrial. Reka Rubber is one of the leading European manufacturers of small and medium-sized rubber components to the heavy vehicle and machine building industries. The acquisition is conditional on the acceptance of the annual general meeting to be held on 24 June 2020.

5.6.2020

Caverion and Manager Banks – Issue of EUR 35 Million Hybrid Bond

We assisted Caverion Corporation and manager banks Nordea Bank Abp and OP Corporate Bank plc in the issue of a hybrid bond of EUR 35 million. Despite the current challenging market environment, the issue was significantly oversubscribed. ‘I am pleased with the demand the investors showed towards our hybrid bond in the current challenging market environment amidst the coronavirus pandemic, as evidenced by the significantly oversubscribed order book. Our current liquidity is strong, and the transaction supports our equity ratio. Caverion retains high financial flexibility to support the execution of the company’s updated strategy of investing in profitable growth’, says Martti Ala-Härkönen, Chief Financial Officer of Caverion.

12.5.2020

Neo Industrial – Secured Senior Green Bond

We acted as legal advisor in the issue of a 10 million euro senior secured green bond by Neo Industrial Plc. The bond proceeds will be used for the financing of eligible expenditures as set out in Neo’s Green Bond Framework and related to the enhancement of the environmental credentials of its subsidiary Reka Cables Ltd’s portfolio of products and the improvement of Reka Cables Ltd’s environmental performance in respect to its production facilities and processes.

13.1.2020

Festivo Finland – Senior Secured Bond

We acted as legal advisor in the issue of a 13 million euro senior secured bond by refrigeration appliances manufacturer Festivo Finland Oy. Taaleri Kapitaali, a subsidiary of Taaleri Oyj, acted as the financial advisor and Taaleri Varainhoito as the lead manager. The bond issue related to an arrangement whereby Festivo Finland Oy purchased Porkka Finland Oy from Huurre Group Oy. In the same connection, Porkka Finland Oy became part of Festivo. Besides Finland, the new entity has operations in Sweden, Norway and United Kingdom.

30.12.2019

Next Games – Rights Offering

We are assisting Next Games Corporation and lead manager Danske Bank in a rights offering through which the company aims to raise gross proceeds of approximately EUR 8 million. The proceeds from the rights offering will be used, among other things, to strengthen the balance sheet of the company and enable future investments such as product development and marketing of new products. Next Games is the first publicly listed mobile game developer and publisher in Finland, specializing in games based on entertainment franchises.

26.9.2019

Preato Capital – Takeover bid for the shares in Yleiselektroniikka Oyj

We assisted Preato Capital AB in a mandatory takeover bid for all shares in Yleiselektroniikka Oyj. The shares offered in the takeover bid together with the shares acquired otherwise by Preato Capital represented a total of approximately 79.13% of all of the issued and outstanding shares in Yleiselektroniikka and the votes attaching to them. Preato Capital aims to develop Yleiselektroniikka and to keep it as a listed company. Preato Capital AB is a privately owned investment company that invests in majorities in established and profitable small and medium-sized companies in the Nordic region. Preato Capital has offices in Helsinki and Stockholm. Yleiselektroniikka Oyj is one of Finland’s most significant component and production equipment suppliers for demanding electronics and communications applications. Yleiselektroniikka employs over 200 people, and it generated a turnover of EUR 57.2 million in 2018.

30.8.2019

NoHo Partners – Combination of Smile and VMP

We acted as the legal advisor to NoHo Partners Plc and Smile Henkilöstöpalvelut Oyj in a transaction in which VMP Plc is purchasing the share capital of Smile from NoHo Partners and the minority shareholders. The transaction will be executed as a share exchange, in which Smile’s shareholders will receive 0.8087 new shares in VMP as share consideration for each share in Smile owned by them, corresponding to a debt-free purchase price of approximately EUR 82 million (based on the closing price EUR 4.92 of VMP as at 4 July, 2019). NoHo Partners will become the largest shareholder in the combined VMP and Smile with a 30.27% stake. VMP employed approximately 19,400 leased employees in 2018 either directly or through chain companies and Smile, in turn, approximately 10,000 leased employees, so the combined company has a significant pool of employees at its disposal. The combination of VMP and Smile is expected to strengthen the combined company’s market position considerably and to create added value both for NoHo Partner’s and the combined company’s shareholders through synergies arising from unifying operations and the increasing amount of business opportunities. ‘We have been building the exceptional Smile growth story on this market since 2014, when the company became a part of our group. Back then, Smile’s turnover was under MEUR 7, whereas it had grown to MEUR 127 in 2018. The new company to be formed with one of the other top companies in the business, VMP, will reshape the labour market and personnel services business in general. As the company’s largest shareholder, we are privileged to be in pole position in building the future of the entire business’, said NoHo Partners’ Chairman of the Board Timo Laine.

8.7.2019

Nordea Bank – Senior Bond Issue by Special Investment Fund eQ Finnish Real Estate

We advised Nordea Bank Abp as the Sole Lead Manager in connection with Special Investment Fund eQ Finnish Real Estate’s issuance of EUR 90,000,000 senior secured bonds to domestic and Nordic investors. The complex transaction was the issuer’s entry into the bond market and highlighted especially our capability to include bonds in an existing security pool with significant bank funding.

4.7.2019

Bonum Bank – Issue and Listing of EUR 75 Million Notes

We advised Bonum Bank Plc in the issue of EUR 75 million senior and unsecured notes under Bonum Bank’s EUR 750 million programme for the issuance of notes. The notes were admitted to trading on the official list of Nasdaq Helsinki.

6.5.2019

Sp Mortgage Bank – Update of Covered Bond Programme

We advised Sp Mortgage Bank Plc in the update of a EUR 3,000,000,000 covered bond programme. Under the programme, Sp Mortgage Bank Plc may issue covered bonds that may be listed on the Irish Stock Exchange. 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.

12.4.2019

Central Bank of Savings Banks Finland – Update of EMTN Programme

We advised the Central Bank of Savings Banks Finland Plc in the update of a EUR 2,000,000,000 Euro Medium Term Note Programme (EMTN). Under the EMTN Programme, the Central Bank of Savings Banks Finland Plc may issue medium term notes that may be listed on the Irish Stock Exchange. The Central Bank of Savings Banks Finland Plc is a part of the Savings Banks Group and the Savings Banks Amalgamation. The role of the Central Bank of Savings Banks Finland Plc is to operate as the central credit institution of the Savings Banks Group.

8.4.2019

Aallon Group – Listing on First North

We advised Aallon Group Oyj and Alexander Corporate Finance Oy, the lead manager, in the listing of Aallon Group on the First North Finland market maintained by Nasdaq Helsinki. The initial public offering, which consisted of a public offering, institutional offering and personnel offering, was over-subscribed multiple times. The company gained approximately 2,300 new shareholders in the IPO. Trading in the company’s shares on First North began today. Aallon Group is a national full-service partner specialised in financial administration. The company’s service range includes financial administration services, advisory services, financial management services and specialised industry solutions. Aallon Group has offices in 11 municipalities in Finland and it employs over 200 people. Aallon Group has approximately 2,700 clients, which are mainly small and medium-sized enterprises from several different industries.

8.4.2019

Caverion and Manager Banks – Tender Offer for Hybrid Notes and Issue of EUR 75 Million Bond

We assisted Caverion and the lead managers Nordea and SEB, in a voluntary tender offer for Caverion’s EUR 100 million hybrid notes issued in 2017. The aggregate nominal amount of the repurchased hybrid notes was EUR 33.94 million. At the same time, we assisted the company and the lead managers in the issue of a four-year EUR 75 million senior unsecured bond. The bond carries a fixed annual interest rate of 3.25% per annum and will be used for the partial redemption of the hybrid notes, for general corporate purposes, and for investments in accordance with Caverion’s strategy, including acquisitions. The bond was well received in the market and substantially oversubscribed. Caverion will apply for the listing of the bond on the official list of Nasdaq Helsinki Ltd.

29.3.2019

NoHo Partners and Nordea – Issue of Hybrid Bond

We advised NoHo Partners and lead manager Nordea in the issue of a EUR 25 million hybrid bond. The coupon of the hybrid bond is fixed 9.0 percent per annum until 29 March 2022, but it will be subject to a coupon reset on each third anniversary of the issue date of the hybrid bond. The company will use the proceeds of the issue in investments in accordance with its strategy, for the repayment of loans as well as for general corporate purposes. NoHo Partners Plc is a group specialising in restaurant services and labour hire with over 200 restaurants in Finland and Denmark. Well-known restaurant concepts of the company include Elite, Savoy, Teatteri, Yes Yes Yes, Stefan’s Steakhouse, Palace, Löyly, Hanko Sushi and Cock’s & Cows.

27.3.2019

HANZA Holding AB – Acquisition of Toolfac

We acted as legal advisor to Swedish HANZA Holding AB (publ), listed on First North, in the acquisition of Toolfac Oy. Toolfac Oy is a high-tech Finnish manufacturer focusing on machining with a high degree of robotisation and have special expertise in hydraulic and pneumatic components as well as valve systems. Toolfac has about 60 employees and an annual turnover of approximately EUR 8 million. HANZA is a leading company in strategy and manufacturing of high-tech products. Founded in 2008, HANZA has over 1 650 employees, an annual revenue around 1.7 billion SEK and operates in Sweden, Finland, Estonia, Poland, Czech Republic and China. Toolfac Oy will be integrated into Hanza’s Finland cluster.

8.3.2019

Danske Bank and Carnegie Investment Bank – Oma Savings Bank’s IPO

We assisted the Global Coordinator and Bookrunner Danske Bank A/S, Finland Branch, and the Bookrunner Carnegie Investment Bank AB, Finland Branch, in Oma Savings Bank Plc’s IPO on the official list of Nasdaq Helsinki. Oma Savigs Bank is the largest Finnish savings bank, which focuses primarily on retail banking and mortgage bank operations.

16.1.2019

Viafin Service – Listing to First North Finland

We advised Viafin Service Oyj and the lead manager Alexander Corporate Finance Oy in Viafin’s listing to First North Finland, the multilateral trading facility maintained by Nasdaq Helsinki. The initial public offering consisted of a institutional and personnel offering and was clearly oversubscribed. Trading in the company’s shares on First North Finland commenced on 20 November 2018. Viafin Service specialises in industrial maintenance and pipe repair and installation and has most of its business in Finland. Its customers include large corporations in the pulp, cardboard, energy, chemical and metal industries.

20.11.2018

Sellers – Sale of Folksam Non-Life Insurance Company

We are advising Folksam Ömsesidig Sakförsäkring, Veritas Pension Insurance Company Ltd and Aktia Bank plc in the sale of Folksam Non-Life Insurance Company Ltd to Fennia Mutual Insurance Company. Folksam’s non-life insurance operations in Finland had approximately 200 employees at the end of 2017 and the premium income amounted to approximately SEK 750 million in 2017. The sale is subject to approval by the Finnish Financial Supervisory Authority and the Finnish Competition and Consumer Authority.

9.10.2018

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