FDI Regulatory Service

FDI Regulatory Service

With EU member states implementing and expanding their foreign direct investment regimes and increasingly scrutinising reviews of foreign investments in critical sectors, the regulatory environment for cross-border investments and other change of ownership arrangements is more complex than ever before.

In many corporate transactions, it is necessary to consider whether the transaction could impact the national interests of Finland or another country and therefore require a regulatory filing with the authorities in one or more jurisdictions. As foreign direct investments (FDI) and cross-border corporate transactions more often require regulatory filings under different regulatory regimes and jurisdictions, it is increasingly important to carefully assess the implications of possible FDI regulatory filings on deal certainty and transaction timeline. It is also advisable to carefully plan the filing process and to customise the relevant deal terms appropriately.

Our experienced FDI regulation experts regularly perform FDI reviews and advise clients in authority proceedings related to investments and other ownership arrangements. We evaluate the applicability of the regulatory filing requirements as well as the likelihood of success and the potential risks of contemplated investments for our clients in the Finnish regulatory framework and determine how the filing requirements should be taken into consideration in the timeline and conditions of the transaction.

We know the changing FDI regulatory environment thoroughly. As our client, you will benefit from our extensive service offering, successful project management and recognised ability to execute complex transactions. In international regulatory matters, your project is supported by our unique global network of law firms.

Our clients include international corporations as well as private equity funds and other investors acquiring or establishing businesses in Finland or carrying out corporate transactions that directly or indirectly affect the ownership of a Finnish business. Through our international partner network, we also advise Finnish clients in their corporate and ownership arrangements that may require an analysis of FDI issues in jurisdictions outside Finland.

Our services include

  • Strategic advice related to the FDI approval process
  • Analysing the need for application and/or notification under Finnish FDI regulation in relation to agreements, investments and other transactions
  • Coordinating the work of foreign counsel with regard to the FDI analysis in other jurisdictions
  • Drafting and submitting the applications and notifications
  • Advice during the proceedings and project management of the FDI notification process as a whole

Latest references

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.
Case published 17.4.2026
We acted as Finnish legal adviser to KKR in connection with its acquisition of the entire share capital of Karo Healthcare from EQT. The transaction follows Karo’s significant strategic transformation from a Nordic specialty pharma business into a leading pan-European consumer healthcare platform, with an attractive product portfolio spanning core categories such as Skin Health, Foot Health, and Intimate Health, as well as Digestive Health and Vitamins, Minerals & Supplements. KKR & Co. Inc. (NYSE: KKR), is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds.  Completion of the transaction is subject to customary conditions and regulatory approvals. The transaction is expected to close in the coming months.
Case published 17.4.2025
We advised WithSecure Oyj in the sale of its open source data collection product and business to Patria Oyj. The divested business combining software and services falls outside WithSecure’s current strategy. Through the sale, WithSecure sharpens its focus on the Elements portfolio. WithSecure is a global cyber security company (listed on NASDAQ OMX Helsinki) with more than 35 years of industry experience. WithSecure offers partners flexible commercial models, ensuring mutual success across the dynamic cyber security landscape. Patria is an international company in the defence and security industry offering defence, security and aviation life cycle support services and technology solutions. As a result of the transaction, Patria will open a new office in Oulu and 10 WithSecure experts currently working in the business area will join Patria. 
Case published 30.9.2024
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.
Case published 4.12.2023