As the last quarter of 2019 begins, trade wars and geopolitical unrest continue to populate the news. In Finland, growth is expected to slow; in Germany, the economy has shrunk; globally, manufacturing production growth is on the decrease.
28.8.2019
Uncertain Times, Unexpected Opportunities?
Carola Lindholm
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How is the M&A market doing? According to Merrill Corporation’s Deal Drivers report, the aggregate value of corporate transactions in Europe was EUR 350 billion in the first half of 2019 – lower by a third compared to the previous year. Seems like a drastic drop, but compared to the second half of 2018, the value has actually grown by 20%. If anything, the numbers suggest that the market is returning to normal after a stormy 2018.
Still, economic and political tensions are seeping into regulation. Foreign direct investment faces increasing government scrutiny. In the EU, 14 countries have passed laws allowing them to have the final say on investments in industries essential to the national economy or national security, and more are set to follow suit.
Recognising this trend, the European Commission issued a framework regulation on the screening of FDI earlier this year. The regulation does not make screening obligatory or establish harmonised criteria, but serves the more general goals of cooperation and transparency. EU countries will have to report their FDI screening activities to the Commission and to each other, which will slow the merger process. Nonetheless, cooperation and transparency are good for the market.
Companies continue to seek growth opportunities across the globe. I believe that buyers will be bold when a lucrative strategic target hits their radar. This time of transition may well translate into opportunities.
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Latest references
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.
Case published 24.8.2026
Delta Capacity – Acquisition of BESS Project
We acted as Finnish legal advisor to Delta Capacity in connection with its acquisition of the ready-to-build Karppio battery energy storage system (BESS) project from Helios Nordic Energy. The acquisition was made and the project will be implemented together with Strioga Family Foundation. The Karppio BESS project is located in Teuva, Finland, and has a capacity of 125 MW / 300 MWh. Delta Capacity will lead the remaining development of the project through to commissioning, planned for 2027, and will serve as long-term asset manager. Delta Capacity is a Swiss-based developer of utility scale battery storage systems. The acquisition adds to Delta Capacity’s growing Nordic portfolio.
Case published 20.7.2026
HANZA – Acquisition of Fortaco Finland’s heavy mechanics and assembly business
We are acting as Finnish legal advisor to HANZA in connection with its acquisition of Fortaco Finland’s heavy mechanics and assembly business. The transaction is structured as a combined asset and share acquisition and includes Fortaco Finland’s heavy mechanics and assembly operations in Finland, as well as shares in two Estonian and two Polish subsidiaries. The transaction is expected to close during the fourth quarter of 2026, subject to customary closing conditions, including regulatory approvals. Founded in 2008, HANZA is a Swedish mechanical engineering and electronics contract manufacturing company listed on the Nasdaq Stockholm main list. HANZA has approximately 5,000 employees and annual sales of SEK 10 billion. We advise HANZA on this transaction in collaboration with the Swedish law firm Lindahl.
Case published 15.7.2026
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.
Case published 12.6.2026