Perhaps contrary to expectations, the Finnish capital markets saw a record deal flow in the first six months of 2021. The IPO market, in particular, broke records, and this trend is expected to continue in the foreseeable future. Many interesting companies are currently contemplating listing, and it is only a matter of time when these plans will be executed.
The flurry of activity in the Finnish capital markets was also reflected on our desks. We maintained our position as one of the leading capital markets practices in Finland and were involved in many of the market’s landmark assignments. In the spring of 2021, we worked on the two largest Helsinki First North listings to date, which both exceeded EUR 100 million. We also served as the issuer’s counsel on Nanoform’s EUR 88 million First North Premier IPO in June 2020, which means that we have worked on the three largest First North Helsinki IPOs to date.
To our delight, our hard work has once more been recognised in the world’s leading financial and corporate law firm rankings. For example, the 2021 edition of IFLR 1000, which was released on 30 June 2021, maintained our Tier 1 position in both equity and debt capital markets.
In the field of IPOs and listings, we advised
- Spinnova Plc on its EUR 115 million Nasdaq First North Growth Market Finland IPO (June).
- Gofore Plc on its listing on the Nasdaq Helsinki main market and on the EUR 41.8 million accelerated follow-on book-built transaction (March–April).
- Nightingale Health Plc on its EUR 110 million Nasdaq First North Growth Market Finland IPO (March).
In the domain of public takeovers and public company mergers, we advised
- West Street Global Infrastructure Partners (an infrastructure fund managed by Goldman Sachs Asset Management) on its pending SEK 8.1 billion voluntary public cash tender offer for Adapteo Plc (May).
- the mandated lead arrangers on the EUR 2.1 billion public takeover (and squeeze-out procedure) of Ahlstrom-Munksjö by a consortium, including Bain Capital (as of September 2020).
- Cevian Capital Partners Limited, a key shareholder in Neles Corporation, on the contemplated merger of Valmet Oyj and Neles Corporation (July).
- Endomines AB (publ) and Endomines Oyj on a cross-border downstream merger to effectuate a change of domicile from Finland to Sweden (pending as of July).
- A Nordic same-sector bidder on the contested takeover process over Tikkurila Oyj (January).
In debt capital markets, we advised
- the initial purchasers in connection with the issuance of EUR 350 million and USD 305 million Senior Secured Notes relating to the acquisition financing of Ahlstrom-Munksjö Oyj by a consortium, including Bain Capital, through a public tender offer (March).
- Citycon Group on its EUR 350 million green bond issue and tender offer (March).
- PHM Group in connection with the issue of EUR 300 million senior secured fixed rate notes (June).
- Citycon Oyj on its EUR 350 million green hybrid bond offering (June).
- Suominen Corporation on a senior unsecured bond of EUR 50 million (June).
- BNP Paribas, Crédit Agricole Corporate and Investment Bank, Natixis, Nordea Bank Abp and Société Générale as the initial purchasers in connection with Consolis Group S.A.S.’s EUR 300 million senior secured notes offering (June).
Our Capital Markets Team
Partner Juha Koponen continues to steer our busy practice. To ensure that our Capital Markets teamis able to serve our clients in the best possible manner and to expand its expertise, we have also recruited new talents.
Aksu Tuominenjoined our practice in June as Senior Associate. He has ten years of experience in advising issuers, underwriters, shareholders and other key stakeholders on international and domestic capital markets transactions. In addition to transaction work, Aksu is familiar with new regulation related to sustainability and sustainable investing. Aksu will take over key responsibilities in the further development of our international operations, including the functions of ourNew Yorkand Londonrepresentative offices.
Teo Virtanen joined us in March from Nasdaq Helsinki where he had spent the last five years advising issuers on First North listings and public company disclosure duties. VilleLatolajoined us in April upon his graduation after having completed internships at Nokia Corporation and other business law firms.
We are grateful to have Aksu, Teo and Ville to strengthen our skilful team!
Additional lawyers of varying seniority levels will also be joining our team in late summer and in the autumn of 2021.
We wish to extend our warmest thanks to all our clients for keeping us this busy. Our order book looks very full and promising this autumn, but we remain available for new and exciting projects throughout the summer.