References/8 Apr 2015

Borenius advised the leading Finnish telecom operator Elisa in relation to a second phase merger

We represented Elisa Oyj in the merger control filing of its acquisition of Anvia Oyj. Elisa, the leading Finnish telecom operator, acquired a 26.8% share in a local telecom operator Anvia. Due to Anvia’s widely dispersed ownership structure with more than 40,000 owners as well as previous participation in shareholders’ meetings, Elisa’s minority shareholding was deemed to confer de facto control. Following a second phase investigation, however, Elisa’s shareholding was approved with commitments by the Finnish Competition and Consumer Authority.

The Finnish Competition and Consumer Authority has approved only five second phase mergers during the last two years. Borenius has successfully represented the notifying party in three of these cases.

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Ilkka Aalto-Setälä



Asko Lindqvist




Henriikka Piekkala