Borenius > Services > Capital Markets & Public M&A

Capital Markets & Public M&A

Borenius Capital Markets and Public M&A practice group assists shareholders, issuers, underwriters and arrangers in all equity and debt securities offerings, from IPOs, listings and rights offers to investment grade and high-yield bonds. We also advise bidders, target companies and financers on tender offers and other public M&A transactions, together with our Corporate Advisory, M&A and Private Equity, and Banking & Finance practices.


Chambers Europe | 2022
“The team is experienced in advising international clients and does a good job of explaining the Finnish regulatory landscape to international clients


Chambers Europe | 2021
“They have a pragmatic and commercial approach.”
“The team is very experienced in high-profile Finnish transactions and has great bandwidth.”


Chambers Europe | 2020
“Very service-minded, focused on finding solutions and interested in getting the deal done.”


Many of our assignments have a cross-border element, and we work closely with top law firms located in London, New York and the other Nordic countries. We have advised Finnish entities on making plans for dual listings or listings and securities offerings on foreign markets. Securities market regulations are in constant flux and evolving at an increasing pace. Our team stays abreast of developments in Finland and globally, and we maintain close contact with domestic and international participants in capital market transactions. We have dual-qualified (Finland and New York) capital markets attorneys resident at our Helsinki and New York offices. We are also top ranked by all leading legal directories, such as IFLR1000 (in both equity and debt capital markets), the Legal 500, Chambers Global and Chambers Europe.

The Legal 500 | 2021

“Excellent team in the capital markets and financial regulation space. Clear strengths are client focus, ability to understand legal questions also from commercial perspectives and ability to react quickly based on client needs.”


IFLR1000 | 2021

“Borenius is very strong in capital markets led by the indomitable Juha. The firm is also very responsive.”
“Customer-oriented with excellent customer experience, flexible and highly efficient.”


IFLR1000 | 2020

“They provide excellent advice and I believe they are among the strongest players in the capital markets law field in Helsinki. Good know-how of regulation and further understanding of investment banks procedures and market practice in Finland.”


Equity Capital Markets and Public M&A Transactions

In equity capital markets and public M&A transactions, we have particular experience in IPOs, public tender offers and accelerated bookbuildings. Over the last few years, we have also worked on a number of dual track projects where our seamless cooperation with our M&A and Private Equity practice has generated synergies for both sides involved in the exit process. Our Capital Markets team also provides clients with legal advice and analysis about the option of a future listing, and together with our Corporate Advisory, Banking & Finance and Tax practices, we are able to help clients in their preparations for listing well in advance.

We advise issuers and shareholders on complex secondary market transactions and offerings that are often part of a larger restructuring, acquisition or financing arrangement. Our lawyers offer crucial day-to-day advice to listed companies and their shareholders and managers on the many facets of securities law, including advice on disclosure and insider rules.


The Legal 500 | 2022

“It’s a versatile team and they work with variety of assignments in equity and debt capital markets as well as corporate advisory, with close ties to the financial markets regulation team. This gives them a good overall view beyond specific transactions. The firm is able to staff transactions with sector specialists and quickly cover any “out-of-scope” issues that arise”


The Legal 500 | 2019

Noted for its ‘strong equity capital markets (ECM) background.’


Initial Public Offerings

We have a solid market share of the Finnish IPOs completed since 2015, having acted as either the issuer’s, selling shareholders’ or the underwriters’ counsel in 23 IPOs completed between 2015 and 2020, which means that we have been involved in roughly 40% of the Nasdaq Helsinki listings in the last six years. Our success has had a number of high-profile and novel transactions, including the largest IPO of the millennia in Finland as well as the first privatisation of the Finnish state in 20 years.

IFLR1000 | 2018

“Borenius consistently provides top-level work. They are always available and very easy to work with. I have worked a lot with Borenius, very much enjoy our cooperation and expect to continue to work with them.”

We have recently advised on the following completed initial public offerings:

Public M&A Transactions

Borenius has a long history of representing bidders, majority owners and target boards, as well as financers, in takeover situations. Many of these transactions were the first of their kind on the Helsinki market at the time, e.g., acting for the bidder in a PE driven take private, acting for the target board in a hostile bid and a “roll over” take private transaction with existing majority owners. In addition, our services include advising in takeover financing, public companies’ mergers, demergers and acquisitions as well as tax advisory (both structuring and contentious), and squeeze out litigation. We combine knowledge of our experts from all relevant practices to meet the needs of each client’s unique transaction, including Capital Markets, M&A & Private Equity, Banking & Finance, Tax, and Disputes.

IFLR1000 | 2018

“The corporate and finance teams at Borenius did a remarkable job for us in connection with a difficult cross-border going-private transaction without specific precedent in the marketplace. Their ability to give practical, commercial advice was key to achieving the client’s objectives.”

Certain recent take-over references:

Rights Issues, accelerated Book-buildings, and Share Issues

Borenius advises issuers and underwriters on rights issues, which listed companies can use to secure additional equity financing from their shareholders. Another appealing option for several listed companies is to issue new shares through an accelerated book-building (ABB). In addition, the sale of remaining shares from a previous owner is often a step that is in the books eventually after an IPO. Especially accelerated book-buildings are very sensitive to market conditions, and therefore it is advisable to have everything prepared in advance to be able to enter the markets when the time is right.

Certain recent references:

  • Advised Componenta on a EUR 9.5 million rights offering (2020).
  • Advised OP Corporate Bank on the EUR 20 million rights offering of Lehto Group (2020).
  • Advised Helsinki Deaconess Institute Foundation sr on the sale of its remaining shares in Terveystalo Plc (2019).
  • Advised Intera Partners Oy on an accelerated book-building concerning part of its shares in NoHo Partners Plc (2019).
  • Advised CapMan Buyout X Fund A L.P and CapMan Buyout X Fund B Ky on the sale of their remaining shares in Harvia Plc (2019).
  • Advised EAB Group Plc on the accelerated book-building of its newly issued shares and secondary shares (2018).
  • Advised Nixu Corporation on the accelerated book-building of its newly issued shares (2017).

Chambers Europe | 2019

“Highly qualified staff” and “fantastic service attitude.”

Debt Capital Markets

We have recent experience from a broad range of instruments, including high-yield bonds, hybrid bonds, covered bonds and green bonds, in addition to a number of senior issuances. Consent solicitation and tender offer processes have also been recent features of the domestic bond market. We combine experts from our Banking & Finance and Capital Markets practices in all of our debt capital markets projects.

IFLR1000 | 2020 Debt Capital Markets
“Very smooth cooperation, timely responses and a high level of drafting.”
“Highly professional law services and excellent client service.”

All references

Our experts are always ready to assist you. See all of our Capital Markets and Public M&A references here.