D&I Transaction Powerhouse Deal Announcement

High Level of Activity Continues in 2022 for D&I Transaction Powerhouse

Challenging market conditions impacted M&A activity in Finland and globally in 2022. D&I’s Transaction Powerhouse experienced a high level of activity and generated turnover on par with the record year 2021, despite the significant decrease of announced deals on the Finnish market.

Dramatic changes in market conditions, valuation gaps and lack of availability of financing caused challenges in getting deals through and many transactions were put on hold or postponed. In addition to the challenging market conditions, regulatory aspects presented increasing complexities, including in relation to merger control and FDI screening.

Despite many of the challenges from 2022 continuing in 2023, the pipeline for 2023 looks reasonably strong, driven by large amounts of dry powder, expected increase in public M&A activity and anticipated gradual improvement of macroeconomic conditions.

D&I is the go-to law firm for many sophisticated market players when it comes to large and complex deals in, into and out of Finland, the Nordics and the Baltics.

Read more about selected D&I highlight deals in 2022:

Tamtron Group’s IPO

We advised Tamtron Group Oyj in its initial public offering on the Nasdaq First North Growth Market, one of the few successful listings on the Finnish market in a year of challenging market conditions.

Sale of Raksystems to Trill Impact

We advised MB Funds on the sale of Raksystems, a leading property well-being expert in the Nordics, to Trill Impact. The transaction was the largest Finnish PE exit in 2022.

Investment in Nordic Ren-Gas

We advised the anchor investor Ilkka Herlin in the Finnish green hydrogen and power-to-gas developer Nordic Ren-Gas in connection with the initial investment in 2021 and in connection with the announced minority investment by Allianz Capital Partners in Nordic Ren-Gas.

Acquisition of Moventas

We advised Flender, a Carlyle portfolio company, on the acquisition of Moventas, the Finnish wind turbine gearbox manufacturer.

Acquisition of FixCel by Parmaco, backed by Partners Group

We advised Parmaco, a leading provider of premium quality modular buildings in the Nordics, backed by Partners Group, on the acquisition of FixCel, an innovative Finnish modular builder specialized in advanced steel cell structures.

Investment in Bladefence

We advised EAB Private Equity in its growth investment in Bladefence, provider of blade inspection, maintenance, and repair services for wind turbines.

Acquisition of social and healthcare service facilities portfolio

We advised Nordic infrastructure investor Infranode in the acquisition of 100% interest in 13 social and healthcare service facilities and their respective plots from the City of Jyväskylä in Central Finland.

Investment in Solnet

We advised EAB Private Equity and Finnish Industry Investment (Suomen Teollisuussijoitus) in their EUR 15 million investment in Finnish solar energy company Solnet Green Energy.

Kreate Oyj’s acquisition of Bror Bergentreprenad

We advised Kreate Group Plc, the Finnish infrastructure construction group, on the acquisition of Bror Bergentreprenad, a Swedish specialist in underground infrastructure construction.

QMG add-on acquisitions

We advised QMG, one of Finland’s leading players in technical installation and services, part of Nimlas Group backed by KLAR Partners, on 11 completed add-on transactions during 2022.

Aspo Plc’s acquisition of Kobia

We advised Aspo’s subsidiary Leipurin in its acquisition of Kobia, a Sweden based bakery industry distributor.

Loviisan Lämpö add-on acquisitions

We advised Loviisan Lämpö, a portfolio company of CapMan Infra, on acquisitions of several district heating businesses
(Municipality of Pyhtää, Raseborgs Trä Oy Ab and Nivos Vesi ja Lämpö).

Co-operation between OP Finland Infrastructure and Savonlinnan BLC-osuuskunta in fiber and telecom infrastructure

We advised a Finnish infrastructure fund OP Finland Infrastructure in the establishment of a joint venture with Savonlinnan BLC-osuuskunta to own and develop the fiber optic and telecommunications infrastructure networks in Eastern Finland.

Acquisition of Haminan Kaasuverkko Oy and gas customer portfolio by Auris Energia group

We advised Auris Energia group on its acquisition of Haminan Kaasuverkko Oy, a gas distribution company, and a gas customer portfolio from Haminan Energia. Auris Energia is the largest gas distribution company in Finland.

Sale of Otso Gold

We advised the main creditor of Otso Gold Oy, the owner of the Laiva gold mine, in the corporate restructuring and concurrent sale of the company to Pilar Gold Inc.

Acquisition of stake in Finsilva

We advised a forest fund managed by Dasos Capital in its acquisition of an ownership stake of approximately 20 percent in Finsilva Oyj from Metsäliitto Cooperative. Finsilva owns approximately 130,000 hectares of forests in Finland.

 

Latest insights

Busy times ahead – Review of Finnish merger control in 2022

Alert / 24 Jan 2023
Reading time 6 minutes

Foreign Subsidies Regulation

Alert / 12 Jan 2023
Reading time 6 minutes