We advised Norvestor and PHM Group in the acquisition of Kotikatu. We prepared and filed the merger control notification in this complex transaction which included the Finnish Competition and Consumer Authority letting the original Phase I deadline to lapse for the first time ever due to a ‘stop-the-clock’ before re-starting the clock.
In March 2020, we advised Norvestor in its acquisition of a majority stake in PHM Group in one of the two largest PE transactions in Finland in 2020 year to date. In that acquisition, we acted as the lead counsel supervising the merger control filing procedure in Sweden. PHM Group now acquired Kotikatu, a leading residential property maintenance services provider in Finland. The transaction created a strong and fast growing Nordic residential property maintenance services group, with presence across Finland and Sweden.
We worked in collaboration with the Finnish Competition and Consumer Authority (the “FCCA”) in order to plan and secure a practical application of the ‘stop-the-clock’ provision, extending Phase I and thus avoiding a lengthy Phase II. The FCCA cleared the transaction in Phase I without any conditions on 3 September 2020.
This was the first case ever in which the FCCA extended a Phase I review period with the ‘stop-the-clock’ provision beyond its original Phase I review deadline before re-starting the clock. In other ‘stop-the-clock’ cases so far, the clock has been re-started before the original end of the review period.
Norvestor is a leading private equity firm focusing on mid-market buyouts in the Nordic region.
PHM Group is a property maintenance services provider in Finland, with a significant presence in Sweden.
Kotikatu is a leading Finnish residential property maintenance services provider.