Sweden
About
Centrally positioned in northern Europe, Sweden is the largest market in the Nordic region. The country is a global leader in innovation, with a highly skilled labor force, sophisticated consumers, smooth business procedures, openness to international ownership and a stable economy.
What we offer in Stockholm and the Nordic region is unique. Our Stockholm and Helsinki offices make White & Case the only leading global law firm with a strong and established Nordic presence. We work closely with major Swedish and international clients with a Swedish nexus, in Sweden as well as cross-border globally. We guide our clients through complex issues, bringing our exceptional insight and judgment to each situation. Our innovative approaches create original solutions to our clients' most pressing domestic and multijurisdictional deals and disputes.
Our lawyers are market-leading practitioners in areas such as private equity and corporate M&A, debt finance, capital markets and dispute resolution. We work on some of the most significant, complex and corss border transactions in the market and are proud to take the lead on industry-shaping matters. Our offer is rooted in our profound understanding of our clients' businesses and most pressing business needs. We work in focused teams, close to our clients. Our success is largely founded on our ability to combine knowledge and experience with personal commitment and a commercial approach.
Our core services include:
Private Equity and Corporate M&A
The Mergers & Acquisitions team in Stockholm represents multinational companies, private equity houses, financial institutions and other clients in connection with domestic and cross-border M&A transactions across a range of industry sectors. We have a long history of representing clients in Nordic M&A transactions and of representing our Swedish clients in complex, cross-border M&A transactions around the world. Clients recognize our unique cross-border capabilities, and we have been engaged to act for them in some of the most innovative and demanding M&A transactions in the region.
The Stockholm office is part of the White & Case global M&A team. We are one of a few law firms with the global capacity and expertise to advise clients on mergers and acquisitions worldwide.
Our transactions include domestic and cross-border acquisitions and dispositions, joint ventures, spin-offs, privatization, private equity funding, leveraged buyouts and recapitalizations.
Clients say: "White & Case's market knowledge combined with excellent legal understanding and the ability to tailor advice to us as the client is invaluable. The team are impressive - personable and easy to work with."
"The team are very proactive and able to find pragmatic solutions to the issues or matters you bring to the table."
Chambers & Partners, 2024
Capital Markets
The Capital Markets Practice in Stockholm focuses on capital markets and public M&A. The team advises issuers and owners as well as underwriters in a variety of ECM transactions, including IPOs, spin-offs and rights offerings, as well as convertible bonds, other hybrids and pure bond offerings, including high yield ("HY"). The team's public M&A experience includes a wide range of domestic and cross-border buyouts, mergers of equals and reverse takeovers, and they represent both sponsors and strategic buyers.
Its clientele ranges from domestic to international investment banks functioning as bookrunners and global coordinators. With its extensive international network, White & Case is well placed to advise on major global mandates with Swedish aspects as well as across the Nordic region.
Clients describe White & Case: "Highly experienced and high level of partner involvement."
The Legal 500 2023
Another client explains: "White & Case's team is very supportive and can break down complex question to parts and by that lead us to a decision which is well thought through."
Chambers 2023
Debt Finance
Banking is one of the Stockholm office's core practice areas. We advise Swedish and non-Swedish banks and financial institutions, private equity sponsors, large corporates and alternative capital providers on a broad range of banking and restructuring matters, both foreign and domestic, and within a broad product offering. Our clients include some of Sweden's largest financial institutions, corporates and private equity funds. The combination of White & Case's breadth of international experience and the Stockholm office's knowledge of local legislation and industry practice makes us extremely well-suited to be efficient advisors to both local and international banking and finance clients.
White & Case's Sustainable Finance practice brings together top-tier bond, derivative, structured finance, project finance and environmental expertise to focus on the financing of sustainable assets. Environmental Finance named one of our transactions "Green Bond of the Year" in 2021. Our Stockholm team members have proven track records in advising clients on green bond and sustainability-linked bond issuance, including Huhtamäki, SSAB, Stora Enso and H&M.
A strong partner team on the financing side and a really great choice for matters involving several jurisdictions as they work really seamlessly with the other offices.'
'They have high competence and skill and stay close to the market and always have an updated view on where the market is when it comes to terms and conditions in financing.'
'They have their finger on the pulse when it comes to the market environment and recent trends.'
Legal 500, 2024
Multiple sources praise the breadth of the team's international reach, with one client describing the team as "commercially savvy and able to link commercial aspects with legal considerations" with "strong knowledge about the financing market and a high attention to detail." According to another source, the Firm's unique ability to remain "strong and solution-oriented in negotiations" is also highly valued.
Chambers 2023
Dispute Resolution
We have successfully represented clients in a number of the largest and most complex litigations and commercial arbitrations that have arisen over the past few years. In any dispute, we are focused on achieving our clients' objectives by combining our legal knowledge and accumulated know-how with our industry knowledge and geographical reach. Our Commercial Litigation lawyers represent clients in all stages of domestic and international litigation in established and emerging markets.
On the arbitration side, we know the process as well as the arbitration institutes. The group has many years of combined experience in representing Swedish and international clients in ad hoc proceedings conducted in accordance with the Swedish Arbitration Act, as well as institutional proceedings under various rules, such as the SCC, ICC, LCIA, SIAC and UNCITRAL rules.
A super-skilled team with good knowledge of business.'
'They are precise and analyse issues throughout with great attention to detail. They are clear in outlining risks and cooperative in discussing how to tackle them.'
Legal 500, 2024
Awards & Recognition
Nordic M&A
#1 by deal value
Mergermarket, Q1 2024
Nordic M&A
#1 by deal count
Bloomberg, 2023
Nordic IPO
#1 Rule 144A by deal value and deal count (2019-2023)
Bloomberg
Tier 1 Capital Markets
Sweden, The Legal 500, 2024, 2023, 2022
Tier 1 Banking and Finance
Sweden, The Legal 500, 2024, 2023, 2022, 2021, 2020, 2019, 2018
#1 Nordic IPO (Rule 144A) by deal value and deal count 2019-2023
Bloomberg
Recommended Global and National Leader (Sweden) for Arbitration
Who's Who Legal
European Law Firm of the Year
Chambers, 2024
Experience
Karo Healthcare's £235 million acquisition of Lamisil from Haleon
Representation of Karo Healthcare, an EQT-owned European consumer healthcare company, on the £235 million acquisition of the rights to over-the-counter skin healthcare brand Lamisil, a global brand for the treatment of fungal skin infections, from Haleon UK Holdings Ltd.
€1.5 billion investment in landmark green hydrogen-based steel plant
Representation of a consortium of lead investors including Hy24, Altor, GIC and Just Climate on their landmark approximately €1.5 billion investment in H2 Green Steel, Europe's leading green steel start-up, to finance the construction of the world's first large-scale renewable hydrogen-based steel plant in Boden, Sweden.
H&M's €500 million green notes issuance
Representation of global fashion retailer H & M Hennes & Mauritz AB (H&M) on the issuance by H&M Finance B.V. of €500 million green notes due 2031, guaranteed by H&M.
Rusta's IPO
Representation of Carnegie Investment Bank (publ) as sole global coordinator and joint bookrunner and DNB Markets (part of DNB Bank ASA, Sweden Branch) and Skandinaviska Enskilda Banken (publ) as joint bookrunners on the SEK 2 billion initial public offering (IPO) and listing on Nasdaq Stockholm of Rusta, a discount retailer with approximately 200 stores across Sweden, Norway, Germany and Finland, in addition to an e-commerce offering.
Assemblin's €660 million high yield bond and financing facility
Representation of Deutsche Bank, J.P. Morgan and Nordea Bank as mandated lead arrangers on a €480 million high yield bond and €180 million revolving guarantee pension facility arranged for Assemblin, a Stockholm-headquartered technical installation and services specialist focussed on electricity, heating, sanitation, ventilation and automation.
Neko Health's Series A funding
Representation of venture capital funds Lakestar and Atomico on the Series A funding round investment in Swedish health-tech company Neko Health, a Swedish health-tech company which aims to create a healthcare system providing preventive measures and early detection with latest sensor technology and AI.
Alder's sale of SATEL
Representation of Alder, a Nordic investment fund focused on creating opportunities for sustainable technology companies to accelerate growth and strategic development, on the sale of SATEL Oy, a technological leader in the private radio modem and wireless data communications markets. Its products are used in a wide range of industrial applications globally, including electricity distribution, machine control, harbour logistics, weather stations, environmental monitoring, precise positioning and irrigation systems.
Oatly's US$430 Million Financing
Representation of Oatly, a leading producer of plant-based and dairy-free food products, on a US$430 million financing arrangement, consisting of a private placement of US$300 million 9.25 percent convertible senior PIK notes due 2028, a new US$130 million term loan B credit facility and a SEK2.1 billion amended sustainability-linked revolving credit facility.
Oatly's IPO and Nasdaq New York listing
Representation of Oatly, a leading producer of plant-based and dairy-free food products, in its US$10 billion IPO and Nasdaq New York listing on the Nasdaq Global Select Market.
Tink's sale to Visa
Representation of Tink in its sale to Visa for €1.7 billion. "We advised Tink through its development and rapid growth into one of the largest open banking platforms and fintechs in Europe," said White & Case partner Henrik Wireklint, who co-led the Firm's deal team. "Our pan-European team helped successfully navigate this strategically important transaction for Tink."
Stora Enso's sale of two paper mills
Representation of Stora Enso, a global renewable materials company, in its sale of the Maxau paper production site in Germany and the Nymölla paper production site in Sweden.
Volvo's IPO and Nasdaq Stockholm listing
Representation of the underwriters on the SEK 20 billion IPO and listing on Nasdaq Stockholm of Volvo Cars. This was the second-largest listing ever on Nasdaq Stockholm at that time.
IFS's significant investment by Hg
Representation of IFS, a cloud enterprise software provider, and its shareholders including EQT, in a significant investment by Hg, a private equity investor focused on software and services businesses. This transaction will make Hg a significant minority investor in IFS and WorkWave, in a transaction valuing the companies at US$10 billion.
APG's acquisition of Stockholm Exergi
Representation of an investor consortium led by APG in the acquisition of 50 percent of the shares in Stockholm Exergi from Fortum for SEK 29.5 billion.
Triton's majority investment in Esperi Care
Representation of Triton Smaller Mid Cap Fund II, advised by Triton, in its majority investment in Esperi Care, the leading care provider in Finland.
Klarna's acquisition of HERO
Representation of Klarna, one of the world's leading smooth shopping and payment providers, in its acquisition of HERO, an online retailer that brings the concept of in-person customer service to e-commerce.
Klarna's investment round with US$10.65 billion post-money valuation
Representation of Klarna in its US$650 million equity funding round, at a post-money valuation of US$10.65 billion. The US$10.65 billion valuation ranks Klarna as the highest-valued private fintech in Europe and the fourth-highest globally.
Epidemic Sound's investment by EQT and Blackstone
Representation of Epidemic Sound, a global MusicTech company headquartered in Stockholm, in the US$450 million joint investment by EQT Growth and Blackstone Growth, which values Epidemic Sound at US$1.4 billion.
Momentum Software's takeover by Aaeron
Representation of Momentum Software, a Swedish software as a service (SaaS) company, in the takeover by Aaeron, a Germany-based enterprise resource planning (ERP) software and digital solutions provider for the European property industry. Aaeron has acquired 93 percent of the outstanding shares in Momentum Software at a valuation of approximately SEK 1.8 billion. Momentum Software is listed on Nasdaq First North Growth Market.
Juni's Series B equity funding round
Representation of Swedish fintech Juni in its US$100 million Series B equity funding round.
Pagero Group's cash offer acquisition of Tungsten
Representation of Pagero Group, a listed software as a service (SaaS) company, in its recommended competing cash offer to acquire Tungsten Corporation plc, a listed global electronic invoicing and purchase order transactions network provider. Pagero's largest shareholder is Nordic private equity firm Summa Equity.
Lime Technologies' acquisition of Userlike
Representation of Lime Technologies, a Sweden-based provider of digital products for customer care and sales, in its acquisition of Userlike, one of the leading providers of customer messaging solutions in Germany.
MEAG's financing in world's biggest onshore wind farm
Representation of MEAG and institutional investors on the first fully merchant project bond financing for the Swedish wind farm MB2 North, with a capacity of 253 MWs and located in the world's biggest onshore wind farm cluster Markbygden in Northern Sweden. White & Case previously advised MEAG on the world's largest privately placed project bond for the 753 MW onshore wind farm Önusberget in Northern Sweden.
Truesec Group's acquisition financing by SEB and lenders
Representation of SEB and a top-tier direct lender in a senior/holdco PIK financing respectively for the acquisition of the leading independent cybersecurity service provider Truesec Group by IK Partners.
