Castrén & Snellman has been the most active firm in the domestic capital markets in the 2010-2011 period, handling two share issues (coming second in the market) and four notes issues (topping the list).Merja Kivelä leads the team....
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Castrén & Snellman has been the most active firm in the domestic capital markets in the 2010-2011 period, handling two share issues (coming second in the market) and four notes issues (topping the list).
Merja Kivelä leads the team. "Merja is the most active," says a peer, "a joy to work with", while another adds that the team is "very active in the domestic market, good people and good clientele, involved in many cases year on year". One client who instructed the firm on a bond issue says the firm "responds quickly to legal questions and they are honest and will tell you if you are not completely right". The client highly recommends Janne Lauha.
"We used them on two rights issues and a €100 million loan, they are nice to work with, quite practical, they don't see the legal agreement as a piece of art [above practical needs]," says a client. Another client compliments associates Thomas Landell and Joni Panilainen as "very good [and] pragmatic".
The firm was involved in all the country's private placements bar one. Led by Pekka Lehtinen, a team advised the lead arrangers and joint-bookrunners (including JPMorgan, Citibank London and RBS) on Sappi Group's €250 million and $350 million senior secured notes issuances, due in 2018 and 2021 respectively.
The firm also acted for Cramo alongside Weil Gotshal & Manges to advise on the Finnish aspects of its rights issue, in which it aims to raise €100 million to fund an expansion programme. The firm also acted on a €20 million share issue for Aspo and a large bond issue for Sponda. The latter involved a five-year senior unsecured bond mainly directed at Scandinavian institutional investors and a Helsinki listed €100 million five-year 4.3% senior unsecured notes issue.
The firm was also involved in Citycon's share issue, advising Kempen & Co alongside Stibbe and Herbert Smith, and Neste Oil's €300 million bond issue, advising the joint-lead managers.
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Castrén is now the biggest firm in Finland and its size is a big draw for clients. "We are very pleased with their expertise, they have so many different lawyers with expertise on different matters and the services they provide are excellent," says one client....
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Castrén is now the biggest firm in Finland and its size is a big draw for clients. "We are very pleased with their expertise, they have so many different lawyers with expertise on different matters and the services they provide are excellent," says one client. As well as size, clients also appreciate the firm's network. One in particular praised its ability to handle cross-border projects involving Finland and Russia.
The firm is especially strong on the lenders' side and has a number of respected banking partners and, says a peer, "some very good young associates". The firm also recently hired a London-based associate from Clyde & Co, Maria Landtman, and a new partner to its Moscow office.
There is some patchy feedback from competitors, who argue the firm is slightly less visible than it used to be and at times "less smooth" in transactions. Nevertheless, the firm landed the lead role advising regional banks Nordea, Phojola, Sampo, Skandinaviska Enskilda, Swedbank and DnB NOR, on a €550 million loan to Sponda; one of the market's largest loans.
Elsewhere, the firm represented Nordea Bank Finland on a €200 million acquisition of real estate loans from Eurohypo and acted for Pohjola, Nordea and Sampo Bank on the €75 million financial restructuring for Glaston Corporation. Complicating the deal was the company's networks in various countries in Asia, Europe and the Americas.
On a borrower deal, the firm advised Technopolis on a €31.6 million loan from the European Bank for Reconstruction and Development (EBRD) for the development of a technology centre in St Petersburg.
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Castrén is working hard to take market share in M&A. The firm is possibly better positioned in banking and finance work, however the corporate team, led by Jan Örndahl, with Jan Kuhlefelt also taking the lead on some of its recent mandates, had a relatively strong 2010 and has a good pipeline of projects involving at least one large public M&A deal....
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Castrén is working hard to take market share in M&A. The firm is possibly better positioned in banking and finance work, however the corporate team, led by Jan Örndahl, with Jan Kuhlefelt also taking the lead on some of its recent mandates, had a relatively strong 2010 and has a good pipeline of projects involving at least one large public M&A deal.
In terms of head count, the entire firm is now the second biggest in the market. Half of its turnover comes from cross-border deals and in February 2011 it increased its partnership with the promotion of Johannes Piha.
In November 2010 the firm closed a deal for Ireland-based CRH, which divested its Finnish company Thermisol, as part of a Europe-wide divestment of its insulation businesses, for €120 million.
In December 2010 the firm also closed a deal for the acquisition of Aktiv Kapital group's debt collection business, which includes its Finnish business Aktiv Kapital. The acquisition value was just shy of €47 million.
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