IFLR 1000
The Guide to the World's Leading Financial Law Firms

After four years at Delphi former White & Case partner Clas Romander has steered a steady course for the firm in the capital markets, helping it play a hand in three small-to-medium IPOs that made it to market in 2010-2011 and in advising one of the two Swedish exchanges: NGM Stock Exchange.

In February 2011 the firm found a new partner in Marcus Nivinger, who joined from Latham & Watkins London, and before that Gernandt & Danielsson. The firm's stronger card is on the equity side.

Delphi had a number of interesting mandates on its books in mid-2011 including various public offers and secondary listings. In one case, Anders Björk and Romander were advising IBS on a €44 million rights issue to existing shareholders, and guaranteed by its largest shareholder Deccan Value. The issue compliments a parallel multicurrency revolving credit facility from a syndicate of local banks.

In other work, Romander assisted Alpcot Agro on a €35 million rights issue with shares listed on the NASDAQ OMX Stockholm. On the IPO side, in November 2010 Vilhelm Nyström acted for Isconova on its €9 million listing on the OMX First North. New recruit Nivinger advised Index Pharmaceuticals on several private placements.

Erica Johansson also plays a notable role for the firm in capital markets, especially with UCITs funds, investment and hedge funds and on derivative transactions.

This year Delphi has started to make a strong bid for the tiers, especially given the calibre of recent lateral hires. The firm has a strong profile especially in banking regulatory, often finding itself advising on Swedish aspects of cross-border deals, and in acquisition financing.

In October 2010 the team hired Erica Johansson, formerly of Mayer Brown London and Allen & Overy London. The hire adds value in regulatory, UCITs and funds related work and has already paid dividends, with Johansson advising clients including Analytic Investors and Morgan Stanley.

Clients give positive feedback of the firm and are also very impressed with Johansson. "She did a lot of work on the documentation and on the structure of the deal," says a client from an international bank, who also opines that the firm is especially strong in "investments into hedge funds, credit and payments with risks associates typically in various jurisdictions, very complex trades and securities".

In one deal in May 2011, Johansson worked alongside Allen & Overy and Stibbe to advise Prostrakan on the Swedish aspects of pan European prepayment, cancellation of facilities and release of securities matters.

Clas Romander, who joined in 2006 from White & Case, and partner Per Lagerkvist remain the key high profile bank and finance partners. In standout work, Lagerkvist led a team to advise Riverside Europe Partners on acquisition financing from Kaupthing Bank Sweden for what was one of the largest acquisitions in the Nordic region. He was also mandated by ProSiebenSat1 to advise on aspects of the € 4.6 billion acquisition of SBS Broadcasting Group.

Lagerkvist also recently worked for Commerzbank on the Swedish aspects of a €1.36 billion acquisition financing to Nordzucker for its acquisition of the Danisco Group. In the deal, he handled certain pledges that the acquisition vehicle made to the Swedish government in relation to sugar subsidies and financing arrangements.

Romander for his part was kept busy by Länsförsäkringar Bank, which he was advising on regulatory issues.

A finale worthy example of work saw Göran Karlsson advise Bixia as borrower on a €176 million facility agreement from Swedbank.

With the changes in the market - Linklaters' downsizing and the movement created by the arrivals and hiring sprees of Finnish brands Hannes Snellman and Roschier - Delphi offers a reliable and consistently growing practice which has taken advantage of the movement to grab market share.

One example is that the firm's M&A department grew in 2010-11 with the hire of five associates, among them senior associate Fredrik Mörner, who primarily specialises in public M&A, from Gernandt & Danielsson. The firm has also capitalised on strengths in the TMT and life sciences sectors, thanks to its strong IP department.

Among its exemplary deals, head of private equity David Aversten advised SunGard acquisition of Mindwell for an undisclosed amount in October 2010, a deal which involved assets in a four northern European countries.

Aversten and the other most lauded corporate partner at the firm Per Berglöf, worked alongside Jones Day to advise Sherwin Williams on its acquisition of Becker Acroma through its newly established Swedish subsidiary Sherwin Williams Sweden Holdings. The firm led on all the Swedish aspects, conducted due diligence and drafted the transaction documents. The deal was closed in 2010 for an undisclosed amount.

Another example saw Berglöf lead a team to advise Agco Corporation on its €61 million acquisition of Sparex in November 2010.