Our latest news and deals.
On 5 October 2018 Waselius & Wist is hosting a seminar in Helsinki on tax litigation, with specific focus on transfer pricing disputes. The seminar is part of a legal event called Käräjät, arranged by Edita Publishing Oy, one of the major producers of legal training in Finland. Waselius & Wist’s session will discuss the specific features of tax litigation at Court level. More particularly, the topics reflected in light of Court proceedings are inter alia transfer pricing and the specific features therein, alternative dispute resolution, display of evidence and the various economical methods as used in litigation for argumentation purposes. Certain State Aid cases will also be looked at as specific proceedings with a transfer pricing dimension as well as the Mutual Agreement Procedure as a means to solve cross-border conflicts. The session is chaired by our Tax partner Jouni Weckström.
For more information and registration, please visit www.käräjät.fi (only available in Finnish).
Waselius & Wist represented Apax Partners in the Finnish law aspects of the acquisition of a majority stake in the leading Finnish digital transformation company, Solita, from Vaaka Partners, including the financing arrangements and merger control proceedings relating to the acquisition. The acquisition was carried out by Apax Digital Fund, a growth equity fund advised by global private equity advisory firm Apax Partners. Apax Digital Fund specialises in growth equity and buyout investments in high-growth enterprise software, internet, and technology-enabled services companies worldwide. Solita is a digital transformation company driven by data and human insight. The company provides a range of services, including strategic consulting, service design, artificial intelligence, analytics and managed cloud services to its fast-growing international client roster. Solita employs more than 650 digital specialists across Finland, Sweden and Estonia.
Waselius & Wist represented I Squared Capital, an independent global infrastructure investment manager, in the Finnish law aspects of its acquisition of Tip Trailer Services from HNA Group, a global Fortune 500 company focused on aviation and tourism, logistics and financial services. TIP Trailer Services is a leading equipment service provider operating in 17 countries and headquartered in Amsterdam.
Waselius & Wist successfully represented Ascensia Diabetes Care Finland Oy in public procurement litigation in the Market Court relating to a major procurement by the City of Espoo of blood glucose meters and test strips.
Waselius & Wist represented the shareholders in Maksuturva Group Oy and Maksuturva ICT Services Oy in the sale of 90% of the shares in Maksuturva to Svea Ekonomi, a leading Northern European provider of financial services. 10% of the shares will continue to be held by Maksuturva’s management. Maksuturva is a Finnish provider of intelligent payment services to companies and their customers in Finland and abroad.
Offering of 6 1/2% senior notes due 2024 and 6 7/8% senior notes due 2026 by First Quantum Minerals Ltd.
Waselius & Wist represented First Quantum Minerals Ltd in the Finnish law aspects of the offering of $850,000,000 in aggregate principal amount of 6½% senior notes due 2024 and $1,000,000,000 in aggregate principal amount of 67/8% senior notes due 2026.
Value: USD 1.95 billion.
Waselius & Wist represented the arranger, ING Bank N.V., and the other dealers in Fingrid Oyj’s EMTN Debt Issuance Programme of 2018.
Value: EUR 1,500,000,000
Waselius & Wist represents Digital Colony in the Finnish law aspects of its acquisition of Digita Oy from First State Investments.
Digita is the owner and operator of the premier nationwide digital terrestrial television and radio broadcasting tower infrastructure network in Finland. The company is also Finland’s largest independent tower network owner, providing infrastructure solutions to the country’s largest mobile network operators.
Digital Colony is a global investment firm focused on enabling the next generation of mobile and internet infrastructure. Digital Colony is a joint venture between Digital Bridge Holdings, LLC, a leading owner and operator of digital infrastructure businesses and Colony NorthStar, Inc. (NYSE: CLNS), a leading real estate investment management firm.
The transaction is subject to customary regulatory approvals.
Waselius & Wist represented Hellman & Friedman LLC in the Finnish law aspects of the public takeover bid for Nets A/S and the related financing.
Nets A/S is a payments processor headquartered in Copenhagen who owns the shares in the Finnish regulated payment institutions Nets Oy and Paytrail Oyj.
Value: 33.1 billion Danish crown ($5.3 billion)
Nordea to be supervised by the European Central Bank together with the Finnish Financial Supervisory Authority
Nordea, the largest financial services group in the Nordic region and one of the largest banks in Europe, has resolved to move its headquarters from Sweden to Finland. A large majority of 96.6 % of the shareholders at Nordea Bank AB’s annual meeting on 15 March 2018 voted in favor of relocating the headquarters to Helsinki, readily surpassing the required two-thirds majority vote. The target date for the relocation is 1 October 2018.
Of the four domestic markets of Nordea, Finland’s membership in the European Banking Union was the decisive factor for the relocation. Following the relocation Nordea will be supervised by the European Central Bank together with the Finnish Financial Supervisory Authority. Nordea will also be subject to the same banking supervision and single resolution mechanisms as the great majority of other European banks. The move contributes considerably to the stability in the Eurozone and helps to create a levelled playing field when major actors within the banking sector are covered by common supervision and the jurisdiction of the Single Resolution Board. As a result of the relocation the size of the Finnish banking sector will be triple the size of Finland’s GDP. As a response to the relocation, the Finnish Financial Supervisory Authority will adjust its organizational structure with respect to banking supervision and make preparations for the use of macroprudential tools and supervisory cooperation with the European Central Bank and the Swedish regulator Finansinspektionen.
Nordea’s decision to relocate follows the Swedish Government’s intention to increase the amount of the so called resolution fee, a banking tax collected from Swedish financial institutions. Also, the stricter Swedish bank legislation and tighter capital requirements compared with the EU were of relevance when the decision to relocate was made.
For further information, please contact