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Waselius & Wist represented Loomis AB in merger control proceedings in connection with its acquisition of Automatia Pankkiautomaatit Oy

Waselius & Wist represented Loomis AB (Nasdaq OMX) in merger control proceedings in the Finnish Competition and Consumer Authority (FCCA) in connection with its acquisition of Automatia Pankkiautomaatit Oy from present owners Danske Bank, Nordea, and OP Financial Group. The FCCA approved the acquisition in Phase 2 proceedings subject to commitments. According to the FCCA, the transaction would have resulted in certain adverse effects on the already concentrated market for cash management services in Finland without the conditions attached to the approval. The potential concerns identified by the FCCA were addressed with access and behavioural remedies offered by the parties.

The proceedings included highly complex legal issues due to the key role Automatia plays in Finnish cash infrastructure and the vertical link between the parties. According to the FCCA, this was the most thorough investigation by the FCCA of a vertical merger to date and the first time the FCCA has applied economic methods to assess foreclosure effects in a vertical merger (i.e. a merger between parties operating at different levels of trade).

Automatia operates the largest ATM network in Finland, under the Otto brand, and also offers nationwide cash supply services for bank branches, night safes for retailers and a digital platform for operating instant payments. Loomis is a globally operating company offering comprehensive solutions for cash handling primarily to banks and retailers.

For more information, please visit:

www.kauppalehti.fi/uutiset/kkv-antoi-siunauksensa-otto-automaattien-siirtymiselle-ruotsalaisten-kasiin/f68d159d-254b-47ab-8789-52b4f7de6493

www.kkv.fi/ajankohtaista/Tiedotteet/2020/14.10.2020-kkv-hyvaksyi-ehdollisena-loomiksen-ja-automatian-valisen-yrityskaupan

(only available in Finnish)

and

www.ww.fi/news/2020/02/acquisition-of-automatia-pankkiautomaatit-oy-by-loomis-ab

Lawyers involved:

Ida Keränen
Associate

 

 

News, Recent Deals / 14.10.2020

Advised Santander in a EUR 650 million STS labelled securitisation of auto portfolio

Waselius & Wist advised Banco Santander as arranger and joint lead manager in the 9th securitisation of auto loan hire purchase contracts originated by Santander Consumer Finance Oy. Read more

News / 01.10.2020

Waselius & Wist expands its IP practice with the strategic appointment of Åsa Krook as partner in the firm

Åsa joins Waselius & Wist from her position as IP partner at another Finnish law firm. Åsa has more than 25 years of experience in advising companies across an array of industries on trademark, copyright, market law and trade secret matters. In particular, Åsa advises companies on strategic management of IP portfolios and she also regularly counsels them on licensing, franchising and distribution arrangements as well as anti-counterfeiting and unfair business practice related issues and disputes.

Åsa is recognised as a leading IP lawyer in Finland by Chambers and Partners and Legal 500, and is named within the Top 250 Women in IP 2020/2021 by Managing Intellectual Property. She has contributed to both national and international publications within IP, franchising and commercial contracts and is a frequent speaker at Nordic IP seminars.

IP related work continues to be a growing area and the strengthening of the IP practice is an important strategic step for the firm. Åsa’s high professional profile will add further strength and depth to the firm’s IP team and underlines the firm’s investment in its IP practice. Åsa’s energy and enthusiasm is aligned with the firm’s culture and ambitious plans for the future where our clients will benefit from an even more robust expertise in the full range of legal services.

Åsa Krook
Partner
News, Recent Deals / 24.09.2020

Advised EstateGuru in its authorisation as a crowdfunding intermediary

Advised EstateGuru in the entry into the Finnish market and authorisation as a crowdfunding intermediary with the Finnish Financial Supervisory Authority. Read more

News, Recent Deals / 23.09.2020

Agreement between Essity Finland and Nokian Vesi regarding the construction of a waste water treatment plant

Waselius & Wist represented Oy Essity Finland Ab in the negotiations concerning a joint project with Nokian Vesi Oy, the municipal water and sewage company of the City of Nokia, for the construction of a new state of the art waste water treatment plant. Read more

News / 24.08.2020

Waselius & Wist strengthens its finance team with a key lateral hire

Waselius & Wist enhances its financial regulatory capabilities with the appointment of Olli Kiuru as partner. Olli joins Waselius & Wist from another Finnish law firm where he headed their Finance, Insurance & FinTech practice.

The appointment signifies further growth of the firm’s finance practice and enables the firm to offer even greater support across the regulatory spectrum to its clients in the future.

Olli specialises in a wide range of financial regulatory, compliance and corporate governance matters for domestic and international financial institutions, insurance companies and other regulated entities as well as FinTech companies. Olli acts as an outsourced compliance officer for many regulated entities and his work involves tight cooperation with the Finnish Financial Supervisory Authority, which makes the firm’s already strong relationship with the regulator even more unique.

Olli is recognised as a leading finance lawyer in Finland and praised for his knowledge of financial regulations and compliance matters. Also Chambers and Partners as well as Legal 500 have recognised Olli for building a stellar reputation in the Finnish financial regulatory and FinTech markets. Olli’s depth and versatility of expertise in financial products and regulatory issues as well as his considerable involvement in the FinTech space will complement the firm’s strengths in these areas and add further depth and breadth to the firm’s capabilities.

Olli Kiuru
Partner

Waselius & Wist successfully represented Ascensia Diabetes Care Finland Oy

Waselius & Wist successfully represented Ascensia Diabetes Care Finland Oy in public procurement litigation in the Market Court relating to a major procurement by the Joint Municipal Authority of the East Savo Hospital District of blood glucose meters, test strips, lancing devices and lancets. Read more

COVID-19 Newsroom, News / 09.04.2020

Covid-19 forces changes to state financial aid for employers, employees and entrepreneurs

The Finnish labour market organizations have, on request by the Finnish Employment Minister, provided the Government with a number of proposals aimed at facilitating the lives of employers, employees and entrepreneurs who are currently, due to the Covid-19 outbreak, facing an unforeseen and though financial situation. The Parliament has supported many of these proposals and during the current week amendments to existing legislation as well as new acts have in this respect been approved by the Parliament, whereas some changes are still pending approval. Read more

COVID-19 Newsroom, News / 17.03.2020

Waselius & Wist’s approach to Covid-19

As the Corona virus is spreading fast all over the world, we want you to know that we have implemented several measures to safeguard our employees from the risk of infection and to maintain a seamless service to our clients.

We closely monitor the Finnish Government’s and the World Health Organisation’s Covid-19 guidelines and review daily our contingency plans, internal instructions and processes to ensure that we can continue serving our clients without any disruptions. Read more

News / 17.12.2019

Maria Lehtimäki appointed Specialist Partner

Maria Lehtimäki  has been appointed Specialist Partner as of 1 January 2020.

Maria’s practice focuses on advising financial institutions, investors and corporates on cross-border financing and capital markets transactions and related regulatory matters. She has experience in structured finance across a variety of asset classes, as well as special situation investments and distressed investments. Read more

Tuurna