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Waselius & Wist represented Commonwealth Bank of Australia (CBA) and First State Investments (FSI) in Finnish regulatory filings and approvals relating to the divestment by CBA of leading global asset manager, Colonial First State Global Asset Management (CFSGAM) to Mitsubishi UFJ Trust and Banking Corporation. Since its inception in 1988, CFSGAM, known as First State Investments outside of Australia, has evolved into a global investment management business with funds under management of USD 155.1 billion. In Finland, the assets managed by FSI include the infrastructure asset Caruna.
Value: USD 2.7 billion
Waselius & Wist represented the Mandated Lead Arrangers in the Finnish law aspects of the financing of the acquisition of Elenia Lämpö Oy by a consortium formed by Aberdeen Standard Investments, DIF and Local Pensions Partnership Investments Ltd, LPPI.
Elenia Lämpö Oy produces district heating and distributes district heating, and is the owner and operator of 16 local district heating networks across Finland with a total network length of almost 500 km serving 85,000 end-users.
Waselius & Wist advised Secto Automotive in its acquisition of the OP Kulku business from Pivo Wallet, a subsidiary of OP Corporate Bank. OP Kulku offers long-term electric and hybrid vehicle leasing services for consumer and business customers. The acquisition makes Secto Automotive one of the largest providers of electric cars in Finland.
For more information, please view the press release (only available in Finnish).
Waselius & Wist advised the winning tenderer Marfina S.L. in the public tender regarding the Vantaa City Bike System
Waselius & Wist advised the winning tenderer Marfina S.L. and its subcontractor CityBike Finland Oy in the public tender, and in the negotiation of the procurement contract, relating to a major procurement by the City of Vantaa of a City Bike System comprising in total 1,000 bikes and 100 city bike stations in the Tikkurila, Aviapolis, Myyrmäki and Martinlaakso areas in Vantaa.
Waselius & Wist successfully represented CityJet Oy in dispute regarding the company’s pension policy
Waselius & Wist acted for the defendant CityJet Oy in a dispute before the Labour Court against Blue1 Pilots Association ry. The issue in the case was whether CityJet Oy had correctly applied the pension agreement concluded between CityJet Oy (then Blue1 Oy) and Blue1 Pilots Association ry in 2014.
Based on the pension agreement concluded in 2014 CityJet Oy had in 2016 and 2017 decreased the pension contributions paid for the benefits of the employees. The Blue1 Pilots Association ry argued that CityJet Oy should have calculated the reductions differently and claimed that CityJet Oy had failed to pay agreed pension contributions in full.
The Labour Court considered in its decision of 7 June 2019 that CityJet Oy had applied the pension agreement correctly and the decreased pension contributions were calculated in the matter intended in the agreement.
Waselius & Wist advised the mezzanine lender on the Finnish aspects of the refinancing of Technopolis Plc and certain of its group companies in Finland, Norway, Sweden and Lithuania by euro, Norwegian krone and Swedish krona denominated senior secured facilities and mezzanine secured facilities for approximately EUR 930 million in total.
Technopolis is a shared workspace expert. Technopolis’ 17 campuses host 1,600 companies with 50,000 employees in seven countries within the Nordic and Baltic Sea region.
Value: EUR 930 million
Waselius & Wist advised Loram Maintenance of Way, Inc. in its acquisition of the Rail Division business of Roadscanners Oy, including its Rail Doctor® software. Loram is a leading supplier of track maintenance and friction management services and equipment in North America and around the globe. Loram has more than 175 machines and 2,100 friction management units located in 16 different countries.
Waselius & Wist represented Joab group in the acquisition of the business of Pro Lift Oy. JOAB is a market-leading manufacturer of truck bodies and has a turnover of about 900 million SEK and some 275 employees.
Waselius & Wist successfully represented MSD Finland Oy in first ever patent dispute regarding a biosimilar medicinal product
Waselius & Wist acted for the defendant MSD Finland Oy in a preliminary injunction matter before the Finnish Market Court against F. Hoffman-La Roche AG, Roche Oy and Genentech Inc. The issue in the case was whether MSD Finland Oy by marketing and selling a medicinal product in Finland infringed Roche and Genentech’s rights according to the Finnish part of a European product patent.
The medicinal product in question is a biosimilar version of a biological medicinal product, which is manufactured and marketed by Roche. A biosimilar medicinal product is a similar but not identical version of an existing biological medicinal products, i.e. the reference product. A biosimilar product may have minor differences in the molecule compared to the reference product, but these differences must not influence the efficacy and safety, including adverse reactions, of the biosimilar version compared to the reference product. This was the first patent dispute ever in Finland regarding biosimilar products.
The Market Court considered in its decision of 11 March 2019 that there was no likelihood of an infringement of Roche’s and Genentech’s rights under the patent-in-suit and rejected Roche and Genentech’s request for a preliminary injunction. With the Market Court’s decision, MSD Finland Oy can continue the sale of its biosimilar product to Finnish hospitals.
Waselius & Wist successfully represented Ascensia Diabetes Care Finland Oy before the Market Court in litigation against the Joint Municipal Authority of the Hospital District of Central Finland regarding a major procurement of blood glucose meters and test strips. The decision of the Market Court represents an important national interpretation of the judgment of the European Court of Justice in case C‑298/15 Borta UAB regarding changes to clauses in the tender specifications.
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