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

G&D has a strong regulatory practice and a string of big name international clients. With a young team of "well qualified trustworthy lawyers". The firm are regular advisors to leading Swedish and international fund managers and have a solid reputation in derivatives and regulatory work. Despite a difficult market, the firm has been busy over the last 12 months including work on a novel shariah law financing. One client says "a particular strength of the firm is financial regulatory aspects and work involved ample access to partner time."

According to another client "we tend to have G&D as our firm of choice given the high quality of the staff, their high degree of responsiveness and the senior attention that they provide."

Deals
In general financing Mikael Borg led a team advising Kerling on the €110 million acquisition financing of the Tessenderlo group's European chlor-alkali and PVC business. Another interesting deal saw Marcus Johansson and team assist Islamic bank Kuwait Finance House in connection with a SKr250 million (€29 million) shariah financing of a property.

In other work, Tobias Edenman advised companies within the Norwegian property fund Fortin group in connection with three property refinancings valued at SKr3.3 billion.

In regulatory work, one highlight saw Niclas Rockborn and Borg advise 4T (the joint venture for mobile payments among Sweden's four largest mobile operators) including advising on the application to the Swedish FSA for 4T to become an e-money institution.

Gernandt & Danielsson are unanimously recognised by peers as one of the leading firms for capital markets and in particular equity work in Sweden. One client says: "We will use this firm because they are commercial and pragmatic". Despite having a smaller team than some other firms in the market one client says "The consistency is guaranteed, they have quality in partners but also at associate level." Dick Lundqvist is head of the department. One client says: "In my view they are the most proficient firm in Sweden for M&A and capital markets transactions."

Deals
A team led by Bob Johanson advised leading textile chain Hemtex in connection with its SKr325 million (€38 million) rights issue of shares. Other big name clients include Swedish football club AIK Fotboll whom the firm advised on a capital increase through a rights issue of shares.

Since May 2011 teams have assisted on a number of public takeover offers on behalf of Stanley Black & Decker and ElektronikGruppen BK Aktiebolag. One highlight was a mandate from international digital gaming group Entraction Holding in connection with IGT's SKr700 million public cash offer to acquire all outstanding shares in Entraction.

In a noteworthy private placement, leading lawyer Mikael Borg advised the Cypriot company Egidaco Investments and independent Swedish investment bank Pareto Öhman in connection with Egidaco's issue of secured bonds with a value of SKr550 million (€65 million) and the subsequent listing of the bonds on Nasdaq OMX Stockholm.

Borg again advised Pareto Öhman alongside Mauritius based Bayport Management Limited and on a SKr700 million Swedish bonds issuance as well as Bayport's subsequent additional issue of promissory notes with a value of SKr80 million.

Gernandt & Danielsson is recognised by peers as a top tier firm with "consistently good quality lawyers" in corporate M&A. This is backed up by an impressive list of blue chip clients across a range of industries. The department however is comparatively weaker in private M&A and private equity markets. One client praised the work of Manfred Löfvenhaft, "we are very satisfied with their work and total commitment to us during the process. The process was very intensive but they prioritised us throughout." Another client said "partners here tend to be more involved in transactions, ensuring experienced counsel is received. Also, they operate as a team as opposed to in silos ensuring that specific experts are brought in as required, which not all firms do considering their internal politics."

Deals
In a big-ticket deal Manfred Löfvenhaft and Krister Skoog advised Cinven Partners and Goldman Sachs Capital Partners in connection with the sale of leading technical products wholesaler Ahlsell for €1.8 billion. Meanwhile in a complex deal, Niclas Rockborn and Mikael Borg advised 4T Sverige on a joint venture of payment services between Sweden's four largest mobile operators.

Also in the payment services industry, Dick Lundqvist and Skoog advised NYSE-listed VeriFone on its €600 million acquisition of Point, Northern Europe's largest provider of payment and gateway services from Nordic Capital Fund V.

In private equity, Mats Hugoson assisted Nordic private equity fund Procuritas Capital Investors IV LP A on its acquisition of the Perimeter Protection Group, a leading European supplier of outdoor perimeter protection.