A.P. Moller - Maersk and Svitzer
In the first half of 2024, A.P. Moller – Maersk initiated the separation of Svitzer, a leading global towage and marine services group. The strategically important transaction was completed as part of A.P. Moller – Maersk’s Global Integrator strategy. We advised both A.P. Moller – Maersk and Svitzer on the transaction, which involved a demerger of A.P. Moller – Maersk and a subsequent separate listing of Svitzer on Nasdaq Copenhagen.
Axcel
We advised the Nordic private equity fund Axcel on the sale of Nissens Automotive to Standard Motor Products, Inc, a publicly listed US manufacturer and distributor of parts for the automotive aftermarket. The sale was conducted as an auction process. The sales price landed at EUR 360 million, corresponding to DKK 2.7 billion. Headquartered in Horsens, Danish-based Nissens Automotive has more than 500 employees and is a leading European manufacturer of air conditioning and engine cooling solutions for the international automotive aftermarket.
Bang & Olufsen
We advised Danish Bang & Olufsen in connection with the issue of new shares, representing approx. 20% of the company’s share capital. The capital increase will be used to support Bang & Olufsen’s plan to accelerate its strategic execution to drive long-term growth and further improve the company’s profitability.
Blackstone/Mileway
Throughout 2024, we assisted Blackstone and Mileway with the acquisition of more than 20 last mile logistics properties. The acquisitions were completed in a number of separate transactions, and as both asset deals and company deals. Blackstone is one of the world’s leading private equity investment firms and a member of the S&P 500. Mileway is the largest last mile property manager in Europe with a portfolio of more than EUR 20 billion.
Cadeler
We assisted the Danish offshore wind contractor Cadeler A/S, which is dual listed in Oslo and New York, on another private placement that raised NOK 1.8 billion for the company. Following the merger with Eneti at the end of 2023, Cadeler has consolidated its position as one of the leaders in its field, particularly in the construction and maintenance of offshore wind farms, where it has seen continued strong demand for its services. The proceeds of the private placement were used to partially finance a new vessel to install offshore wind turbines.
Carlsberg
We advised Danish brewer Carlsberg A/S on the acquisition of the British soft drinks group Britvic PLC by its subsidiary Carlsberg UK Holdings Limited for approximately GBP 3.3 billion, equivalent to DKK 29 billion. The acquisition strengthens Carlsberg’s partnership with PepsiCo and creates an integrated beverage company in the UK, supplying both beer and soft drinks, with an efficient supply chain and distribution network, offering customers a portfolio of leading beverage brands in the UK, Ireland, France and Brazil.
Deutz
We assisted Deutz, a leading manufacturer of diesel engines based in Germany, in a landmark competition case before the Supreme Court. The case gave the Supreme Court the opportunity to clarify important issues concerning the standard of review of competition authority decisions. The European Commission intervened in the case, which also raised several issues of interpretation of EU law.
Equinor
We advised Norwegian Equinor ASA on the acquisition of a 10% stake in the Danish energy company Ørsted. Equinor – formerly Statoil – is the largest oil and gas operator in Norway and one of the world’s leading offshore operators. The investment is part of Equinor’s strategy to expand its renewable energy portfolio and strengthen its position in offshore wind energy. The transaction, which had a total share value of DKK 17 billion at the time of acquisition, made Equinor the second largest shareholder in Ørsted after the Danish state, which has a controlling stake in Ørsted.
Hempel
We assisted Hempel Fonden and Hempel A/S in connection with the private equity fund CVC’s minority investment in Hempel A/S. Hempel develops and manufactures paint solutions for the shipping, industrial, container, energy and decoration markets, including solutions that help reduce energy consumption and extend the life of painted assets. The company is a global leader in its field and operates in more than 80 countries. The strategic partnership with CVC aims to support the acceleration of Hempel’s ambitious plan for future growth and value creation, including increased investment in the development of sustainable technologies for the benefit of Hempel’s customers.
Maersk Supply Service
Gorrissen Federspiel assisted Maersk Supply Service A/S and Maersk Supply Service Holding ApS (a subsidiary of A.P. Moller Holding A/S) with the sale of Maersk Supply Service A/S to the Norwegian listed oil services group DOF. The purchase price of approx. USD 1.1 billion was paid partly in cash and partly in shares in DOF. As part of the transaction, the Brazilian activities and the activities related to Maersk Offshore Wind A/S were separated from Maersk Supply Service A/S into Maersk Supply Service Holding ApS and were not included in the transaction.
Novo Holdings
We provided legal assistance to Novo Holdings and its portfolio companies in connection with several strategic investments and financing rounds in the life sciences and planetary health sectors. Matters included significant financing rounds in Orbis Medicines, Antag Therapeutics, Adcendo and HepaRegeniX and the acquisition of a 25% stake in Sejet Plant Breeding from DLG Group.
The Novo Nordisk Foundation
We advised the Novo Nordisk Foundation on the establishment of the Danish Centre for AI Innovation – a national centre for AI innovation that today houses one of the world’s most powerful AI supercomputers, provided by NVIDIA. The funds to establish the centre and the purchase of the supercomputer came from the Novo Nordisk Foundation and the Danish Export and Investment Fund respectively. The supercomputer is Denmark’s first GPU-accelerated supercomputer and one of only a few in the world. The intention is that the computer will be accessible to both researchers and commercial stakeholders and that the centre will become a leading hub for research and innovation.
Nordea
We are assisting Nordea in a large, complex criminal case concerning alleged infringement of money laundering rules in the period 2012-2015. The case concerns Nordea’s anti-money laundering programme and transaction monitoring. The scope of the case is historic, and it will be heard over 60 court days in 2025-2026. It raises a number of fundamental issues of great importance to the entire financial sector, including the assessment of criminal liability for companies in this type of case and the level of any fines. The final judgment will therefore contribute to shaping the overall legal development in the area of anti-money laundering. Our assistance to Nordea is part of a growing portfolio of cases in the area of corporate criminal law and investigations where we are a trusted adviser to Danish and international clients.
Swiss Life Asset Management
We advised Swiss asset manager Swiss Life Asset Management AG and Faro BidCo ApS in connection with a voluntary takeover bid to the shareholders of Danish Everfuel A/S, which develops, installs, owns and operates hydrogen infrastructure across a number of European countries. The offer of NOK 13 per share valued Everfuel at NOK 1.1 billion, or approx. DKK 700 million. With focus on developing and optimising the entire hydrogen value chain, including digitalisation and synergies through Power-to-X partnerships, Everfuel works with production, distribution and refuelling of green hydrogen.
Zebra/Flying Tiger
We assisted Zebra A/S and its European subsidiaries in a large and complex commercial shipping dispute against DSV Air & Sea A/S. The case concerned the breach of a two-year freight agreement on international transportation of Zebra’s goods by sea at fixed prices and the claims for loss of profit associated with the agreement.
The main issues in dispute were whether DSV was entitled to demand increased freight rates in the second year of the agreement, including whether the agreement contained a hidden condition on price indexation. In addition, it was disputed whether DSV delivered sea freight in accordance with the capacity guarantee throughout the two-year term of the agreement. The dispute was settled between the parties in August 2024.
