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Interpretation of and compliance with stock exchange regulations require still more resources and specialised knowledge. Moreover, there is an increased focus on principles and the corporate governance code, and stock exchange regulations, including the ongoing duty of disclosure, prohibition against market abuse and the rules governing offering and listing of securities, have grown more technical.

We advise on the offering, trading and regulation of securities, verification, takeover of listed companies and de-listing. Our clients include C25 companies as well as large-cap and small-cap companies listed on NASDAQ Copenhagen and First North as well as international and Danish investment banks. 

In addition, we advise a wide range of Danish and non-Danish private equity funds and venture funds on the execution of investments, acquisition, purchase and exits. We are experts in the AIFM regulation that subjects private equity and venture funds to strict regulatory requirements.

Our advisory services include:

  • Offering of securities, including stock exchange listing, IPO, private placement and secondary offering
  • Verification
  • Duties of disclosure
  • Securities trading and regulation
  • Takeover offers and de-listing
  • Bond issuance
  • Establishment of investment funds and managers
  • Establishment of UCITS funds, investment associations and mutual funds
  • Venture capital investment
  • Private equity transactions/buy-outs/ secondaries
  • Fund of funds and master feeder funds
  • Investment in investment funds
  • AIFM issues
  • Bonus and yield models, carried interest allocation agreements
  • Regulatory aspects
  • Tax issues relating to investment funds
  • Management structures.

We also advise on corporate governance, current duties of disclosure and special legislation concerning listed companies.

When required to ensure our clients the best advisory services, we cooperate with lawyers from our other areas of expertise such as M&A and Corporate Matters, Regulatory Issues, Insolvency & Restructuring, Tax.


Capital Markets

Capital Markets


What the team is known for
Highly regarded finance team acting on behalf of domestic and international banks, private equity houses and large corporations on all aspects of acquisition finance, including leveraged finance transactions. Recognised for its financing expertise in the energy and real estate sector. Other areas of specialism include asset finance, high-yield bond work and regulatory matters. Also frequently instructed on restructuring and refinance mandates. Has experience of debt capital market transactions.

One client says: "They are always accessible and flexible, they have a high level of knowledge from a technical perspective and they have a good ability to understand what we want commercially."

Other sources appreciate the lawyers' "timeliness and accuracy of advice."

Work highlights
Advised HSBC and other arrangers on Danish law matters connected with financing Ineos's acquisition of DONG E&P.

Notable practitioners
Head of department Morten Krogsgaard  is praised for "his high level of knowledge and experience and his good understanding of the market." He handles a whole host of loan agreements and finance transactions. He advised Nordea on the financing of CataCaps' acquisition of TP Aerospace.

Thomas Thordal Sevelsted enters the rankings for the first time on the back of strong market endorsements, with one source saying he is "very focused and has a good commercial approach." He has a broad practice, handling real estate, project and aviation finance, as well as restructuring mandates.

Chambers and Partners Europe, Banking and Finance


Capital Markets


Steen Jensen advises clients on ECM transactions, including passporting and takeovers. He recently assisted Exiqon with its DKK1 billion public-to-private takeover by Oncotec.

David Moalem provides regulatory advice on capital markets-related matters. He assisted Lundbeck with the implementation of a new capital markets compliance set-up in light of the new EU Market Abuse Regulation. Clients say: "He gives very practical advice which we can easily implement and he provides very good service."

Chambers and Partners Global, Capital Markets

Capital Markets

In the Danish market Bech-Bruun is recognised for its strong M&A and projects teams. It also boasts of a very credible banking and restructuring and insolvency offering. 

Despite the slowdown in the Danish capital markets area, the firm has strong expertise on the equity side and recently represented the underwriters in a large Nasdaq Copenhagen IPO. 

Recent Deal Data highlights 

  • Axcel acquisition of majority stake in Phase One
  • Energinet DKr1.8 billion acquisition of GasNet
  • Maersk Drilling Nasdaq Copenhagen IPO
  • Nord Stream 2
  • Teradyne €121 million acquisition of Mobile Industrial Roots
  • Total $7.45 billion acquisition of Maersk Oil & Gas
  • Total acquisition of Chevron’s 12% interest in Danish Underground Consortium
  • Vineyard 800MW wind farm

Client feedback

"The team is always prompt and on point with an answer when we need it." – Capital markets: Debt

"Were well disciplined when it comes to keeping deadlines." – Capital markets: Debt 

Capital Markets

Ranked: tier 2

Bech-Bruun 'knows the local market well' and provides advice that is 'risk based rather than purely technical in nature' thanks to a 'very responsive and client-focused' practice. Morten Krogsgaard leads the team and is an expert in DCM work; Steen Jensen and David Moalem are also key names to note. In a recent highlight, Krogsgaard advised Nordea Bank on a bond issuance; Jensen also acted for the Ontario Teacher's Pension Plan on the sale of its stake in Copenhagen Airports to ATP and simultaneous purchase of Macquarie's stake, and Moalem assisted NTG with its $108m public tender offer for NeuroSearch.

Legal 500, Capital markets


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