|Gorrissen Federspiel Kierkegaard
|Plesner Svane Grønborg
Danish M&A had a solid 2006 as moderate investment from
private equity firms encouraged steady growth.
The value of completed deals involving a Nordic country rose
by 7.4% in the first nine months of 2006 compared to the same
period last year, just short of the 8.1% increase experienced
by European M&A as a whole.
Deals were overshadowed by 2005's big acquisition –
TDC's $16.7 billion takeover by a consortium of private equity
investors – the largest leveraged buyout in European
Smaller-scale private equity transactions continued to drive
M&A in 2006. Unlisted NycoMed acquired Altana Pharma, an
Altana spin-off, for $5.8 billion in September, and in August
CVC Capital Partners sold DT Group, the building materials
retailer, to Wolseley for $2.5 billion.
Medium-sized deals have also dominated the public M&A
market. Danske Bank took over Finnish-based Sampo Bank for $5.2
billion in November 2006, while Phonak announced a $2.7 billion
deal to acquire GN ReSound.
Phonak was advised in its bid by Bech-Bruun, which is ranked
in the first tier of IFLR's recommended firms and had a
particularly successful year acting for CVC Capital Partners
and announcing the eighth largest number of deals in the Nordic
region in the first nine months of 2006.
Optimism is high that 2007 will bring an increase in the
number and value of M&A deals in Denmark.