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2027 Edition
Banking and finance
23 firms ranked
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Capital markets : Debt
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Capital markets : Equity
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M&A
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Private equity
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Project development
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Restructuring and insolvency
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Overview
Delphi advises both Swedish and international clients. The firm’s deal team comprises approximately 150 lawyers across its offices in Sweden. The firm is led by managing partner Michael Juhlin and supported by experienced legal practitioners such as David Aversten. Delphi is active across a range of financial and corporate practice areas, including banking, capital markets, M&A, restructuring, and insolvency.

Key clients                             
   
Evity Invest Private, MVI Partners, Pareto Securities, and Vend Marketplaces.

Highlights  

The firm advised Job Solution Sweden Holding on its acquisition of IT Consulting Network Nordic and Montico for a total initial purchase price of approximately SEK 125 million, and on its issuance of senior secured bonds in a total amount of SEK 165 million.

The firm advised Evity Invest on several domestic and its acquisition of Crown International. The firm also advised Pareto Securities on Xbrane Biopharma’s directed share issue through an accelerated bookbuilding process.

Testimonials

“Very good and easy to work with; they are pragmatic and always trying to find solutions.” - Equity Capital markets

“Aside from high legal competence and strong work ethic, exceptional degree of commitment and support.” – M&A

“The team has consistently been highly responsive and available when needed. Especially during the SPA negotiation phase, they provided tailored advice that was specific to the situation rather than generic guidance, and helped resolve issues in a commercial, pragmatic, and solutions-oriented manner. They combined strong expertise with practical judgement, making a trusted advisor throughout the process.” – M&A

“Very competent team, nice to work with. Trying to fully understand our needs and focuses. Humble approach. Business oriented with ability to focus on the key critical issues.” – M&A

“Delphi is truly an asset when it comes to M&A's. Delphi's expertise made the transaction process moving forward even when the negotiations were tough.” – M&A

“Delphi combines strong legal expertise with a pragmatic and commercially oriented approach. The team is responsive, clear and easy to work with, and they understand both the legal framework and the business context in which we operate. What makes them stand out is their ability to provide advice that is legally robust, practical and directly useful for decision making. They are also good at identifying key risks without overcomplicating the issues.” – M&A

“The Delphi teams I worked against were very professional, handled complex transactional and legal issues in a professional and swift manner.” – M&A

“Delphi has, over a long period of negotiation, consistently been very efficient, accessible and highly professional in the M&A process.” – M&A

“Andreas Wirén is pragmatic and easy to work with.” - Equity Capital markets

“Andreas Wirén already delivers excellent support, and we have been very satisfied with his work. He is responsive, pragmatic and provides clear, commercially relevant advice.” – M&A

“Christoffer Malmström has strong legal skills including negotiation but most importantly has strong dedication and commitment to clients.” – M&A

“Christoffer Malmström handled a very complex cross-border matter where we were on opposite sides, and the clients had very different positions and expectations. There was high pressure, but Christoffer remained calm and professional.” – M&A

“David Aversten is very senior legal advisor and super strong negotiator. David is very respected and interact professionally with both clients and counterparts. David could keep a fast pace in the processes but not skipping the details that matters. David is a strong asset for Delphi.” – M&A

“David Aversten provides clear, pragmatic and commercially useful legal advice. He is responsive, easy to work with and good at identifying the key legal and commercial issues without overcomplicating matters. What stands out is his ability to combine strong legal expertise with sound judgment and a practical understanding of the client’s business context. He gives advice that is not only technically solid, but also directly useful for decision making and negotiations.” – M&A

“David Aversten advises his client in a pragmatic deal-oriented manner without losing track of the details. Working against David is always a good experience.” – M&A

“David Aversten extremely knowledgeable in international M&A, accurate, and solution-oriented in situations that require careful assessment for mutual success.” – M&A

“Elliot Lodenius is very effective work in assisting his senior colleagues and has consistently impressed clients.” – M&A

“Fredrik Linden was consistently highly responsive and available when needed. He provided tailored advice that was specific to the situation rather than generic guidance, and helped resolve issues in a commercial, pragmatic, and solutions-oriented manner.” – M&A

“Fredrik Linden always kept deadlines and was very proactive. He was keen to make sure we understood all the details and was service minded.” – M&A

“Jenny Lindén is extremely reliable, she has stood up for difficult issues during ongoing M&A regardless of the time of day. Her confidence and knowledge of details in the negotiation have been very valuable.” – M&A

“Julia Hugoson deals with counterparties very well, employing a human touch to resolve issues in stressful situations.” – M&A

“Mats Dahlberg is very humble and has friendly but very sharp approach. Competent. Hard working. Always delivers according to commitment and promises. Provides options for how to proceed. Solution oriented.” – M&A

“Michael Juhlin handles complex PE transactions in a swift and professional manner. Looking after his clients' interest while at the same time focusing on the important issues.” – M&A

“Rickard Isacson helped resolve issues in a commercial, pragmatic, and solutions-oriented manner. Rickard combined strong expertise with practical judgement, making a trusted advisor throughout the process.” – M&A

“Robin Rafiee is responsive, diligent and easy to work with, and we have been very satisfied with his contribution.” – M&A
Linked Reviews
Financial and corporate
Cirio’s history could be traced back to 1918 when it was originally founded. The firm was relaunched in January 2019 when it rebranded as Cirio and spun off from Lindahl’s Stockholm office. The deal team is led by managing partner Emma Dansbo, supported by well-seasoned legal practitioners. The firm is active in all areas of corporate law and project development. 

Key clients                            

AB Sagax, Alvotech, Aneo Holding, OX2, and St1 Biokraft.

Highlights  

The firm advised Alvotech on the triple listing of its shares on Nasdaq Stockholm in the form of Swedish depositary receipts and the offering of Swedish depositary receipts to the public in Sweden.
 
The firm also advised Vantura BidCo on its private offer to the shareholders of G-Loot Global Esports and the statutory squeeze-out procedure under the Swedish Companies Act of the minority shares in G-Loot Global Esports.

Testimonials
 
“Always reachable, very good expertise and advisor.” - Equity Capital markets

“Swift and diligent.” - Equity Capital markets

“High expertise and very professional.”- Equity Capital markets

“Very swift response and a very comprehensive service offering within everything we need.” - Financial services regulatory

“Their experience and knowledge, which is also recognized by the financial advisors and banks. Not only in general terms but also regarding details.” - Financial services regulatory

“Annika Andersson is always available and gives in debt advice.” - Equity Capital markets

“Annika Andersson is very professional and dedicated.” - Equity Capital markets

“Louise Åberg has control of the time schedule making sure we are on track.” - Financial services regulatory

“Maria Arnoldsson is always reachable, very good advice, and diplomatic when suggesting solutions in complex matters.” - Equity Capital markets

“Maria Arnoldsson knows the entire process and builds a lot of confidence in the process.”- Financial services regulatory
11 results11 results
Deal Highlights
65 results65 results
Deal Name Deal Date Firm Name Jurisdiction Deal Type Lawyer Names Client Names Client Role
Sagax EURO MTN NL BV - Bond Issue
2021-01-01
Cirio
Netherlands
Bond issue
Sagax EURO MTN NL BV
Issuer
Humlegarden Fastigheter AB - Bond Issue
2021-04-01
Cirio
Sweden
Bond issue
Humlegarden Fastigheter AB
Issuer
Sagax EURO MTN NL BV - Bond Issue
2021-08-01
Cirio
Netherlands
Bond issue
Sagax EURO MTN NL BV
Issuer
Humlegarden Fastigheter AB - Bond Issue
2021-05-01
Cirio
Sweden
Bond issue
Humlegarden Fastigheter AB
Issuer
Swedavia AB - Bond Issue
2021-05-01
Cirio
Sweden
Bond issue
Swedavia AB
Issuer
Sagax EURO MTN NL BV - Bond Issue
2021-07-01
Cirio
Netherlands
Bond issue
Sagax EURO MTN NL BV
Issuer
Humlegarden Fastigheter AB - Bond Issue
2021-07-01
Cirio
Sweden
Bond issue
Humlegarden Fastigheter AB
Issuer
Swedavia AB - Bond Issue
2021-08-01
Cirio
Sweden
Bond issue
Swedavia AB
Issuer
The Swedish National Debt Office - Financing
2021-02-11
Cirio
Sweden
Financing
Lars-Henrik Andersson
The Swedish National Debt Office
Lender
The Swedish National Debt Office - Financing
2020-04-01
Cirio
Sweden
Financing
Jesper Johansson
The Swedish National Debt Office
Lender
Crédit Agricole Corporate and Investment Bank - Financing
2020-03-30
Cirio
Sweden
Financing
Jesper Johansson
Crédit Agricole Corporate and Investment Bank
Lender
Aareal Bank - Financing
2020-12-01
Cirio
Sweden
Financing
Jesper Johansson
Aareal Bank
Lender
Procter & Gamble - Financing
2020-09-01
Cirio
Sweden
Financing
Jesper Johansson
Procter & Gamble
Borrower
Landesbank Hessen-Thüringen Girozentrale - Financing
2020-11-01
Cirio
Sweden
Financing
Dennis Luttropp Hansson
Landesbank Hessen-Thüringen Girozentrale
Borrower
Landesbank Hessen-Thüringen Girozentrale - Financing
2020-12-01
Cirio
Sweden
Financing
Dennis Luttropp Hansson
Landesbank Hessen-Thüringen Girozentrale
Borrower
MaxFastigheter i Sverige - Secondary share offering
2020-03-01
Cirio
Sweden
Secondary share offering
Carl Axel Morvay
MaxFastigheter i Sverige
Issuer
AB Sagax - Financing
2020-12-01
Cirio
Sweden
Financing
Carl Axel Morvay
AB Sagax
Borrower
AB Sagax - Real estate acquisition
2020-12-01
Cirio
Sweden
Real estate acquisition
Carl Axel Morvay
AB Sagax
Acquirer
Aareal Bank - Financing
2020-06-01
Cirio
Sweden
Financing
Carl Axel Morvay
Aareal Bank
Lender
Crédit Agricole Corporate and Investment Bank - Project finance
2020-12-01
Cirio
Sweden
Project finance
Carl Axel Morvay
Crédit Agricole Corporate and Investment Bank
Lender
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IFLR1000
Lindahl retains small presence in Stockholm
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