In this high-profile interview, our keynote speakers will address the effect geopolitical forces are having on the region.  With the third anniversary of Russia’s invasion of Ukraine this February, heightened focus on national security, international cooperation and energy security are dominating the agenda.  

With Sweden and Finland fully completing their NATO accession process in 2024, all Nordic countries are clear-eyed about the threats to the region. In addition, Trump’s unconventional approach to international diplomacy is putting pressure on the internal cohesion between the NATO states; the Sino-Russian cooperation has enabled China to expand on its foothold over the region and finally, Europe’s timid response to all this highlights the need for the Nordic block to fully cooperate in this new environment. 

As we enter 2025, the prediction for M&A in the Nordics is decisively positive, with many commentators talking about the next uptick in the M&A cycle.  Overall, Nordic economies have demonstrated resilience in the face of global headwinds in 2024. While some countries outperformed others, the region's commitment to innovation, strong institutions and sound macroeconomic policies provide a solid foundation for economic growth and deal activity. There will be challenges to look out for – high household debt, geopolitical tensions and higher export costs tied to US trade – but the general macro-economic sentiment is much improved. Our panel will endeavour to identify the drivers and trends that will dominate the next 12 months.

• Macro-geopolitical drivers in context: What is the impact on Nordic M&A? Recent regional government changes and how are M&A professionals adapting? Trends and challenges

• How are private equity firms reacting to more favourable financing conditions and consolidation plays supporting M&A activity in the region?

• How are private equity firms effectively diversifying into alternative asset classes and which asset classes are proving most effective in delivering returns for investors?  

• Managing mature assets through a surge of secondary buyout activity or strategic dealmaking in Europe and US

With deal activity having shown significant signs of recovery in the second quarter of 2024 in terms of both value and volume, the overall suggestion is that investors are willing to commit larger sums to high-quality assets. The panel will discuss best strategies for private equity deal-making and successful portfolio management. It will be exploring business transformation challenges; co-investments strategies, and innovative approaches for enhanced returns – and how these factors will stimulate private equity funds' role as enablers and accelerators of change.

• Effective diversification strategies for building resilient portfolios across various sectors and asset classes. How do funds adapt their strategies, incorporating and managing alternative investments?

• Best value creation portfolio enhancement and monitoring strategies: How can capital structures and financing models be reviewed to improve cash and liquidity management for new and existing funds?

• Fundraising, deployment and exit opportunities 

• Are changing regulatory regimes creating new expectations?

Traditionally the Nordics been appealing for cross-border M&A thanks to the very efficient and transparent regulatory environments, the well-functioning legal systems and the entrepreneurship and innovation across several sectors. Given recent developments, our panel of speakers will focus their attention on the defence industry, which is undergoing a period of rapid transformation in the region, with Sweden uniquely positioned to play a critical role in shaping its future. As a newly inducted member of NATO and a signatory to the Defense Cooperation Agreement (DCA) with the US, Sweden is prepared to strengthen its defence capabilities through increased collaboration and integration. 

• Regulatory and compliance requirements. What do overseas bidders need to bear in mind when pursuing M&A in the region, including recent regulatory changes? 

• How to facilitate join ventures, strategic alignments and technology transfers to partner with international contracts to overcome supply chain bottlenecks?

• From structuring deals to exit strategies – How do you strike the right balance between risk and reward in cross-border M&A? 

• How to best leverage M&A to acquire capabilities to accelerate R&D efforts? AI technology and innovation

The recent economic and regulatory climate has been calling for a more rigorous approach to due diligence in M&A transactions. Early-stage due diligence now often includes a red flag analysis to identify potential regulatory constraints, such as antitrust, national security and FDI issues, as well as other high-risk areas like anti-bribery and corruption matters. 

The panel will discuss how to benefit from this increasing complexity of regulatory compliance; how firms are investing in advanced due diligence tools and technologies to streamline the process (including AI-powered data analytics and digital platforms) and the benefit of safely sharing due diligence information among multiple stakeholders. 

• Which are the sectors that can expect increased FDI scrutiny – defence, infrastructure, advanced clean energy, AI and technology? and which are the possible mitigating measures prescribed by regulators?  

• How do you effectively incorporate supply chain due diligence into M&A processes to ensure compliance and mitigating risks?

• How are AI advancements and new regulations reshaping deals, supply chain resilience and due diligence practices? 

• Is innovation driving collaboration between large firms and niche providers for specialised assessments, cost management and value creation?

One of the most prominent trends in the Nordic market is the focus on sustainable investments, particularly in renewable energy and green technology, with the global push towards net-zero emissions accelerating investment in sectors like wind and solar power, energy storage, and electric mobility. Our expert speakers will observe how PE firms are capitalising on this trend by investing in both established companies and innovative start-ups that are developing cutting-edge technologies for the energy transition. 

• Energy cooperation objectives as set by the Nordic energy ministers for 2025-2027:  Security of supply, energy transition and innovation  

• Energy transition cost vs opportunity: Managing and reaching targets for environment, climate, social and governance compliance. How does this impact different sectors?

• How can dealmakers capitalise on the momentum and transforming regional cooperation over the green transition into business opportunities on the global market? 

• Ratings, standardisation, labour laws and the impact of geopolitical trends: How to employ a more discerning approach to asset selection, more control over deals, and even stronger focus on operational excellence?

What are the challenges being faced by the Nordic finance community in 2025?

More favourable financing conditions and consolidation plays are expected to support M&A activity in the region, including private equity funds that remain active in the Nordic market. For the first three quarters of 2024, five of the top 20 deals were backed by sponsors, and more PE-backed targets are likely to come to market well into 2025. Our expert panel of speakers will help review the current financing landscape and explore the new and innovative alternative financing solutions available.

• Which are the key trends and challenges are defining the Nordic financing landscape in 2025? What factors do borrowers need to consider when securing financing? 

• Managing liquidity: Are secondary buyout activities heating up, given the maturity of assets in portfolios? Are IPOs showing signs of rebound in 2025? Exit strategies, the secondary market, continuation funds and capability investing (especially in AI) 

• Public financing versus private financing. How do risk profile compare?

• The role of direct lenders – How are they collaborating with PE firms and corporates?

• Alternative finance, innovation, and venture debt. How can investors strike a balance between traditional and niche and specialty finance?

Numbers show that the pharma, medical & biotech (PMB) sectors generated just under EUR 13bn worth of deals in H1 2024 in the Nordics, a more than fourfold increase from the same period the year before. This growth is a direct consequence of the strength in R&D and innovation, triggering interest from international buyers and investors in the sector and in the region. The panel will look at the potential for further growth within this and related industries that will contribute to the overall regional growth, as well as identifying which are the other sectors to watch in the year ahead.

• Sectorial analysis: How are the pharma, medical and biotech sectors driving investment activity in the region, and which other sectors are particularly affected?  

• Impact of internationalisation on the sector: How are M&A deals boosting the marketing edge, penetrating new segments of the market, securing cutting-edge technologies and improve R&D?

• Exit opportunities within the PMB sector: Which are the risks and the rewards?

• A quick overview of the other emerging sectors: Technology, retail and consumer sectors, energy and infrastructure, mobility and digital – which sector will be top of the league in 12 months’ time?

The era of reindustrialisation has begun, and Europe’s traditional industrial sectors must be ready for a monumental shift. The new geo-political reality, and dependency of new emerging green technologies and value chains has created a new normal for complexity, characterised by hypertransformation.  Are the largest producers, manufacturers and other conglomerates ready to adapt to the new reality and integrate new industrial value chains?