DENMARK Law and Practice Contributed by: Morten Jensen, Elise Ross-Hansen, Frederik André Bork and Paula Grønlund, Bruun & Hjejle
1. Trends 1.1 M&A Market
• the announced takeover bid in the financial sector from Nykredit A/S to acquire Spar Nord A/S. 1.2 Key Trends The Danish M&A market being dominated by private M&A deals remained a key trend, as did the rarity of significant public M&A transac - tions in 2024. The deal terms generally remained buyer-friendly and with a trend towards sell-side financed warranty and indemnity (W&I) insur - ance, more thorough due diligence procedures, vendor financing, escrow accounts or hold - backs, earn-outs and exclusive processes. 2024 was also a year where many deal processes had increased lead time. As a consequence of the green energy transi - tion targets and the war in Ukraine, activity in the renewable energy sector is continuously high; however, energy companies have started to experience difficulties as the green transition was not implemented as quickly as anticipated, and investors have increased focus on current financial results. Additionally, in light of the recent US presidential election, increased caution and a more hesitant investment appetite in relation to green energy transition may be expected. As seen with Nykredit A/S’s announced takeo - ver bid to acquire Spar Nord A/S in 2024 and Netcompany A/S’s acquisition of SDC A/S, the financial sector is expected to undergo con - tinued consolidation and changes in 2025 as market pressures and regulatory changes drive M&A. Increasing competition, tighter margins and the growing need for technological invest - ment will likely push smaller players to pursue partnerships or be acquired by larger institutions seeking to enhance their market position and achieve economies of scale.
Despite continued geopolitical instability and high interest rates, the Danish M&A market remained robust during 2024, experiencing an increase in activity in comparison to 2023. In the first months of 2025, the Danish M&A mar - ket has shown indicators of an increased level of activity, particularly in sectors such as ener - gy and technology. That said, the Danish M&A market is marked by uncertainty and a cautious stance, particularly due to the political climate surrounding President Trump. While there are expectations that the Trump administration will ease regulations and lower corporate taxes, many investors remain wary of the uncertainty regarding potential trade conflicts and protec - tionist policies, lowering their appetite for acqui - sitions. In 2024, the transaction types in the M&A mar - ket included traditional private M&A transac - tions, minority/partnership deals, growth capital transactions and a few public M&A transactions. Private equity firms were highly active in 2024, especially in the mid-market segment. Foreign direct equity investments in Denmark were relatively modest compared to recent years, presumably due to geopolitical and economic instability. Some of the most notable transactions in the Danish market in 2024 included: • Novo Holdings A/S’s acquisition of Catalent Inc; • DVS A/S’s acquisition of DB Schenker AG; • Amedia AS’s acquisition of the Danish news - paper Berlingske A/S; and
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