Languages

English, Finnish, Swedish

Assistant

Elli-Noora Karttunen

Heikki Vesikansa

Partner Tax

Languages

English, Finnish, Swedish

Assistant

Elli-Noora Karttunen

Heikki heads Hannes Snellman’s Tax Practice and advises clients on transaction tax structuring, tax planning, and tax litigation engagements. He frequently acts as a trusted advisor, particularly in transactions involving complex international and cross-border tax elements. He also defends clients’ tax positions in courts and has provided advice in several successful high-profile tax cases which have resulted in important case law precedents in Finnish tax law. Furthermore, Heikki customarily provides advocacy in legislative reformation procedures encompassing generally or specifically the central tax interests of clients.  

Selected References

Advised taxpayers who were subject to punitive tax increases due to non-deductible interest expenses not being disclosed on the primary sheet of their tax returns. The amounts of non-deductible interests were disclosed on appendix sheets to the tax return. The tax authorities and the court of first instance held that the purpose of the punitive tax increase rules, which were reformed in 2018, was to acknowledge the summary nature of taxation processes and therefore these rules laid specific emphasis on the accuracy of the information provided by the taxpayers on their mandatory tax disclosures and, as a consequence thereof, the punitive tax increases had to be levied with the applicable maximum rate of 2% of added income although correct information was filed on appendix sheets to the tax returns.

Our clients sought a leave to appeal to these decisions from the Supreme Administrative Court and argued that in the legal praxis of the European Court of Human Rights punitive tax increases have been deemed to be analogous with punishments under the penal code and, as such, the general human rights principles are applicable to them. As a consequence of this, punitive tax increases should not be levied merely based on objective errors on tax returns without regard to the subjective negligence of the taxpayer (or the lack thereof).

The Supreme Administrative Court’s majority reasoned that the subjective ratio legis of the 2018 reform of punitive tax increases was indeed intended to protect the summary procedure of tax assessment and to lay a strict responsibility on taxpayers for the information disclosed on their tax filings. However, taking into account the Finnish Constitution (which has implemented the aforesaid principles of the Human Rights Convention), punishments cannot be imposed without regard to the subjective negligence of the taxpayer. The Court held that our clients had reasonably established that the non-disclosure on the primary sheet of their tax return was a product of human error without an intent to make a wrongful representation. The Court continued that, although the subjective ratio legis would impose a penalty without regard to subjective negligence, the rules also provided a possibility for the tax authority to refrain from levying the tax increase in full where such increase would be unreasonable because of specific reasons. The Court held that, taking into account the total content of the law, a human error, such as the one at hand in these cases, may constitute a situation where it is unreasonable to levy a punitive tax increase in full, although strictly speaking it is against the subjective ratio legis,  and the amount of tax increases was mitigated to half of the original amount. The outcome of the decision thus constituted what in Finnish jurisprudence is determined as application of law in accordance with the objective ratio legis, i.e. what the legislator would have intended had it known the context of the situation and the interaction of the total legal system in the situation. One of the justices voted against the majority and would have overturned the tax increase totally instead of halving it with similar reasoning and also by paying attention to the significant investments that the tax authority has made to automated IT systems within the past decade with a publicly announced purpose to, among other things, better analyse information on tax disclosures and reduce the burden of tax compliance from taxpayers.

Contacts

  • Sofia Ropo

    Senior Associate +358 40 545 2866 sofia.ropo@hannessnellman.com

  • Heikki Vesikansa

    Partner +358 40 844 2117 heikki.vesikansa@hannessnellman.com

Parties

Sampo plc and Topdanmark A/S

Transaction

Sampo plc's recommended public exchange offer for the shares in Topdanmark A/S

Deal Value

DKK 33 billion

Role

Counsel to Sampo plc

Contacts

Parties

Cargotec Corporation and Kalmar Corporation

Transaction

Cargotec’s partial demerger and separation of Kalmar

Deal Value

Approx. EUR 2.0 billion (illustrative carve-out sales)

Role

Counsel to Cargotec Corporation and Kalmar Corporation

Contacts

Counsel to a Finnish listed company in a dispute concerning Finnish withholding tax on dividends paid abroad between 2014 and 2016.

The matter concerned dividend payments to a foreign financial institution. In accordance with the applicable tax treaty, the company had applied a withholding tax (WHT) of 0% at source on the dividends.

The Tax Administration conducted a tax audit and claimed that the company had failed their investigation duty, that the financial institution was not the beneficial owner of the dividend income due to the shares being subject to a share lending agreement, and that the company should have thus withheld a WHT of 20% on the dividends. The Tax Administration issued a new tax assessment decision, imposing not only a WHT of 20% but also a tax increase on the company. The circumstances were peculiar in the sense that the dividends had already been paid to the foreign dividend recipient, and now the Tax Administration approached the Finnish listed company (unable to recall the dividend payments made) with a claim to settle the foreign dividend recipient’s tax from the company’s own funds. The Tax Administration alleged that the dividend payer would, under law, have a duty to investigate whether each dividend recipient is entitled to tax treaty benefits in accordance with their respective tax treaties (including “beneficial owner” concepts of such treaties, if any). The Tax Administration made this allegation even though the wording of the relevant Finnish law clearly stated that the dividend payer shall only obtain the name, address, and ID number of each dividend recipient to be able to apply tax treaty WHT rates on dividends paid abroad.

The company applied for adjustment and received a unanimously positive decision from the Tax Adjustment Board, who found that the company had fulfilled its duties under law when applying the WHT 0% on the dividends. However, the state’s representative appealed the adjustment decision to the Administrative Court.

The Administrative Court, similarly, unanimously found that the company had fulfilled its investigation duties under Section 10 of the Finnish WHT Act by obtaining the information exhaustively listed in the law (name, address, and ID number of dividend recipient) and that the tax auditors’ interpretation of the law (i.e. wider investigation duty, including interpretation of the “beneficial owner” concept in tax treaties) was found to be without merit. With these arguments, no WHT or tax increase was to be imposed on the company. The Court, thus, abided by the very basic source of law doctrine, whereby taxes can only be levied based on Finnish law, as enacted by the Finnish Parliament, and international tax treaties can only limit the taxing rights of a country, not create them. As the ruling was based directly on domestic law, the Administrative Court did not examine or rule on the tax treaty concept of “beneficial owner”. The Administrative Court also ordered the Tax Administration to compensate the company’s legal costs of the Administrative Court proceedings to the full amount claimed. The state’s representative did not seek a leave of appeal from the Supreme Administrative Court and the decision of the Administrative Court is now binding.

The whole process began in 2018, which yields an overall duration of six years for the dispute. A material overhanging tax risk (for what were ultimately the taxes of another tax subject) was present for the client for the lengthy duration of the process, but the matter was finally resolved with the positive outcome by the Administrative Court.

This Administrative Court ruling is an important landmark on the application of the principle of legality. Interpretations made based on tax treaties cannot supersede the domestic law as basis for taxation (the so-called “golden rule” of tax treaty law).

Contacts

Parties

Accel-KKR, Aico Group, Juuri Partners

Transaction

Accel-KKR’s majority equity investment in Aico Group

Deal Value

Value not public

Role

Counsel to Accel-KKR, a global technology-focused investment firm

Contacts

Counsel in a Supreme Administrative Court Yearbook case on taxation of dividend paid on merger consideration shares.

Contacts

Parties:

YIT

Transaction:

Counsel to YIT in the disposal of its wind and solar business, comprising of 2.3 GW renewable energy projects and a team of 16 employees.

Deal value:

Value not public

Role:

Counsel to YIT

 

 

 

Contacts

  • Tapio Teräkivi

    Senior Partner +358 40 769 8273 tapio.terakivi@hannessnellman.com

  • Marjaana Martikainen

    Counsel +358 40 844 0174 marjaana.martikainen@hannessnellman.com

  • Elisa Panula

    Senior Associate +358 50 917 6807 elisa.panula@hannessnellman.com

  • Alisa Ainonen

    Associate +358 50 495 6363 alisa.ainonen@hannessnellman.com

  • Heikki Vesikansa

    Partner +358 40 844 2117 heikki.vesikansa@hannessnellman.com

  • Piia Ahonen

    Specialist Partner + 358 44 520 8801 piia.ahonen@hannessnellman.com

  • Marika Sorsa

    Counsel +358 40 707 1441 marika.sorsa@hannessnellman.com

  • Sofia Ropo

    Senior Associate +358 40 545 2866 sofia.ropo@hannessnellman.com

  • Harri Vehviläinen

    Specialist Partner +358 40 183 1636 harri.vehvilainen@hannessnellman.com

  • Salla Mäki

    Senior Legal Assistant +358 40 718 6808 salla.maki@hannessnellman.com

Hannes Snellman acted as counsel to Finnish state enterprise Metsähallitus in the negotiation of contractual arrangements with Vattenfall for the expansion of the Korsnäs offshore wind farm development project.

Contacts

Hannes Snellman advises NYAB Plc on its re-domiciliation and transfer of listing from Finland to Sweden. The re-domiciliation to Sweden is planned to be executed as a cross-border conversion, pursuant to the so-called EU Mobility Directive, whereby NYAB Plc, without being dissolved or liquidated, would be converted from a Finnish to a Swedish public limited liability company with its registered office in Sweden.

Contacts

Parties:

Uponor Corporation (target), Georg Fischer Ltd (buyer)

Transaction: 

Counsel to Uponor Corporation in the recommended public cash tender offer by Georg Fischer Ltd to purchase all of the issued and outstanding shares of Uponor Corporation. 

Value:

EUR 2.1 billion

Role:

Counsel to Uponor Corporation

Contacts

Parties:

Myrsky Energia, Copenhagen Infrastructure Partners (CIP)

Transaction: 

Counsel to Myrsky Energia in the formation of a joint venture with Copenhagen Infrastructure Partners (CIP) concerning the investment and development of 1.8 GW portfolio of onshore wind power in Finland.

Value:

EUR 2.3 billion

Role:

Counsel to Myrsky Energia

Contacts

Parties

Citycon Oyj

Transaction

Counsel to Citycon Oyj in its tender offers of outstanding notes due 2024 of Citycon Treasury B.V. and capital securities issued by it in November 2019 and June 2021.

Deal value

Over EUR 40 million

Role

Counsel to Citycon Oyj

Contacts

Parties

Sampo plc

Transaction

Counsel to Sampo plc on its dual listing of its Class A shares on Nasdaq Stockholm in the form of Swedish Depository Receipts

Deal Value

Market capitalisation of approximately EUR 24.7 billion as of 31 October 2022

Role

Counsel to Sampo plc

Contacts

  • Mikko Heinonen

    Partner +358 40 527 8818 mikko.heinonen@hannessnellman.com

  • Robert Gordin

    Senior Associate +358 44 079 9799 robert.gordin@hannessnellman.com

  • Heikki Vesikansa

    Partner +358 40 844 2117 heikki.vesikansa@hannessnellman.com

  • Jenni Parviainen

    Managing Associate +358 40 808 6523 jenni.parviainen@hannessnellman.com

  • Sofia Ropo

    Senior Associate +358 40 545 2866 sofia.ropo@hannessnellman.com

  • Jari Tukiainen

    Specialist Partner +358 40 518 1275 jari.tukiainen@hannessnellman.com

Parties

A consortium consisting of Security Trading, Fennogens Investments, Corbis, and Bain Capital (buyer), Caverion Oyj (Target)

Transaction 

Counsel to the offeror consortium consisting of Security Trading, Fennogens Investments, Corbis, and Bain Capital in the recommended public cash tender offer for all shares in Caverion Oyj.

Deal value 

EUR 955 million

Role 

Counsel to the offeror consortium consisting of Security Trading, Fennogens Investments, Corbis, and Bain Capital

Contacts

Parties

Orange Capital Partners (Buyer), Starwood Capital Group and Avara Oy (Sellers)

Transaction

Hannes Snellman acted as counsel to Orange Capital Partners in the acquisition of a residential portfolio of 2,200 apartments located across 16 cities from Starwood Capital Group and Avara Oy

Deal Value

Value not public

Role

Counsel to Orange Capital Partners

Contacts

  • Tapio Teräkivi

    Senior Partner +358 40 769 8273 tapio.terakivi@hannessnellman.com

  • Heikki Vesikansa

    Partner +358 40 844 2117 heikki.vesikansa@hannessnellman.com

  • Antti Nyberg

    Partner +358 40 838 9375 antti.nyberg@hannessnellman.com

  • Tuomas Koivuniemi

    Counsel +358 45 690 9454 tuomas.koivuniemi@hannessnellman.com

  • Jenni Parviainen

    Managing Associate +358 40 808 6523 jenni.parviainen@hannessnellman.com

  • Isabella Kartila

    Senior Associate +358 44 514 3829 isabella.kartila@hannessnellman.com

  • Noora Christiansen

    Senior Associate +358 50 527 8145 noora.christiansen@hannessnellman.com

  • Mikael Wood

    Associate +358 45 7833 4708 mikael.wood@hannessnellman.com

  • Sofia Ropo

    Senior Associate +358 40 545 2866 sofia.ropo@hannessnellman.com

  • Rauli Elenius

    Associate +358 41 432 6777 rauli.elenius@hannessnellman.com

  • Alisa Ainonen

    Associate +358 50 495 6363 alisa.ainonen@hannessnellman.com

  • Essi Peltoniemi

    Associate +358 45 155 1111 essi.peltoniemi@hannessnellman.com

  • Anniina Somppi

    Associate +358 40 641 3353 anniina.somppi@hannessnellman.com

  • Viivi Vikberg

    Senior Associate +358 50 596 8551 viivi.vikberg@hannessnellman.com

  • Victoria Reiter

    Legal Assistant +358 40 546 7682 victoria.reiter@hannessnellman.com

  • Liisa Veckman

    Senior Legal Assistant +358 40 835 5354 liisa.veckman@hannessnellman.com

  • Vivi Jaatinen

    Legal Assistant +358 40 821 5939 vivi.jaatinen@hannessnellman.com

  • Salla Mäki

    Senior Legal Assistant +358 40 718 6808 salla.maki@hannessnellman.com

Parties:

Duunitori Oy and its owners (seller), Intera Partners (buyer)

Transaction:

Counsel to Duunitori Oy and its owners in the sale of majority of Duunitori’s share capital to Intera Partners

Deal Value:

Value not public

Role:

Counsel to Duunitori Oy

Contacts

Parties:

Esperi Care (target), Danske Bank, SEB, and Ilmarinen (majority owners), Triton (buyer)

Transaction:

Counsel to Esperi Care and its majority owners Danske Bank, SEB, and Ilmarinen in the acquisition of the majority of Esperi Care’s shares by Triton Smaller Mid Cap Fund II advised by Triton.

Deal Value:

Value not public.

Role:

Counsel to Esperi Care and its majority owners

Contacts

  • Antti Nyberg

    Partner +358 40 838 9375 antti.nyberg@hannessnellman.com

  • Matias Moberg

    Partner +358 40 867 4634 matias.moberg@hannessnellman.com

  • Emmi Kantola

    Managing Associate +358 40 086 5252 emmi.kantola@hannessnellman.com

  • Heikki Vesikansa

    Partner +358 40 844 2117 heikki.vesikansa@hannessnellman.com

  • Stefan Stellato

    Managing Associate +358 50 356 5566 stefan.stellato@hannessnellman.com

  • Jenni Heurlin

    Managing Associate +358 40 825 0405 jenni.heurlin@hannessnellman.com

Parties 

Slättö Core Plus and PEAB

Transaction 

Hannes Snellman acted as counsel to Slättö in the formation of a joint venture with PEAB regarding investments into residential housing in Finland.

Deal Value 

Value not public

Role

Counsel to Slättö Core Plus

Contacts

Parties

Basware Corporation (target), a consortium consisting of Accel-KKR, Long Path Partners, and Briarwood Chase Management (buyer)

Transaction

Counsel to the offeror consortium of Accel-KKR, Long Path Partners, and Briarwood Chase Management in the tender offer for all outstanding securities in Basware Corporation.

Deal Value

EUR 620 million

Role

Counsel to the consortium

Contacts

  • Klaus Ilmonen

    Partner, Doctor of Laws +358 40 831 1868 klaus.ilmonen@hannessnellman.com

  • Tommi Kovero

    Senior Associate +358 40 523 9292 tommi.kovero@hannessnellman.com

  • Aki Salmela

    Senior Associate +358 50 307 9056 aki.salmela@hannessnellman.com

  • Robert Gordin

    Senior Associate +358 44 079 9799 robert.gordin@hannessnellman.com

  • Linnea Lehtonen

    Senior Associate +358 50 352 4855 linnea.lehtonen@hannessnellman.com

  • Roope Sevón

    Associate +358 44 281 9880 roope.sevon@hannessnellman.com

  • Heikki Vesikansa

    Partner +358 40 844 2117 heikki.vesikansa@hannessnellman.com

  • Harri Vehviläinen

    Specialist Partner +358 40 183 1636 harri.vehvilainen@hannessnellman.com

  • Sofia Ropo

    Senior Associate +358 40 545 2866 sofia.ropo@hannessnellman.com

  • Mikko Huimala

    Partner +358 44 530 0753 mikko.huimala@hannessnellman.com

  • Markus Bremer

    Partner +358 40 716 9676 markus.bremer@hannessnellman.com

  • Pauliina Sutinen

    Senior Associate +358 50 346 5280 pauliina.sutinen@hannessnellman.com

  • Johanna Haltia-Tapio

    Specialist Partner +358 40 552 3478 johanna.haltia-tapio@hannessnellman.com

  • Anna Nyberg

    Senior Associate +358 41 501 9395 anna.nyberg@hannessnellman.com

  • Outi Jousi

    Specialist Partner +358 40 563 7343 outi.jousi@hannessnellman.com

  • Annika Tiitola

    Senior Associate +358 45 679 2850 annika.tiitola@hannessnellman.com

  • Axel Hård af Segerstad

    Associate +358 40 777 3762 axel.hard@hannessnellman.com

Parties

Paulig Group (seller), Valio (buyer), Gold&Green brand, intellectual property and R&D function (target)

Transaction

The divestment of Paulig’s Gold&Green brand, intellectual property and R&D function to Valio

Deal Value

Value not public

Role

Counsel to Paulig Group

Contacts

Parties

Orange Capital Partners and another global investor (Buyers), Morgan Stanley (Seller)

Transaction

Orange Capital Partners' and another global investor's acquisition of a residential portfolio with 37 assets and 1,900 apartments from Morgan Stanley

Deal Value

Value not public

Role

Counsel to Orange Capital Partners and another global investor

Contacts

Parties 

Angel Pond Holdings Corporation, MariaDB Corporation Ab

Transaction 

Combination of Angel Pond Holdings Corporation and MariaDB Corporation Ab by way of a domestication merger and cross-border merger, and related transactions

Deal Value 

USD 672 million (implied enterprise value of the combined company)

Role

Finnish counsel to Angel Pond Holdings Corporation

Contacts

Parties

Smartly.io (Buyer), Ad-Lib.io (Target) and various sellers

Transaction

Acquisition of Ad-Lib.io, the next-generation creative optimization platform, by Smartly.io, the leading social advertising SaaS platform for creative and performance marketers.

Deal Value

Value not public

Role

Finnish counsel to Smartly.io

Contacts

Counsel to a Finnish private equity fund in a Supreme Administrative Court Yearbook case confirming the correct application of equity ratio exemption in interest deduction limitations.

Contacts

Parties 

Virala Acquisition Company Plc, Purmo Group Ltd

Transaction 

Virala Acquisition Company Plc's merger with Purmo Group Ltd.

Deal Value 

EUR 685 million

Role

Counsel to Virala Acquisition Company Plc

Contacts

Parties 

Quadoro Investment GmbH, YIT Construction Ltd.

Transaction 

Counsel to a fund managed by Quadoro Investment GmbH in an acquisition of a MEUR 32 office property located in Järvenpää with a lettable area of approximately 6,500 square metres from YIT Construction Ltd

Deal Value 

EUR 32 million

Role

Counsel to Quadoro Investment GmbH

Contacts

Parties 

Quadoro Investment GmbH, EKE-Construction Ltd.

Transaction 

Counsel to a fund managed by Quadoro Investment GmbH in an acquisition of an office property located in Espoo with a lettable area of approximately 4,200 square metres from the constructor EKE-Construction Ltd.

Deal Value 

Value not public

Role

Counsel to Quadoro Investment GmbH

Contacts

Parties

Valmet, Neles

Transaction

Hannes Snellman acted as lead counsel to Valmet, a leading global developer and supplier of process technologies, automation, and services for the pulp, paper, and energy industries, in its merger with Neles, one of the leading providers of mission-critical flow control solutions and services for process industries in Finland. 

Deal Value

The combined value of the merging companies is approximately EUR 7 billion.

Role

Lead counsel to Valmet

Contacts

  • Klaus Ilmonen

    Partner, Doctor of Laws +358 40 831 1868 klaus.ilmonen@hannessnellman.com

  • Jon Termonen

    Managing Associate +358 40 767 6347 jon.termonen@hannessnellman.com

  • Annemari Rosi

    Senior Associate +358 40 573 5304 annemari.rosi@hannessnellman.com

  • Aki Salmela

    Senior Associate +358 50 307 9056 aki.salmela@hannessnellman.com

  • Sofi Lehtinen

    Associate +358 40 620 7199 sofi.lehtinen@hannessnellman.com

  • Satu Kokko

    Senior Associate +358 40 838 9157 satu.kokko@hannessnellman.com

  • Mikko Huimala

    Partner +358 44 530 0753 mikko.huimala@hannessnellman.com

  • Antti Nyberg

    Partner +358 40 838 9375 antti.nyberg@hannessnellman.com

  • Pauliina Sutinen

    Senior Associate +358 50 346 5280 pauliina.sutinen@hannessnellman.com

  • Heikki Vesikansa

    Partner +358 40 844 2117 heikki.vesikansa@hannessnellman.com

  • Jenni Parviainen

    Managing Associate +358 40 808 6523 jenni.parviainen@hannessnellman.com

  • Harri Vehviläinen

    Specialist Partner +358 40 183 1636 harri.vehvilainen@hannessnellman.com

Parties

Virala Acquisition Company Plc

Transaction

Hannes Snellman acted as legal counsel to Virala Acquisition Company Plc on its IPO and the listing of its Class C shares on the SPAC segment of the regulated market of Nasdaq Helsinki

Deal Value

EUR 107.5 million

Role

Counsel to Virala Acquisition Company Plc

Contacts

Counsel to a tax payer in Supreme Administrative Court Yearbook case confirming US GAAP as acceptable basis for transfer pricing.

 

Contacts

Parties

Amazon (Buyer), Umbra (Target)

Transaction

The acquisition of Umbra by Amazon. 

Deal Value

Value not public

Role

Counsel to Umbra

Contacts

Parties

Optomed Plc

Transaction

Optomed’s IPO and listing on the Nasdaq Helsinki stock exchange

Deal Value

The offering by the company and its shareholders amounted to approximately EUR 44 million

Role

Counsel to Optomed Plc 

Contacts

Parties

Faron Pharmaceuticals Ltd

Transaction

Faron Pharmaceuticals Ltd's IPO and listing on the AIM market of the London Stock Exchange as well as the preceding fundraising of approx. GBP 10 million

Deal Value

Approx. GBP 10 million

Role

Counsel to Faron Pharmaceuticals Ltd

Contacts

Counsel in a Supreme Administrative Court Yearbook case clarifying taxation related to dividend in natura. 

Contacts

Parties:

Cargotec Corporation, Konecranes Plc

Transaction:

The announced, but subsequently abandoned, merger of Cargotec and Konecranes in 2021-2022

Deal value:

Approx. EUR 2.7 billion

Role:

Counsel to Konecranes Plc

Contacts

Parties

Altia Plc, Arcus ASA

Transaction

Merger of Altia Plc and Arcus ASA to form Anora Group

Deal value

Preliminary aggregated annual revenue EUR 640 million

Role

Lead counsel to Altia Plc

Contacts

Parties

Ahlstrom-Munksjö Oyj (target), a consortium consisting of Ahlström Capital, Bain Capital Private Equity, Viknum and Belgrano Inversiones (buyer)

Transaction

Recommended public cash tender offer for all shares in Ahlstrom-Munksjö Oyj by Spa Holdings 3 Oy

Deal value

Approximately EUR 2.1 billion

Role

Counsel to the consortium

Contacts

Counsel to a taxpayer in the Supreme Administrative Court Yearbook case outlining VAT treatment of coworking services.

Contacts

  • Piia Ahonen

    Specialist Partner + 358 44 520 8801 piia.ahonen@hannessnellman.com

  • Heikki Vesikansa

    Partner +358 40 844 2117 heikki.vesikansa@hannessnellman.com

Parties

A fund managed by Quadoro Investment GmbH

Transaction

Acquisition of Hermia 5 and Hermia 6 office properties located in the Hermia Science Park in Tampere with a lettable area of approximately 30,000 square metres

Deal value

Value not public

Hannes role

Counsel to a fund managed by Quadoro Investment GmbH

Hannes team

Contacts

Parties

City of Espoo, Kumppanuuskoulut Oy, YIT Oyj, Meridiam Investments II

Transaction

The City of Espoo signed a service agreement with Kumppanuuskoulut Oy on the implementation of five schools and three daycare centres

Deal Value

Approx. EUR 300 million

Role

Counsel to City of Espoo

Team

Rabbe Sittnikow, Jussi Ekonen, Janna Pihanurmi, Janne Veneranta, Roosa Väre, Markus Bremer, Maria Landtman, Samuli Pirinen, Heikki Vesikansa, Harri Vehviläinen, Piia Ahonen, Joakim Lavér

Contacts

Counsel in Administrative Court case confirming mutual real estate company’s taxation under Business Income Tax Act.

Contacts

Parties

Asiakastieto Group Plc

Transaction

Asiakastieto Group Plc’s IPO and listing on the Helsinki Stock Exchange

Deal Value

Approx. EUR 170 million

Role

Counsel to Asiakastieto Group Plc

Contacts

Parties 

DWS (buyer), Regenero (Seller)

Transaction

DWS's acquisition of the Accountor Tower, a 24,000 sq. m. office development in Keilaniemi, Espoo, from YIT and HGR Property Partners’ joint venture Regenero

Deal Value

Value not public

Role

Counsel to DWS

Contacts

  • Tapio Teräkivi

    Senior Partner +358 40 769 8273 tapio.terakivi@hannessnellman.com

  • Tuuli Pikkarainen

    Senior Associate +358 44 552 8148 tuuli.pikkarainen@hannessnellman.com

  • Panu Vikberg

    Senior Associate +358 50 411 4452 panu.vikberg@hannessnellman.com

  • Heikki Vesikansa

    Partner +358 40 844 2117 heikki.vesikansa@hannessnellman.com

  • Jenni Parviainen

    Managing Associate +358 40 808 6523 jenni.parviainen@hannessnellman.com

  • Piia Ahonen

    Specialist Partner + 358 44 520 8801 piia.ahonen@hannessnellman.com

Parties

State of Finland (Seller), Patria Oyj (Target), Kongsberg Defence & Aerospace AS (Buyer)

Transaction

The Finnish government's sale of 49.9% of its shares in Patria Oyj to Kongsberg Defence & Aerospace AS

Deal Value

EUR 272 million

Role

Counsel to Patria and its shareholder

Contacts

Rankings

  • Clients say: "Heikki Vesikansa is easy to deal with and very knowledgeable.", "Practice leader Heikki Vesikansa is by far the most skilled tax professional in Finland. Heikki's ability to understand and solve clients' tax issues/questions.", Tax, Legal 500, 2025
  • Ranked in Hall of Fame, Tax, Legal 500, 2024
  • Ranked in Tax, Chambers Europe, 2024
  • Ranked as exclusive winner of the Corporate Tax category in Finland, Client Choice
  • Recommended in Corporate Tax: Controversy; Advisory, Who's Who Legal, 2023
  • Ranked as exclusive winner of the Corporate Tax category in Finland, Client Choice, 2022
  • Recognised as a Notable Practitioner in M&A, IFLR1000, 2024
  • "Heikki Vesikansa is easy to approach, friendly and vast knowledge.", Tax, Legal 500, 2024
  • "Heikki Vesikansa is a real star of the Finnish tax consultancy market – seasoned professional with a good team supporting him.", Tax, Legal 500, 2024
  • Ranked as exclusive winner of the 2024 Client Choice Corporate Tax category in Finland. Clients have described Heikki as follows: 'Heikki has strong capabilities, a good attitude, and a very good discipline this is combined with huge experience.', 'Heikki has a great ability to find convincing and successful arguments.', 'Heikki's service attitude is outstanding, and he has a good and broad understanding of tax matters - I would highly recommend him!', 'Heikki Vesikansa consistently provides a clear vision, support, and organization.'
  • "Heikki Vesikansa provides excellent tax advice with a deep understanding of international matters. Heikki Vesikansa has both shown great dedication and professionalism in the co-operation I have had with him. He has been very quick to respond even in ad hoc cases, and it has always been pleasant to work with him.", Tax, Legal 500, 2023
  • "Heikki Vesikansa is very talented and respected tax lawyer in Finland", "Heikki's service attitude is outstanding and always puts his clients first", "Heikki Vesikansa has good and broad understanding of tax matters I would highly recommend his services!", "I recommend Heikki’s prompt and precise service and good overall understanding of tax issues and good service attitude", Corporate Tax, Client Choice 2022
  • ‘Heikki Vesikansa is very good and pleasant to work with.’, Tax, Legal 500, 2022
  • ‘Heikki Vesikansa is charismatic and very thorough in his advice while keeping the “big picture” in sight.’, Tax, Legal 500, 2022
  • 'A client describes him as "one of the leading tax experts in Helsinki."', Tax, Chambers Europe, 2022
  • "Head of tax practice Heikki Vesikansa has a good customer approach. Furthermore, he has a vast knowledge of different tax types and it is always nice to discuss/share ideas with him relating to different tax topics/issues.", Tax, Legal 500, 2021
  • 'Heikki Vesikansa moves up in the rankings following impressive feedback, with one client highlighting that he "quickly understands the most complex tax issues in our projects and offers pragmatic solutions to them." Another interviewee describes him as "very responsive, easy to work with and easy to communicate with."', Tax, Chambers Europe, 2021
  • Ranked as one of the Thought Leaders in the Who's Who Legal - Corporate Tax, 2020
  • Ranked as a Leading Individual in Tax Finland, Legal 500, 2020-2022
  • "He understands both the tax and the business side, and his experience and his input have been very appreciated.", Tax, Chambers Europe 2020
  • Ranked as leading practitioner in Tax, Advisory and Controversy categories, Who's Who Legal, 2019
  • 'Market commentators describe him as an "M&A tax and transaction expert."', Tax, Chambers Europe, 2019
  • 'Clients note that he combines "really good technical knowledge and friendly customer service."', Tax, Chambers Europe, 2018
  • Ranked as a Notable practitioner in M&A Finland, IFLR1000, 2018-2021
  • Ranked as a recommended lawyer in Tax, Legal 500, 2017

Memberships and Positions of Trust

  • Board member, Association of Finnish Tax Professionals 2019-
  • Member, Tax Law Expert Team of the Finnish Bar Association, 2017-
  • Member, Legal & Tax Committee of the Finnish Venture Capital Association (FVCA), 2011 -
  • Member of the Finnish Bar Association

Professional Background

  • Partner, Hannes Snellman, 2016–
  • Specialist Partner, Hannes Snellman, 2014–2016
  • KPMG Oy Ab, 2001–2014

Education

  • Master of Laws, University of Helsinki, 2001

Publications

  • Co-author of the article The Court of Justice of the European Union rules that Finnish tax rules discriminate against foreign company form investment funds, MNE Tax, 2022
  • Co-author of the article Finnish court rules on arm’s length range and transfer pricing adjustment point, MNE Tax, 2021
  • Co-author of the article Finnish court accepts US GAAP as basis for transfer pricing in landmark ruling, MNE Tax, 2021
  • Co-author of the Finnish Chapter in the third edition of The Corporate Tax Planning Law Review, 2021
  • Co-author of the Finnish Chapter in the second edition of The Corporate Tax Planning Law Review, 2020
  • Co-author of the article Ylimääräinen muutoksenhaku verotuksessa (available only in Finnish), Verotus 4/2019, p. 441-448
  • Co-author of the Finnish Chapter in the inaugural edition of The Corporate Tax Planning Law Review, 2019
  • Uraauurtava ratkaisu kansallisen ylimmän tuomioistuimen velvollisuudesta tehdä ennakkoratkaisupyyntö EUT:lle - Groundbreaking Ruling on a National Court’s Obligation to Refer a Question to the ECJ (available only in Finnish) Edilex, 2018
  • Verolain aukkokohdan täyttäminen – EVL 18 a §:n 3 momentin tasetestin soveltaminen pääomarahastorakenteissa | Filling a Legislative Gap – Application of the Finnish Equity Ratio exemption from interest barrier rule in Private Equity Fund Structures (available only in Finnish) Defensor Legis, 2018
  • Yhtiölainan käsitteestä ja yhtiölainasta suoritettavasta varainsiirtoverosta kiinteistöosakeyhtiöiden osakkeiden kaupassa | The Concept of Company Loan and Transfer Tax Levied on Such Company Loans in Finnish Real Estate Company Transactions, (available only in Finnish) Edilex, 2018
  • Tax advice memorandums and the legal privilege of an attorney's and other tax consultant's clients – analysis of Supreme Administrative Court case 2016:127, Verotus 1/2017, p. 66-80
  • Carried Interest in Finland and Sweden: Ongoing Uncertainty, Tax Notes Int’l, January 30th 2017, p. 463-469
  • IBA National Reporter for Taxes Committee (Finland) 2016-2017
  • Management Incentives in Finland, Russia, and Sweden, Tax Notes Int’l, July 27th 2015, p. 339-346