White & Case Advises Banks on Financing for Merger of Virala Acquisition Company and Purmo Group

Press Release
2 min read

Global law firm White & Case LLP has advised Nordea Bank Abp (Nordea) and Skandinaviska Enskilda Banken AB (publ) (SEB) on the financing for the merger of Virala Acquisition Company Plc (VAC), the first company listed on the SPAC segment of the regulated market of Nasdaq Helsinki, and Purmo Group Ltd.

"This merger is the first announced business combination, or de-SPAC transaction, by a company listed on the SPAC segment of the regulated market of Nasdaq Helsinki and in the Nordic countries," said White & Case partner Tanja Törnkvist, who led the Firm's deal team. "Our role advising on the transaction follows our role advising the banks on the initial public offering of Virala Acquisition Company earlier in 2021 and demonstrates White & Case's ability to support banking clients throughout the life-cycle of a SPAC."

The merger financing arrangements, all originally for Purmo Group, comprise a €280 million committed term loan facility, an €80 million committed revolving credit facility, an up to €125 million uncommitted term loan facility, and a €95 million committed bridge loan facility. Nordea and SEB acted as coordinating bookrunners and mandated lead arrangers and, in relation to the €280 million committed term facility and €80 million committed revolving facility, as joint underwriters. The facilities will be transferred to the combined company upon completion of the merger.

The new combined company's shares will be applied to be listed on the official list of Nasdaq Helsinki.

Virala Acquisition Company is a Finnish SPAC (special purpose acquisition company) which was founded by industrial family enterprise Virala Oy Ab. Its goal is to acquire a company seeking growth and with strong ties to Finland. Purmo Group is a global leader in sustainable indoor climate comfort solutions and a subsidiary of the family-owned Rettig Group Ltd.

The White & Case team in Helsinki which advised on the transaction was led by partner Tanja Törnkvist and included associates Oona Lilja and Henna Viljakainen.

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