White & Case advises Stora Enso Oyj on separation and listing of Bergslagets Skogar AB

Global law firm White & Case LLP has advised Stora Enso Oyj on the US law aspects of the planned separation and listing of Bergslagets Skogar AB, and on English, US, Finnish and Swedish law financing matters in connection with the planned cross-border demerger of Stora Enso's Swedish forest assets business.

The proposed transaction is expected to create two more focused businesses, enabling Stora Enso to sharpen its strategic focus on renewable materials and packaging while allowing Bergslagets Skogar to pursue its own growth and value creation strategy as a standalone forest assets company.

As part of the preparations for the demerger, Stora Enso secured new financing arrangements for Bergslagets Skogar from a group of Nordic lenders, consisting of up to SEK 9.5 billion of secured term loan facilities. The facilities are expected to be available for drawdown shortly after completion of the demerger and will support Bergslagets Skogar's capital structure as an independent listed company.
Following completion of the transaction, Bergslagets Skogar is expected to become the largest listed pure-play forest company in Europe, with forest assets valued at approximately SEK 63.8 billion as of 30 September 2026.

Completion of the demerger remains subject to shareholder approval and customary conditions.

The White & Case team advising on the transaction was led by partners Mikko Hulkko, Jenni Nygård and Tanja Törnkvist (all Helsinki), Alexander Berlin-Jarhamn (Stockholm), Richard Pogrel (London) and included counsel James Clarke (London), Bob Lehner (New York), and associates Jack Adachi (London) and Max Axelsson and Maja Simonsson (both Stockholm).

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