Johan Steen

Partner, Stockholm


“Johan Steen is an absolute superstar. He is an incredibly commercial guy who is strategic and knows what it takes to get a deal done in a competitive environment.”
The Legal 500


Johan Steen is a Partner in White & Case's EMEA Private Equity Group where he focuses on advising financial investors and corporates acquiring from financial investors on cross-border M&A and restructuring matters (including distressed M&A).

Johan has lead teams advising on a large number of the high-profile deals in the Nordic region in recent years, e.g., Ingenico's EUR 1.5bn acquisition of Bambora and Nomura and Barclay's acquisition of 15.6% of the votes in AB Volvo, the largest stock-listed entity in Sweden at the time, and the contingent forward sale thereof to Geely.

In 2019, he also acted on some of the largest and most complex deals in the Nordics, e.g.,

  • the acquisition of Thomas Cook North Europe (Vinggruppen) by a consortium consisting of Altor, Petter Stordalen and TDR;
  • the sale of Dellner Couplers to EQT;
  • Nasper's USD 1.2bn acquisition of the remaining minority in Avito AB;
  • Nalka's acquisition of OneMed; and
  • Altor's MEUR 275 sale of Ålö to Jost Werke.

Johan has, according to the leading M&A ranking institute Mergermarket, acted on more than 80 deals worth more than USD41 billion, which is one of the highest deal values ever recorded by a Nordic private M&A lawyer.

In previous years he has, e.g., been ranked by Mergermarket::
#1 in private M&A deal value in Sweden;
#1 in cross-border M&A in Sweden by deal value and volume;
#1 in private equity deal volume in the Nordics; and
#6 in total deal volume in Europe.

Johan's transactional experience include, e.g., advising on public-to-private buy-out transactions, corporate carve-outs, FIG M&A, dual track exits, restructurings and distressed investing.

Johan has also represented several Nordic and international GPs (buy-out, real estate, venture, deal-by-deal funds) and LPs in connection with fundraisings.

Acknowledgements include being awarded as an Emerging Leader in the EMEA by The M&A Advisor and being recognized by the international subscription Private Fund Management as one of Thirty Under 40 private equity lawyers globally.

His prior experience includes acting as associate general counsel for one of the major Nordic private equity houses, Altor Equity Partners, which have given him unique insights into the mindset and investment thought process of a leading private equity investor.

Johan has an MBA (With distinction) from London Business School. He is a member of the Swedish Bar Association.

Bars and Courts
Swedish Bar
MBA (With Distinction)
London Business School
Juris kandidat
University of Lund


MSSc, Master of Social Science in Business and Administration
University of Lund


Represention of Nomura and Barclays on their acquisition of Cevian Capital's entire stake in AB Volvo, the global leading truck manufacturer and the largest stock-listed entity in Sweden, and Nomura and Barclays later on-sale of the entire stake to Geely. The deal was the largest deal in Sweden 2017 and the largest ever exit by an activist fund globally.

Represention of Ingenico Group, the global leader in seamless payments, on its EUR 1.5 billion acquisition of Bambora, a fast-growing global player in the payments industry, from private equity firm Nordic Capital. The transaction was the 2nd largest transaction in Sweden in 2017.

Represention of Naspers in connection with their USD 1.2 billion majority stake investment in Avito AB, one of the world's leading internet classifieds companies, in 2015 and Naspers' subsequent USD1.16 billion buy-out of the remaining minority in 2019. The 2015 deal was the 2nd largest private M&A deal in Sweden 2015 and the largest ever online deal in the Nordics and the 2019 deal was the 2nd largest private M&A deal in Sweden 2019.

Represention of the sellers in the sale of the Dellner Couplers Group to the EQT VIII fund. The deal was the 5th largest private M&A deal in Sweden 2019.

Represention of Bridgepoint, the leading European private equity house, on the SEK8.5 billion (US$930 million) disposal of the Nordic Cinema Group, the largest cinema operator in the Nordic region, to AMC Entertainment, the world's largest cinema operator. This was the 3rd largest deal in Sweden 2017.

Represention of Altor, one of Johan’s repeat clients and he has acted for them on more than 20 successfully closed deals, including e.g. the following:

  • the acquisition of Thomas Cook Northern Europe (a.k.a. Vinggruppen; and subsequently to Nordic Leisure Travel Group) by a consortium consisting of Altor, Strawberry Equities (Petter Stordalen) and TDR.
  • the acquisition of Eleda (including the add-on of JVAB) from management investors and the divestment of One Nordic to Eleda whereby an infrastructure service provider with more than SEK 6bn in revenue was created;
  • the MEUR 275 divestment of Ålö, the global market leader in front loaders and associated implements for agricultural tractors, to Jost Werke;
  • the acquisition of Gummigrossen and RengasDuo, the market leading tire and tire related wholesalers in Sweden and Finland respectively; and
  • the acquisition of Carnegie Investment Bank, a leading independent Nordic Investment Bank and Max Matthiessen, a leading independent Swedish adviser within pension insurance, life insurance and long-term savings, from the Swedish National Debt Office.

Represention of FSN Capital is another of Johan’s repeat clients and he has acted for them on more than 20 successfully closed deals, including e.g. the following:

  • the acquisition of Bygghemma, the leading Nordic online retailer of do-it-yourself products (DIY) and home furnishings, from Nordstjernan;
  • the acquisition of SneakersnStuff, a leading global online and physical retailer of limited edition sneakers; and
  • the acquisition of Holmbergs Safety Systems, global supplier of mission critical safety systems to the child safety seat industry.

Represention of Patricia Industries, the private equity arm of Investor AB (publ), and its portfolio company Piab in connection with Piab’s acquisition of Tawi, a leading provider of complete light lifting solutions, from SEB Private Equity.

Represention of Nalka's acquisition of OneMed, one of the leading medical supplies distributor in Northern Europe, from 3i.

Represention of HgCapital Renewable Power Partners and its Swedish wind farm investment vehicle Vasa Vind in connection with APG's MEUR 300 acquisition and investment in the 288 MW Åskalen onshore wind power project, which at the time of the signing was is the largest ever onshore wind renewable power project in Sweden.

Represention of EQT, the global leading alternative multi-asset class investment manager, in connection the on-shore reorganization of the EQT funds.