Johan Steen

Partner, Stockholm



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.

So far in 2019 he has also acted on some of the largest and most complex deals in the Nordics, e.g., a consortium consisting of Altor, Petter Stordalen and TDR's acquisition of Thomas Cook North Europe (Vinggruppen); the sale of Dellner Couplers to EQT; Nasper's USD 1.2bn acquisition of the minority in Avito AB; and Nalka's acquisition of OneMed.

Johan has, according to the leading M&A ranking institute Mergermarket, acted on more than 75 deals worth more than USD41 billion, which is one of the highest deal values ever recorded by a Nordic private M&A lawyer.

He was in 2019 H1 ranked by Mergermarket:
#1 cross-border deal volume in the Nordics;
#1 in private equity deal volume in the Nordics and #3 in Europe;
#2 in deal value in Sweden; and
#6 in total deal volume in Europe

In previous years he has, e.g., been ranked:
#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 and dual track exits.

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
The Swedish Bar Association
MBA (With Distinction)
London Business School
Juris kandidat
University of Lund


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


Johan represented Altor in connection with their acquisition of Gummigrossen and RengasDuo, the market leading tire and tire related wholesalers in Sweden and Finland respectively.

Johan represented the sellers in the sale of the Dellner Couplers Group to the EQT VIII fund.

Johan represented 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.

Johan acted as lead on Ingenico Group, the global leader in seamless payments, on its €1.5 billion acquisition of Bambora, a fast-growing global player in the payments industry, from private equity firm Nordic Capital. The transaction is was the second largest transaction in Sweden so far in 2017.

Johan advised Naspers in connection with their USD1.2 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 is the largest deal in Sweden YTD 2019.

Johan acted as lead in connection with Nalka's acquisition of OneMed, one of the leading medical supplies distributor in Northern Europe, from 3i.

Johan represented 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 (NYSE: AMC), the world's largest cinema operator. This was the third largest deal in Sweden 2017.

Johan acted as lead on 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.

Johan acted as lead in connection with FSN Capital's investment in Bygghemma, the leading Nordic online retailer of do-it-yourself products (DIY) and home furnishings. Johan also acted as lead on Bygghemma's subsequent add-ons including e.g. the acquisition of Furniturebox, its main Nordic online furniture competitor, which was one of the largest primary M&A deals (i.e. an acquisition directly from the founders) in Sweden 2017.

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

Johan has e.g. acted on the following fundraisings: i. separately advised eight blue-chip investors in connection with the EUR 2,000m fundraising of Altor Fund IV; ii. advised the anchor investor in connection with the EUR 470m fundraising of Infranode Fund I, the first private infrastructure investment platform in the Nordics to receive funding from the European Fund for Strategic investments (EFSI); and iii. separately advised APG Asset Management and a blue-chip sovereign wealth fund in connection their respective investments in the real estate fund AREIM Fund II.

Johan acted as associate general counsel in connection with among others Altor's 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.