Magnus Wennerhorn

Partner, Stockholm


“Magnus Wennerhorn is our trusted advisor that we can turn to with all types of questions. He gives high-quality advice and is one of the absolute best banking lawyers in the region.” “A very pragmatic and knowledgeable lawyer who has a good view of the market in Sweden.” (The Legal 500)

“Magnus Wennerhorn is one of few lawyers in Europe who is extremely smart and deal-oriented combined with an unmatched commercial acumen that has turned out to be a key skill in shepherding workouts and complex financing deals across the finish line.” (Chambers)


Magnus Wennerhorn co-heads the Debt Finance practice at the Stockholm office. His focus is on leveraged finance and financial restructurings although he has experience in a wide range of finance transactions, including cross-over and investment grade lending.

Magnus has participated in numerous top tier acquisition finance transactions and complex cross-border financings and financial restructurings for over two decades, representing Swedish and foreign banks, private equity clients and corporate clients. His recent experience at White & Case includes finance transactions for Nordea Bank, Deutsche Bank, and financial restructurings for senior lenders and investors.

Prior to joining White & Case in 2005, Magnus worked for a Swedish firm. He has also practiced with a leading London law firm.

Bars and Courts
Sweden, Advokat
Juris kandidat
Stockholm University
with major in business administration
Stockholm School of Business
Studies in international banking and finance law
Queen Mary College, University of London


Representation of Klarna, one of the world's leading smooth shopping and payment providers, on its US$650 million equity funding round. The post money valuation ranked Klarna as the highest-valued private fintech in Europe and the fourth highest globally.

Representation of MEAG and institutional investors on:

  • the first fully merchant project bond financing for the Swedish wind farm MB2 North, with a capacity of 253MW and located in the world's biggest onshore wind farm cluster Markbygden in Northern Sweden.
  • the secured financing of Önusberget wind farm, Europe's largest single onshore wind project, with an expected capacity in excess of 750MW.

Representation of Deutsche Bank AG, London Branch and Nordea Bank Abp, both financial services institutions, as Initial Purchasers, on the issuance by Assemblin Financing AB (publ) of €250 million senior secured floating rate notes due 2025 and the establishment of new super senior revolving credit and guarantee facilities as well as a new pension guarantee facility. Assemblin is one of the Nordic region's leading providers of complete installation and service solutions, with a primary focus on electrical engineering, heating and sanitation, ventilation and automation.

Representation of Nordea Bank AB (publ), SEB (publ) and AB Svensk Exportkredit (publ), all financial services institutions, on the EUR 405 million financing of Mekonomen AB (publ)'s, a leading automotive spare-parts chains, acquisition of FTZ, auto parts and tools, in Denmark and INTER-TEAM, a leading distributor of car-parts, in Poland.

Representation of Nordea Bank, together with Citibank, N.A., London Branch and Skandinaviska Enskilda Banken AB, all financial services institutions, as the original lenders, on the SEK 11 billion term facility agreement made available to Tele2 AB (publ) to finance part of the merger with Com Hem Holding AB (publ). The merger gives Com Hem a valuation of approximately SEK 26.6 billion (US$3.2 billion). Tele2 is a NASDAQ Stockholm-listed telecom operator and Com Hem is a NASDAQ Stockholm-listed TV cable company.

Representation of Carnegie Investment Bank AB, Nordea Bank AB and Pareto Securities AS, all financial services institutions, as Joint Bookrunners, on the issuance by Ovako AB of €310 million 5% senior secured notes due 2022 governed by Swedish law. Ovako, which develops high-tech steel solutions, used the proceeds of the Swedish law governed notes to refinance its outstanding New York law governed €300 million 6.5% senior secured notes due 2019.

Representation of Altor Fund IV, a fund in the family of Altor-branded private equity funds focused on investing in and developing medium sized companies, on:

  • the financing of the successful acquisition of BTI Studios Holding AB, a leading global localization player.
  • the financing of the successful public cash offer to the shareholders of Transcom WorldWide AB (publ), a Swedish outsourcing company listed on Nasdaq Stockholm. The total value of the offer amounts to approximately SEK 2.3 billion.

Representation of Altor Fund IV, a fund in the family of Altor-branded private equity funds focused on investing in and developing medium sized companies, and Goldman Sachs MBD, the private equity arm of investment bank Goldman Sachs, on the financing of their joint acquisition of Navico Holding AS, a specialist marine electronics company.

Representation of Altor Fund V on the acquisition of Eleda Infra Services Group, and the separate add-on acquisition of JVAB, a civil engineering and transmission infrastructure company based in Sweden.

Representation of a syndicate banks including ICBC, Bank of China, CCB, CMB and DBS on the €800 million multi-tranche refinancing for a consortium led by Jin Jiang International Holdings, a Chinese state-owned tourism and hospitality company, for the acquisition of Radisson Hotel Group.

Representation of a syndicate of Nordic banks in relation to the EUR 500,000,000 financing of Capio AB (publ), a leading, pan-European healthcare provider offering a broad range of high quality medical, surgical and psychiatric healthcare services in four countries through its hospitals, specialist clinics, and primary care, in connection with Nordic Capital's, a leading private equity investor, IPO of the Capio group on NASDAQ Stockholm.

Representation of Danske Bank, DNB Bank and Nordea Bank, all financial services institutions in connection with a set of financing arrangements provided to Thule Group AB (publ) in connection with its listing on NASDAQ Stockholm. The financing arrangements included, among others, SEK 2,900,000,000 multicurrency and revolving facilities to Thule Group AB (publ), SEK 1,000,000,000 secured term loan facilities to Thule's principal owners, an LBO financing of Thule's towbar business Brink and bridge facilities provided in connection with the listing. The Thule group is the global market leader in a number of product categories such as sport & cargo carriers for the car, camera bags and multi-functional child carriers.

Representation of Nordea Bank, a financial services group, in connection with the financing of Accent Equity's, a private equity investor, acquisition of San Sac, a provider of waste separation and recycling and EnviroPac, a supplier and manufacturer of source separation equipment, and its subsequent add-on acquisition of Tomra Compaction, a manufacturer and supplier of equipment for compacting and handling waste products.

Representation of DNB Bank and Skandinaviska Enskilda Banken, both financial services institutions in connection with the EUR 140,000,000 and USD 35,000,000 financing of Gunnebo AB (publ). The Gunnebo group is a Nasdaq listed worldwide leader in security products, services and solutions.

Representation of Skandinaviska Enskilda Banken and Svenska Handelsbanken in connection with the SEK 1,000 million financing of ÅF AB (publ). The ÅF group is a NASDAQ listed leader in technical consulting for the energy, industrial and infrastructure markets.

Representation of SSAB AB (publ), a Sweden-based global steel producer, on:

  • its issuance of SEK 2 billion floating rate sustainability-linked notes due 2026.
  • the proposed combination of SSAB AB (publ) with Rautaruukki Oyj, a manufacturer and supplier of metal-based components and systems to the construction and engineering industries, through a recommended share exchange offer to Rautaruukki's shareholders valued at SEK 10.1 billion (€1.1 billion).

Representation of Senior lenders in connection with the financial restructuring of a private equity-owned group. The cross-border elements, limited enforcement options, bank take-over and exit made this one of the more complex restructurings in the Nordic region in 2015 and 2016.

Representation of private equity sponsor in connection with the financial restructuring of a portfolio company. This involved a complex debt restructuring, which included the development of unique solutions for the senior lender and the sponsor. The creation of a debt instrument that classifies as equity with the borrower, in combination with a synthetic waterfall, made it one of the most complex structures in Sweden in recent years.

Representation of senior lenders in connection with the financial restructuring of a NASDAQ OMX-listed company. Both the public nature of this work, and its final advanced debt structure made this one of the most complex restructurings in Sweden in recent years.


The International Comparative Legal Guide to Lending and Secured Finance, 2020 -2022 ed., Global Legal Group Ltd, London (co-author)

Awards and Recognition

Hall of Fame, The Legal 500, Banking and Finance, 2019–2022

Leading lawyer, The Legal 500, Banking and Finance, 2011–2018

Leading lawyer, IFLR1000, 2009–2022

Leading lawyer, Chambers Europe/Global 2009–2022 (Banking) and 2014–2017 (Restructuring/Insolvency)