2. DENMARKATAGLANCE
DENMARK AT A GLANCE
KEY FIGURES
› Population: 5.6 million people
› GDP: USD 46,000 per capita
› Major industries: Energy and transport
› Average wage: USD 50,000
› Net pension wealth: 6.9 (as a multiple of gross earnings)
› Long term / Short term interest rates: 0.8% / -0.1%
› Social spending: 30.1% of GDP
› FDI Attractiveness Scoreboard: No. 15 out of 44 comparable countries
SUNDKROGSGADE 5, DK-2100 COPENHAGEN Ø CVR. NO.: DK 62 60 67 11
DKKbillion
0
125
250
375
500
Energy Transport Conglomerates Trade Foods Service Industry Construction Medical IT
Based on 1,000 largest companies’ annual turnover in 2011
3. MERGERS&ACQUISITIONS
MERGERS &
ACQUISITIONS
Following a busy end to 2015, Q1 of 2016 has seen the M&A market
off to a good start with a generally high level of activity. While
private equity accounts for a fair share of the deals in Q1, industrials
have also been active both on the buying and selling side. Activity
appears to be spread over a multitude of sectors with both the
pharma, IT, engineering, and food sectors being well represented.
Three trends appear noteworthy:
1. WARRANTY & INDEMNITY INSURANCE
W&I Insurance has within the last 2-3 years become increasingly popular in Danish
private M&A transactions. While the development is being led by private equity sellers
looking for a clean exit, other types of buyers and sellers are also taking an interest in
the product with industrial players now also looking to the insurance markets.
The increased awareness among M&A practitioners coupled with the general increase in
number of insurance providers and brokers in Europe mean that, similar to the situation
in Sweden, lawyers and bankers should consider the use of W&I insurance as part of the
tools used both on sell-side and buy-side mandates to increase the value of their clients’
assets or bids. W&I insurance will not fit every deal and there may be good reasons for
not choosing the insurance route - cost of insurance, uninsurable risks etc. - but the
Danish market appears to be moving toward a situation where M&A practitioners should
make sure to consider the appropriateness of W&I insurance early on in a process to
avoid a situation where it later becomes apparent that the use of insurance would have
added to the overall deal certainty or value proposition of a transaction. At least for
now, the sweet spot for insured deals in Denmark appears to be DKK 200m to DKK 2bn,
but both smaller and larger deals have also benefited from W&I insurance.
4. MERGERS&ACQUISITIONS
3. DANISH IPO MARKETS OPENING UP
From the M&A practitioners point of view, it is also of interest that the Danish
IPO market appears to be opening up following a relatively quiet period in
2014 and 2015. Scandinavian Tobacco Group was successfully listed on Nasdaq
Copenhagen in February, and a number of other companies are frequently
being mentioned as candidates for floats in Copenhagen, including energy giant
DONG Energy A/S, which in September 2015 publicly announced a road map
for its IPO. This entails that sell-side advisors will be looking to do dual-track
processes where deemed feasible.
There is a question mark around the ability of private equity funds to list
following the bankruptcy of OW Bunker, but the general feeling among
practitioners is that this may have implications for the way processes are run but
will not be a roadblock for sponsors, see also “Yes, there is still an IPO market in
Denmark for PE’s” in the Capital Markets section below.
2. CO-INVESTMENTS FROM INSTITUTIONAL INVESTORS
The hunt for higher yields in the current interest environment has meant that
also Danish institutional investors are looking to play more of a role in the
private M&A market. Vice versa, certain private equity funds are also looking to
increase their ability to do bigger deals by using co-investors to increase their
equity ticket.
For now we see this mostly happening in some form of partnership with private
equity sponsors. In a few instances we have even seen private equity funds
being met with LPs requiring a "right of offer" to co-invest in bigger deals as
part of the fund documentation. A number of Danish pensions funds like Danica
Pension, PKA and PensionDanmark are playing an active role and appear to have
boosted internal resources in order to be able to act in more bespoke roles in
the M&A environment.
Investments have so far been structured either as straightforward equity co-
investments, preferential equity or mezzanine-like structures, but investors are
also acting as providers of (senior) acquisition debt, see also “Direct Lending by
Danish pension funds” in the Finance section below.
The involvement of this type of investor may have implications for the private
equity sponsor's interaction with sellers and lenders, but generally we observe
that private equity appears to be able to manage the processes in a way that
enables the co-investment to happen in parallel with or after the main M&A
deal so as to avoid any difficulties. In the current market, we see co-investments
as likely to become increasingly popular investments for institutional
investors. Attention should be paid to the potential regulatory challenges
for co-investments under AIFMD, see also “Co-Investments” in the Financial
Regulation section below.
5. RECENT DEALS
JAKOB HANS JOHANSEN
PARTNER, COPENHAGEN
MOBILE +45 61 61 30 32
DIRECT +45 38 77 44 20
JAJ@KROMANNREUMERT.COM
Assistance to Novo A/S in connection with its
investment in a minority interest in Synlab Ltd. from
Cinven (through a convertible loan structure) Novo
A/S is the Novo Nordisk Foundation's investment
company and the majority shareholder of, among
others, Novo Nordisk A/S, Novozymes A/S and
Christian Hansen.
Sale of waste machinery company, J. Hvidtved Larsen
(JHL Holding A/S), to Swiss machinery giant Bucher
Industries AG.
Kromann Reumert advised Danish Private equity
house, Axcel, when divesting kitchen business TCM
Group to IK Investment Partners. TCM Group is one
of Scandinavia's leading manufacturers of kitchens
with strong brands such as Svane Køkkenet and Tvis
Køkkener, which together have 70 shops in Denmark
and Norway.
Assistance to owner of the "Iglo" and Bird's Eye"
brands, Nomad Foods Ltd, in its acquisition of the
Continental European business of Findus, a group
selling a wide variety of frozen and other food
products.
Assistance to consumer and retail focused private
equity house Vendis Capital on its acquisition of
interior design company, ferm LIVING A/S.
MERGERS&ACQUISITIONS
CHRISTIAN LUNDGREEN
PARTNER, COPENHAGEN
MOBILE +45 38 77 45 30
DIRECT +45 40 74 37 75
CL@KROMANNREUMERT.COM
6. FINANCE
FINANCE
MARKET HIGHLIGTS:
› Uncertainty about China and low oil prices create uncertainty for many Danish corporates
› The retail sector in Denmark is challenged, but has shown marginally higher current value
growth in 2015 compared to 2014
› Fewer restructurings and insolvencies; however, the shipping industry still has issues
› Many SMEs have financial issues, which have led to financing on uncommitted basis – also on
acquisitions
› Improved Danish property and bank market
› Fierce competition between banks for large Danish deals/corporates has led to low prices,
high leverage and covenant light agreements
› Strong appetite among banks for acquisition financing
› In general, few Danish bond issues; however, some large Danish corporates are issuing bonds
› Pension funds increase direct lending and alternative investments
7. FINANCE
THE SCANDINAVIAN
BOND MARKET FOR
CORPORATES
THE CURRENT LANDSCAPE
The bond market has historically been very strong in Norway and to some
extent in Sweden. The Norwegian market has particularly attracted issuers
within the shipping and oil & offshore industries, whereas the Swedish market
has been strong within real estate. Despite several attempts, the Danish market
has not matured much.
THE FUTURE
Strong credits in the Scandinavian market have for a long time been issuing
investment grade eurobonds in the European market, but there are signs that
the Scandinavian investors in particularly Sweden and Norway have appetite
for Scandinavian non-investment grade issuers, and a few Danish issuers have
accessed both the Norwegian and the Swedish markets for both unsecured and
secured transactions.
DOCUMENTATION
So far the documentation has not been aligned in Scandinavia due to
reluctance to use the Nordic Trustee standard outside Norway. This template
has been significantly different from documentation in the English market.
However, Nordic Trustee has now developed a Nordic standard, which has been
reviewed by market players including law firms in all the Nordic countries.
This template is more international, but it has to be seen if it will become the
preferred standard.
8. FINANCE
DIRECT LENDING BY DANISH PENSION FUNDS
INCREASED DIRECT LENDING BY DANISH
PENSION FUNDS
There has been an increase in direct lending from
Danish pension funds in recent years. The pension
funds so far tend to focus on areas where the banks
are less active and generally steer away from direct
competition with the banks. Focus areas include
construction and mezzanine financing, where the
pension funds can earn a high yield as an alternative
to shares and corporate bonds and long term or state
guaranteed financing as an alternative to government
or real estate bonds. The pension funds have been
particularly active in real estate, infrastructure,
renewable energy and acquisition/leveraged financing.
The pension funds are generally flexible when
structuring their investments and we have seen
investments as senior as well as mezzanine lending,
preferred share and minority shareholding structures
on the equity side, see also “Co-Investments from
Institutional Investors” in the Financial Regulation
section below. Certain standards are starting to
develop in the market, including mezzanine lending
and preferred share structures. We note that the
transactions generally take more time to structure than
ordinary bank loans as the pension funds generally
want to be comfortable both with the credit assesment
and the structure of the transaction. Accordingly,
investors planning to seek financing for future
transactions from the Danish pension funds will be
well advised to start building a relationship and discuss
potential structures with the relevant pension fund(s)
well ahead of the transaction.
RECENT TRANSACTIONS IN THE DANISH MARKET
Some examples of the transactions in the Danish market include
› Danica’s investment in corporate bonds issued by the pharmaceutical company Orifarm for the acquisition of
Growth House
› PensionDanmark’s direct loan to the Brig Renewable Energy Plant in Lincolnshire, England
› Pensam’s direct loan to the property developer group Bach Group
› Danica’s investment in preference shares in connection with Nordic Capital’s acquisition of Vizrt
› Cooperation agreements between PensionDanmark, PFA and AP Pension and EKF (the Danish export credit
agency) on ECA financing
› Investment fund providing subordinated loans to the SME segment established by Danica Pension, ATP,
Pension Danmark and Danske Bank and managed by Group Four
› PensionDanmark’s investment in the OPP project for the construction of the psychiatric hospital in Vejle,
Denmark
Kromann Reumert has been involved in a large number of the pension fund investments, and we will be
pleased to discuss potential structures and transactions.
9. FINANCE
RECENT DEALS
THOMAS KAAS
PARTNER, COPENHAGEN
MOBILE +45 24 86 00 77
DIRECT +45 38 77 43 53
TK@KROMANNREUMERT.COM
KIM RASMUSSEN
PARTNER, COPENHAGEN
MOBILE +45 40 53 14 04
DIRECT +45 38 77 45 22
KR@KROMANNREUMERT.COM
Advisor to a number of lenders from Europe,
Singapore and China in connection with the
complex cross-border restructuring of the listed
Danish shipping company Torm A/S with total
debts of USD 1.8 bn.
Advisors to Santander acting through its Danish
branch in relation to its DKK 5.963 bn se
curitisation of auto loans. The cross-border
transaction involved the transfer of auto loans
from a Danish lender to an Irish SPV funded
through notes listed on the Official List of the Irish
Stock Exchange. The transaction is a landmark
transaction as it is the first public auto loan
securitisation in Denmark.
Advisor to the ECA’s in the financing of the 600
MW and EUR 2.8 billion Gemini off-shore wind
project outside the Dutch coast.
Advisors to TDC on its issue of EUR 750m Callable
Subordinated Capital Securities under the
company’s EUR 5,5bn EMTN programme listed on
the Luxembourg Stock Exchange.
10. REALESTATE
THE DANISH REAL
ESTATE SECTOR
- TRENDS AND
OPPORTUNITIES
MARKET HIGHLIGTS:
› Surge in demand for real estate assets across mainly the office, retail and residential sectors.
› Transaction volumes on the rise and reached DKK 47bn for 2015.
› Prospects for 2016
› Copenhagen among the five leading European cities for investment prospects in 2016
› The growth in the population of Greater Copenhagen has been forecast to continue
› The office vacancy rate has been contained, in part by strong office-to-residential
conversion activity
› Strong demand for residential real estate
› Interest rates remain low thus providing investors an attractive spread.
› Many international investors active in the market.
› Denmark among the most business friendly jurisdictions in the world.
11. INCREASED FOCUS ON PROPERTY DEVELOPMENT TRANSACTIONS AND PROJECT FINANCE
The increased demand for particularly residential real
estate in the greater Copenhagen and the Aarhus areas
has resulted in an increased influx of international risk-
bearing capital investments in construction projects.
Accordingly, many new city districts are in development
(including e.g. Nordhavn, Ørestad, Carlsberg Byen, the
Harbour in Aarhus etc.), and an impressive variety of
projects are currently under construction. Ownership and
stakeholder structures for each individual project and other
legal arrangements are usually carefully tailored to meet
the objective for the related stakeholders and the specific
business case for the project.
As a relatively new trend we have recently seen that a
variety of international investors actively seek to directly
or indirectly invest in or otherwise finance Danish real
estate development projects from the drawing board and
until exit – and not only as investors in existing bricks and
mortar.
However, project finance and project development
transactions in Denmark (as in any other jurisdiction)
involve a number of (additional) legal, commercial and tax
matters and pitfalls which must be carefully mitigated at
the early stages of any proposed real estate development
project.
Kromann Reumert’s real estate team has vast and long-
standing experience in the Danish real estate project
finance and project development market and a second-
to-none network and points of contact to all the essential
players in the Danish market.
SURGE IN DEMAND FOR
DANISH REAL ESTATE
ASSETS BY INTERNATIONAL
INVESTORS
There has been a surge in the demand
for real estate assets across the office,
retail and residential sectors in recent
years. Investors generally continue to
prefer low-risk (low-yield) investments
in prime properties, but demand is now
increasingly shifting towards secondary
locations – particularly in the greater
Copenhagen and the Aarhus areas.
Denmark features a unique mortgage
credit system offering short or long
term committed financing on very
competitive and flexible terms,
and interest rates generally remain
comparatively low providing an
attractive spread.
Market conditions, risk factors and the
availability of external financing have
all contributed to the Danish real estate
market being considered very attractive
by all types of international investors
ranging from institutional investors and
PE funds to individual wealthy investors.
Transactions may take place as single
property transactions, portfolio
transactions and in various bundling
and risk sharing structures. Further,
cooperation and syndication between
otherwise independent investors and
financiers are not uncommon with
regard to large assets, portfolios and
projects.
REALESTATE
12. RECENT DEALS
Solstra Capital's and Tristan
Capital Partners' joint-venture and
co-investment in a half-built local
shopping centre near Copenhagen
purchased from Holberg
Fenger Invest. Value: EUR 90m.
(represented Solstra Capital)
Patrizia Nordic's acquisition of
Gallery K (16,285 m2 retail in
Copenhagen City). Value: EUR
200m. (represented Patrizia)
Carlsberg's sale of Tuborg
South (a large scale residential
development project) to Danica.
Value: Confidential (represented
Carlsberg)
Jeudan's acquisition of new
Maersk Head Quarter (sale and
lease back). Value: Confidential
(represented Jeudan)
Fastighets AB Balder's acquisition
of 42,000 m2 Amager Strandvej
development project from Skanska
(project consisting of 430 flats
(in total 42,000 m2). Value EUR
160m. (represented Fastighets AB
Balder).
Standard Life's aquisiton af
Danske Bank Head Quarter
Holmens Kanal 2. Value: DKK 1.4
billion (represented Standard Life)
FLEMMING HORN
PARTNER, COPENHAGEN
MOBILE +45 20 14 22 99
DIRECT +45 38 77 43 66
FHA@KROMANNREUMERT.COM
SØREN ANDREASEN
PARTNER, COPENHAGEN
MOBILE +45 24 86 00 52
DIRECT +45 38 77 43 04
SAN@KROMANNREUMERT.COM
REALESTATE
13. WHAT SHOULD WE DO?
› Obtain risk management review
› Consider your involvement in the IPO project. From a liability point of
view, it is in the PE’s interest to stand back and let the company run the
project. However, it its natural for the PE to have views and desire to be
involved in the process
IS THERE A WINDOW FOR A PE-SPONSORED IPO
› Yes, although no deal has surfaced, market rumour is that a number
of PEs are working on Danish IPOs (and have retained banks) and
PE-sponsored IPOs have continued in Stockholm (being a comparable
market)
› Investors are likely to focus on the PE’s liability – increase insurance
cover
ISSUE
A PE-sponsored IPO has not been seen in the Danish market since OW Bunker –
has the window closed for this exit opportunity?
ADDITIONAL FOCUS ON A PE-SPONSORED IPO?
OW Bunker has not - as of yet, at least - led to the promulgation of major new
rules or standards applicable in Danish IPOs. However, from the IPOs which have
taken place since the collapse of OW Bunker and the general atmosphere in the
Danish market, a couple of conclusions can be drawn:
› Increased focus on risk management
› Global coordinators (banks) push for stricter liability for the IPO sponsor in the
underwriting agreement entered into between the company, the sponsor and
the banks
› Even more increased focus on particular Danish verification (actually sparked
by the Bank Trelleborg ruling) and due diligence (commercial, financial, legal
etc.)
› Level of involvement of sponsor may be an important factor when determining
liability
CAPITALMARKETS
YES, THERE IS
STILL AN IPO
MARKET IN
DENMARK FOR PEs
14. RECENT DEALS
MARIANNE PHILIP
PARTNER, COPENHAGEN
MOBILE +45 40 79 10 14
DIRECT +45 38 77 44 44
MP@KROMANNREUMERT.COM
CHRISTINA BRUUN GEERTSEN
PARTNER, COPENHAGEN
MOBILE +45 20 10 63 69
DIRECT +45 38 77 43 26
CBG@KROMANNREUMERT.COM
CAPITALMARKETS
Kromann Reumert is currently advising Dong
Energy on the IPO of Dong Energy A/S on NASDAQ
Copenhagen.
On 6 March 2015, the shares of NNIT A/S were
admitted for trading on NASDAQ Copenhagen.
NNIT A/S is one of Denmark’s leading IT service
providers and consultancies. Kromann Reumert
advised the Joint Global Coordinators and Joint
Bookrunners on the IPO.
On 28 June 2013, the shares of Matas A/S were
admitted for trading on NASDAQ Copenhagen.
Matas A/S operates 295 of drug stores across
Denmark. Kromann Reumert advised the Joint
Global Coordinators and Joint Bookrunners on the
IPO.
On 10 February 2016, the shares of Scandinavian
Tobacco Group were admitted for trading on
NASDAQ Copenhagen. Scandinavian Tobacco
Group is a world leading producer of cigars
and traditional pipe tobacco. Kromann Reumert
advised Scandinavian Tobacco Group and the
selling shareholders on the IPO
15. RELEVANT FACTORS
Is the co-investment vehicle an AIF?
It could be argued that the co-investment vehicle does not raise capital from the
co-investors if the private equity fund documentation contemplates co-investments.
If the co-investor invests in preference shares with a fixed return, it could be argued
that the co-investor does not receive a pooled return, which would further support
a conclusion that the co-investment vehicle does not qualify as an AIF.
Was the co-investment vehicle marketed together with the private equity fund?
It could be argued that no new marketing activities take place.
WHAT SHOULD WE DO?
Analyse the AIFMD risk of each specific co-investment structure!
The risk is greater if the co-investors are not all investors in the private equity fund.
Try to mitigate this in the private equity fund documentation when raising new
funds, e.g. by
› Including reverse solicitation enquiries from the co-investors in the LPA; or
› Stipulating in the LPA that certain large investors in the private equity fund
should be required to receive co-investment opportunities (there may be
adverse commercial considerations associated with this).
The issue is not solved by using non-EEA vehicles if investors are based in the EEA.
ISSUE
Private equity fund documentation often allows the fund to offer co-investment
opportunities to certain large investors.
Across Europe there is uncertainty whether co-investment vehicles qualify
as alternative investment AIFs for purposes of the AIFMD regime and, if so,
whether the AIF should be deemed marketed to the co-investors triggering
authorisation requirements in each relevant Member State.
WHERE IS THE EU ON THIS?
There is no uniform position in the EU on this, and ESMA has not provided any
guidance. The regulators in the various Member States appear to be taking slightly
different positions on this, the Nordic regulators being slightly more strict in their
approach than the UK and Luxembourg regulators.
WHERE IS DENMARK ON THIS?
The Danish FSA emphasizes that there is no specific exemption applicable to co-
investment vehicles and that a case-by-case analysis needs to be made.
FINANCIALREGULATION
FINANCIAL
REGULATION:
CO-INVESTMENTS
16. MATTERS AND TRANSACTIONS
NICG’s acquisition of all the shares
in the life assurance company
Skandia Livsforsikring A A/S (now
Norli Pension Livsforsikring).
The formation of the direct lending
fund Capital Four - Strategic Lending
Fund.
The establishment and licensing of
Nordea Ejendomsforvaltning A/S as
a manager of alternative investment
funds within the real estate space.
Saxo Bank A/S’ issuance of
subordinated fixed rate resettable
convertible tier 2 notes due 2025 for
nominally EUR 50,000,000.
JACOB HØEG MADSEN
PARTNER, COPENHAGEN
MOBILE +45 40 30 30 16
DIRECT +45 38 77 44 58
JHM@KROMANNREUMERT.COM
FINANCIALREGULATION
JEPPE BUSKOV
PARTNER, COPENHAGEN
MOBILE +45 24 86 00 18
DIRECT +45 38 77 44 15
JBU@KROMANNREUMERT.COM
EXAMPLES OF MATTERS AND TRANSACTIONS IN THE DANISH MARKET WHICH WE
HAVE ADVISED ON INCLUDE:
Kromann Reumert has been involved in advising on a broad range of financial regulatory matters and transactions with
financial regulatory aspects.
Two pensions funds’ (Arkitekternes
Pensionskasse and Pensionskassen for
Jordbrugsakademikere & Dyrlæger)
decision to leave the Unipension
fund administration joint venture
and instead enter into a pension
fund management agreement with
Sampension.
Establishment of an administrative
joint venture between the two
pension funds; Juristernes og
Økonomernes Pensionskasse and
Danske Civil- og Akademiingeniørers
Pensionskasse.
17. HOW IS THIS RELEVANT FOR PE STRUCTURES?
› PE financing structures involving shareholders loans or similar, as such
structures may suffer from tax leaking in the form of withholding tax
on outbound interest,
› Recapitalizations/refinancings of Danish entities, as reparation of funds
out of Denmark may result in tax leakage in the form of withholding
tax on dividends, and
› Exits from Danish targets, as such exits should be structured carefully
to avoid any unnecessary tax leakage in the form of withholding tax on
outbound dividends.
WHAT SHOULD WE DO?
› As thing stands at the moment, pretty much all financing structures
involving outbound interest on shareholders loans provided directly or
indirectly by a PE fund to a Danish target will have a substantial risk of
being subject to withholding tax.
› There is no easy way to avoid Danish withholding tax if a PE fund
wishes to effect a recapitalization/refinancing involving a reparation of
funds from a Danish target to the PE fund. Over the last couple of years,
a number of PE funds have – as an alternative to normal recapitalisation
– created special share classes in Danish target companies (typically
giving right to a preferred fixed return) and sold such share classes to
Danish pension funds or similar.
ISSUE
The Danish tax authorities are extremely focused on cross-border interest and
dividend payments
In this context, the Danish tax authorities apply a “look through approach” that
basically means that – generally - any payment of interest or dividend out of
Denmark that, in the opinion of the Danish tax authorities, is ultimately for the
benefit of a PE fund (directly or indirectly) will be subject to Danish withholding
tax.
TAX
WITHHOLDING
TAX ON OUTBOUND
DIVIDENDS
AND OUTBOUND
INTEREST
18. RECENT DEALS
Our tax team advised the founders of Sitecore
(one of the world's leading developers of CMS
systems) in connection with their sale of the
majority of shares in Sitecore Corporation A/S to
EQT and the founder's and EQT's reinvestment.
Our tax team advised NICG in connection with
the acquisition of Norli Pension Livsforsikring A/S.
On 10 February 2016, the shares of Scandinavian
Tobacco Group were admitted for trading on
NASDAQ Copenhagen. Our tax team advised
Scandinavian Tobacco Group and the selling
shareholders on the tax aspects of the IPO.
MICHAEL NØRREMARK
PARTNER, COPENHAGEN
MOBILE +45 24 86 00 53
DIRECT +45 38 77 44 61
MNO@KROMANNREUMERT.COM
ARNE MØLLIN OTTOSEN
MANAGING PARTNER, COPENHAGEN
MOBILE +45 20 19 74 62
DIRECT +45 38 77 44 66
AO@KROMANNREUMERT.COM
TAX
19. LONDON
OUR LONDON
OFFICE
WE ARE HERE TO HELP YOU DOING BUSINESS IN DENMARK
› Kromann Reumert has a unique position as the only Danish law firm
with an office in London.
› Our goal is to provide direct access to Danish legal advice in the UK
and to assist the UK community of law firms, P/E Funds, banks and
other companies with an interest in Denmark, whether it is:
› client introductions,
› market intelligence,
› information on key legal developments, or
› swift advice on the ground in London
› We are based in the heart of the City of London, just by St Paul’s.
Please contact us if you’d like to meet us and find out more about how
we can help you and your business.
SØREN IS HEAD OF KROMANN REUMERT'S LONDON OFFICE.
HE ALSO SERVES AS HEAD OF KROMANN REUMERT'S
OUTSOURCING GROUP AND IS A PARTNER IN THE FIRM'S
CORPORATE GROUP.
Søren advices a broad range of Danish businesses on commercial transactions,
including joint ventures, outsourcing and technology transactions. Søren
became a partner in 2007 and has previously been a member of Kromann
Reumert's Board of Directors.
Søren is rated by Chambers as a "star individual" for outsourcing and is
recognised as a leading lawyer by other global rating agencies. He is widely
published on outsourcing and technology and holds various positions within
these areas, including as officer in the IBA technology committee and as former
president of the Danish Association of IT and Telecommunication Lawyers.
KROMANN REUMERT LONDON
Paternoster House
65 St. Paul's Churchyard
SØREN SKIBSTED
PARTNER, HEAD OF LONDON OFFICE
MOBILE +44 78 9998 8557
SSK@KROMANNREUMERT.COM
