M&A in the Nordics: Beyond the numbers
Yesterday in Helsinki, the room was full of leaders eager to explore the realities of mergers and acquisitions. The event, hosted by Admincontrol and us Nordic Listed Leaders, speakers included: Rasmus Alopaeus (PwC Finland), Thomas Landell (Hannes Snellman), Antti Husa (Eversheds), Arttu Urkko (PJ Maa), Jukka Tola (Admincontrol) and Henrikki Hirvonen (Admincontrol).
The panel: Helene Auramo, Rasmus Alopaeus, Arttu Urkko, Thomas Landell, Jukka Tola & Antti Husa.
From the very start, one theme rose above financial models and legal structures: M&A success depends on people and culture.
“Always remember the people in M&A,” urged Rasmus Alopaeus of PwC Finland. “When the news is out, it’s the best time to share information as people are curious and they pay attention.” That’s why a well-structured communications plan should be carefully designed in advance and executed with transparency.
But that moment of close attention can cut both ways: leaders who communicate openly build trust, while silence leaves space for fears to grow. Research consistently shows that employees facing a merger often experience anxiety, stress, and uncertainty. Scholars call this the “merger syndrome”: people worry about their jobs, imagine worst-case scenarios, and fall into an “us versus them” mindset.
This makes communication and preparation essential. Thomas Landell of Hannes Snellman stressed that sellers should prepare as much as possible in advance – not only for due diligence and transaction agreement negotiations, but to understand value drivers for likely buyers and pre-empt potential bottlenecks in the M&A process.
The panel emphasized that for sellers, financial terms are only part of the equation. Also important are for example continuity for employees and the quality of the relationship with the buyer – whether the process is conducted with respect, transparency, and trust. The panel also agreed that a skilled project manager is essential to steer these complex transactions and keep all parties aligned from the start.
The pressure, however, is often felt most acutely by sellers – especially entrepreneurs. Jukka Tola of Admincontrol noted how demanding due diligence can be for founders who must keep their business running while at the same time opening up every detail to scrutiny. Technology can help ease this burden. Data rooms are evolving, and AI will soon automate summaries and other time-consuming tasks. At Admincontrol adding more AI to the offering is in the focus product development. According to the panel, AI will not only cut transaction costs but also speed up timelines.
The good news is that AI will make smaller deals more feasible, while freeing leaders to focus less on paperwork and more on guiding their people through change. In other words, automation can create the space to address the human side of M&A – the very factor that often decides success or failure.
Looking ahead, the panel agreed that AI and automation will significantly reshape M&A in the years to come, making transactions faster and more cost-efficient. Yet one truth will not change: deals are ultimately decided not on spreadsheets, but in the hearts and minds of people.
