Northbound Capital: Inside the U.S.-Nordics M&A Surge
Why are U.S. buyers flocking to the Nordics, and how can they win?

U.S. corporate and sponsor-led acquisitions of Nordic companies are surging, driven by the region's innovation, strong governance and attractive valuations. But what should American dealmakers know before entering this increasingly competitive market?
In this episode of The Dealist podcast, we explore what's fueling U.S.-Nordics mergers and acquisitions (M&A) activity, the sectors attracting investment, and the regulatory, cultural and execution challenges facing cross-border dealmakers.
Guests
- Airi Hammalov, Partner, White & Case LLP
- Johan Steen, Partner, White & Case LLP
- Mark Mua, Regional Lead, Nordics, SS&C Intralinks
Key topics discussed
- Why U.S. buyers are increasingly targeting Nordic companies, particularly in technology, industrial automation and life sciences
- How Nordic deal structures, negotiation styles and cultural norms differ from those in the U.S.
- The impact of foreign direct investment (FDI) screening and regulatory approvals on deal timelines
- Why early preparation, disciplined due diligence and post-merger integration planning are critical to successful transactions
- How AI is streamlining cross-border due diligence while human judgment remains essential to assessing risk and negotiating deals
Further reading
For a broader look at the trends shaping international dealmaking, download The New Geography of Cross-Border M&A, produced in association with PitchBook.