{"id":16984,"date":"2022-12-29T12:00:35","date_gmt":"2022-12-29T11:00:35","guid":{"rendered":"https:\/\/wiersholm.no\/?post_type=newsletter&p=16984"},"modified":"2025-03-11T19:30:26","modified_gmt":"2025-03-11T18:30:26","slug":"norway-international-update-q4-2022","status":"publish","type":"newsletter","link":"https:\/\/wiersholm.no\/en\/newsletters\/norway-international-update-q4-2022\/","title":{"rendered":"Norway International Update \u2013 Q4 2022"},"content":{"rendered":"

Norway International Update \u2013 Q4 2022<\/h1>\n\n\n
\"\"<\/figure>\n\n\n

This update explores some high level trends and legal developments across some of Norway’s key sectors that have an international impact.<\/p>\n\n

Climate, Environment and Sustainability<\/a>Employment Law<\/a>Financial Regulatory<\/a>Human Rights Law<\/a>Mergers and Acquisitions (M&A)<\/a>Real Estate<\/a>Tax and Duties<\/a><\/div><\/div>\n\n\n

The final quarter of 2022 has brought to a close an extremely volatile and challenging year. Whilst Norway officially waved farewell to effectively all coronavirus restrictions on February 12, the positivity this generated was short-lived, with the Russian invasion of Ukraine on February 24. This has unquestionably shaped the rest of the year that followed.<\/p>\n\n\n\n

The Norwegian central bank, Norges Bank, increased its policy rate on 15 December to 2.75 per cent, representing the seventh increase since the end of the pandemic and the zero rate in September 2021. This, in combination with increased inflation, high energy prices, global political uncertainties and the war in Ukraine has had a significant impact on the availability of funding in the Norwegian markets. The real estate market has been particularly affected with H2 seeing scheduled financings withdrawn or scaled down. M&A and IPO activity has also slowed down with record-breaking deal numbers in 2021 receding into the distance to basically the same deal activity level we experienced  in 2019 and 2020. These themes are explored in greater depth in this update.<\/p>\n\n\n\n

M&A<\/h2>\n\n\n\n

Key contacts: Harald Hellebust<\/a>, Kai Th\u00f8gersen<\/a> and Jarle Kvam<\/a><\/p>\n\n\n\n

Norway, much like the rest of the world, has witnessed a very uncertain M&A market in 2022 and seen a dramatic fall in M&A deal activity in 2022 when compared with 2021, although this could be seen as a normalization and a return to pre-pandemic activity levels (eg 2019 and early 2020) and toward historical averages, and there still is high activity in several sectors. Macro factors and geopolitics are changing rapidly and into new territories, and this does of course also affect the M&A market. Interest rates continue to increase \u2013 in Norway, most recently up to 2.75 per cent on 15 December \u2013 and inflation remains high. Looking ahead, the same deal drivers exist as those 12 months ago, with good opportunities remaining, and a possible catch-up effect from 2020 and 2021 which could see significant M&A activity, especially in highly attractive sectors and particularly if macro factors and geopolitical factors stabilise.<\/p>\n\n\n

\n
\n\t\t\t

\n\t\t\t\t