Ontario Teachers鈥� Pension Plan Board, KKR and Swedish pension fund AMF Pension have become new shareholders in Finland鈥檚 largest electricity company, alongside Finnish pension insurance company Elo.
Ontario Teachers and KKR have each bought a 20% stake in Caruna from First Sentier Investors and AMF has bought Keva鈥檚 12.5% stake in the electricity distributor.
Ontario Teachers and KKR have also agreed to buy a further 40% stake in Caruna from Canadian pension fund OMERS, in a deal that will increase their ownership to 40% each. KKR is making the investment through its core infrastructure strategy. Elo will have a 7.5% interest in Caruna.
Financial details were undisclosed.
Caruna distributes electricity and maintains, repairs and builds an electricity network for its 700,000 customers in South, Southwest and West Finland, as well as in the city of Joensuu, the sub-region of Koillismaa and Satakunta. The company has an electrical network of approximately 87,300km long. During the first half of last year, Caruna had 鈧�4.1bn in total assets according to its half-year report.
Dale Burgess, a senior managing director in charge of infrastructure and natural resources at Ontario Teachers, said: 鈥淲e are convinced that Caruna is well-placed to build a smart and weatherproof electricity network for its customers that will meet growing consumption needs while helping transition to a low-carbon economy. We are committed to investing in Caruna to achieve these goals鈥�
Matti Ruotsala, chairman of the board of Caruna, said: 鈥淎ll Caruna鈥檚 owners are large and well-established infrastructure investors with significant experience and resources to support and develop the company over the long term.
鈥淲e are also pleased to maintain Elo as a longstanding domestic investor. The company and its personnel will continue to operate in accordance with its existing strategy and business plan.鈥�
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