Ontario Teachers’ Pension Plan Board (Ontario Teachers’) and KKR have each acquired a 20 percent stake in Caruna, Finland’s largest electricity distribution company, from First Sentier Investors (FSI).
In a separate transaction, AMF, which manages the employment pension insurance funds of 4 million Swedish individuals and companies, has acquired Keva’s 12.5 percent holding in Caruna. Both transactions have received all necessary regulatory approvals.
Separately, Ontario Teachers’ and KKR have signed binding documentation to acquire a further 40 percent holding in Caruna from OMERS, which will increase their ownership to 40 percent each. This later transaction is expected to close during the second quarter of 2021, pending regulatory approvals.
“The electrification of society and the increase of renewable energy production — key elements of Finland’s decarbonization plans — require a strong and smart electricity network,” said Dale Burgess, se
