Finnish energy firm in major deal
Finnish energy company Loiste has received a significant new minority owner in a consortium consisting of investment firms Infranode and Mirova.
The Swedish and French companies have entered into an agreement to acquire 33.9 per cent of Loiste, Finland’s fifth largest electricity retailer, from the municipalities of Kajaani and Sotkamo, which will see their ownership stakes decrease to 50.1 and 16 per cent, respectively.
The total purchase price will be approximately 200 million euros.
“The new ownership structure will facilitate long-term development of the company and support the necessary infrastructure investments,” said Reino Huusko, CEO of Loiste. “The transaction will not change our strategy or affect the personnel.”
Infranode and Mirova have extensive experience in developing energy companies in Europe, and the deal marks the second joint investment in the Nordic energy sector for the two companies.
“We are delighted to enter into a long-term partnership with the municipalities of Kajaani and Sotkamo to support Loiste [in] delivering a high level of essential services to its customers, employees, suppliers and all its stakeholders,” commented Mounir Corm, deputy head of infrastructure funds at Mirova.