Infrastructure
Ontario Teachers' agrees to sell 40% Caruna stake to Iberdrola
Ontario Teachers' agreed to sell its 40% holding in Finnish electricity distributor Caruna to Iberdrola as part of a transaction that would make Iberdrola the majority owner. The transaction values Caruna at approximately €5 billion including debt. Regulatory approvals and customary closing conditions remain outstanding, Ontario Teachers said.
Ontario Teachers’ agreed to sell its 40% shareholding in Finland’s largest electricity distribution company, Caruna, to Iberdrola. The broader transaction will make Iberdrola the new majority shareholder and values Caruna at approximately €5 billion including financial debt. Caruna supplies around 12,000 GWh of electricity to more than 740,000 customers in 80 Finnish cities and municipalities. Ontario Teachers said its ownership focus had been network growth, resilience, security of supply and Finland’s energy transition. The transaction remains subject to regulatory approvals and customary closing conditions.