New owners for electricity distribution company Elenia
Elenia Group will have new owners. The current owners, GS Infrastructure Partners, 3i and Ilmarinen have announced an agreement on the sale of the company’s shares to Allianz Capital Partners on behalf of the Allianz Group, Macquarie Infrastructure and Real Assets and Valtion Eläkerahasto (The State Pension Fund of Finland).
The transaction involves the whole of Elenia Group, including the electricity distribution business and a complementary district heating business. With a 12 percent market share, Elenia is the second largest electricity distribution network in Finland.
The current owners acquired Elenia in January 2012. In the six-year period, the company has invested more than EUR 600 million in constructing a weatherproof electricity network and has raised its underground cabling rate from 23 percent to 40 percent in 2017.
Ilmarinen has been a minority owner in Elenia with a 10 percent stake in Elenia.
“Elenia has been a good investment for Ilmarinen and fulfilled the expectations concerning returns on pension assets,” said Ilmarinen’s Chief Investment Officer Mikko Mursula.
In addition to Elenia, Ilmarinen also owns a 20 percent stake in the Finnish electricity transmission system operator, Fingrid.
“Infrastructure investments are an important part of portfolio diversification, with emphasis on a long-term approach and steady returns. Ilmarinen is still interested in investing in infrastructure projects in both Finland and abroad,” Mursula said.
Further information: Mikko Mursula, Chief Investment Officer, tel: + 358 50 380 3016