Iberdrola to Take Control of Finnish Utility Caruna for $2.3 Billion
By Joshua Kirby
Iberdrola said it reached a deal to buy a majority stake in Finland's main electricity distributor for 2.01 billion euros ($2.29 billion).
The acquisition of 80% of the share capital of Caruna Group strengthens the Spanish utility's position in Finland, which it called "a market with high credit quality and a stable and attractive regulatory framework."
Caruna Group is currently owned by a Dutch entity controlled by the Ontario Teachers' Pension Plan and funds managed by KKR. The deal gives the distributor an enterprise value of around 5 billion euros, Iberdrola said.
The deal is subject to customary conditions including European Union antitrust approval, and should be completed by the end of the year or early in 2027, the company said. Half the purchase price will be paid when the deal closes, with the rest to be paid within 30 months subsequently.
Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby
(END) Dow Jones Newswires
July 21, 2026 13:04 ET (17:04 GMT)
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