OTPP, KKR to buy Caruna from First Sentier Investors, Omers

In a separate deal completed at the same time, Swedish pension fund AMF Pension acquired a 12.5% stake in Caruna from Finnish pension company Keva.

Following completion of the deal, KKR and OTPP will each own 40% in the company, followed by AMF with 12.5%, and Elo Mutual Pension Insurance Company with 7.5%. 

KKR is investing through its core infrastructure strategy, which focuses on investing in regulated assets in developed OECD markets.

Matti Ruotsala, chairman of the board of Caruna, said in a statement that the company's new owners were "large and well-established infrastructure investors with significant experience and resources to support and develop the company over the long term".

Company
Founded in 2014 and based in Espoo, Caruna distributes electricity, and maintains, repairs and builds a weatherproof electricity network for nearly 700 000 customers in Finland. It has 300 staff and generated a turnover of €466m in 2019. 

People
Caruna – Matti Ruotsala (board chairman).
Ontario Teachers' Pension Plan – Dale Burgess (senior managing director, infrastructure & natural resources).

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• Topics
• Buyouts
• Nordics
• Infrastructure
• Finland
• OMERS
• Ontario Teachers' Private Capital
• Large-cap buyout