Spanish utility Iberdrola has agreed to acquire an 80% stake in Caruna, Finland's largest electricity distribution network, in a deal that values the company at roughly €5 billion. The utility will pay approximately €2 billion to acquire the holding from Ontario Teachers' Pension Plan and KKR, while Nordic pension funds AMF and Elo will retain the remaining 20%.
The transaction, subject to regulatory approvals, is expected to close in the first quarter of 2027.
Caruna serves 1.5 million customers — more than a fifth of Finland's population — and operates a network spanning 89,000 kilometres. The acquisition marks Iberdrola's expansion into Finland's regulated grid infrastructure market.