Iberdrola to acquire 80% of Finland's Caruna Group for €2 bn

Iberdrola, Spain's largest energy company, has signed a sale‑and‑purchase agreement to buy 80 % of Caruna Group, Finland's biggest electricity distribution operator, for approximately €2.014 billion. The deal involves KKR and the Ontario Teachers’ Pension Plan each selling their 40 % stakes, while the remaining 20 % will stay with the Nordic pension funds AMF and Elo. Caruna serves about 20 % of the Finnish population through its two concessionary companies, Caruna Oy and Caruna Espoo Oy. The transaction is subject to European Commission and Finnish regulatory approvals and is expected to close by the end of 2026 or early 2027.

Regulators say electricity‑distribution pricing in Finland is tightly regulated, so the ownership change is not expected to alter transfer‑price levels in the short term. Jan Jääskeläinen of the Consumer and Competition Authority noted, “Pricing is regulated … it will not change now that the company is under Spanish ownership.” However, some experts warn the new ownership could create pressure for future price adjustments. Iberdrola views the acquisition as a strategic move to expand its regulated‑network portfolio and to tap into Finland's stable market and growing electricity demand.