The European Commission approved Iberdrola’s acquisition of a majority stake in Caruna. Caruna operates as Finland’s largest power distributor. The transaction is valued at approximately €2 billion.
Regulators cleared the deal under a simplified merger review procedure. The commission found no competition concerns because the companies lack overlapping or vertically related market activities.
Iberdrola will acquire an 80% controlling interest in the utility. The company is purchasing 40% from KKR & Co and 40% from the Ontario Teachers' Pension Plan Board.
Nordic pension funds AMF and Elo will retain stakes of 12.5% and 7.5%, respectively. This acquisition expands Iberdrola's presence in the Nordic regulated energy network sector.