Iberdrola has reached an agreement to acquire 80% of Caruna, Finland's main electricity distribution operator.
The deal values 100% of Caruna at nearly 5 billion euros, including debt. Iberdrola will pay about 2 billion euros for the 80% stake, while pension funds AMF and Elo will retain the remaining 20%.
Caruna serves 1.5 million people and operates a network of around 89,000 kilometers. The company holds concessions in areas near Helsinki and Joensuu, among other regions of the country.
The transaction is expected to close by the end of 2026 or in the first quarter of 2027, subject to standard regulatory approvals. Iberdrola chief executive Ignacio Galán stated that the deal reinforces the strategic focus on electricity networks in stable markets.
