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AMF, le Conseil du régime de retraite des enseignantes et des enseignants de l’Ontario et KKR deviennent de nouveaux actionnaires de Caruna aux côtés d’Elo

Ontario Teachers' Pension Plan Board (Ontario Teachers’) and KKR have each acquired a 20% holding in Caruna, Finland’s largest electricity distribution company, from First Sentier Investors (FSI). In a separate transaction that also completed today, AMF has acquired Keva’s 12.5% holding in Caruna. Both transactions have received all necessary regulatory approvals.

Separately, Ontario Teachers’ and KKR have signed binding documentation to acquire a further 40% holding in Caruna from OMERS, which will increase their ownership to 40% each. This later transaction is expected to close during the second quarter of 2021, pending regulatory approvals.

No further details around these transactions were disclosed.

KKR is making the investment through its core infrastructure strategy which focuses on investing in high quality regulated assets in developed OECD markets. Since 2008 across its global infrastructure business, KKR has deployed more than $24 billion in more than 40 infrastructure investments. Ontario Teachers' is Canada's largest single-profession pension plan. It has extensive experience in investing in regulated electricity transmission and distribution businesses, as well as the broader energy sector. AMF manages the employment pension insurance funds of approximately 4 million Swedish individuals and companies and is owned by the Swedish Trade Union Confederation (LO) and the Confederation of Swedish Enterprises (Svenska Näringslivet).

"The electrification of society and the increase of renewable energy production – key elements of Finland’s decarbonization plans – require a strong and smart electricity network. We are convinced that Caruna is well-placed to build a smart and weatherproof electricity network for its customers that will meet growing consumption needs while helping transition to a low-carbon economy. We are committed to investing in Caruna to achieve these goals," says Dale Burgess, Senior Managing Director, Infrastructure & Natural Resources at Ontario Teachers’.

"Caruna’s owners are large and well-established infrastructure investors with significant experience and resources to support and develop the company over the long term. The company and its personnel will continue to operate in accordance with its existing strategy and business plan," says Matti Ruotsala, Chairman of the Board of Caruna.

Upon the closing of all three transactions, the ownership of Caruna will be as follows:
KKR 40%
Ontario Teachers' 40%
AMF Pension 12.5%
Elo Mutual Pension Insurance Company 7.5%

For more information: Matti Ruotsala, Chairman of the Board of Directors, Caruna. Contacts via Caruna's media phone, tel. +358 20 520 5500

Caruna distributes electricity and maintains, repairs and builds a weatherproof electricity network for its approximately 700 000 customers in South, Southwest and West Finland, as well as in the city of Joensuu, the sub-region of Koillismaa and Satakunta. In order to guarantee a reliable electricity supply to its customers under all circumstances, Caruna supervises its network 24/7. A weatherproof smart electricity network also provides a well-functioning energy system for the future when digital services increase, the traffic is electrified, and the consumer becomes a producer of energy., Twitter @CarunaSuomi

About Ontario Teachers’
The Ontario Teachers' Pension Plan Board (Ontario Teachers') is the administrator of Canada's largest single-profession pension plan, with C$204.7 billion in net assets (all figures at June 30, 2020 unless noted). It holds a diverse global portfolio of assets, approximately 80% of which is managed in-house, and has earned an annual total-fund net return of 9.5% since the plan's founding in 1990. Ontario Teachers' is an independent organization headquartered in Toronto. Its Asia-Pacific regional offices are in Hong Kong and Singapore, and its Europe, Middle East & Africa region office is in London. The defined-benefit plan, which is fully funded as of January 1, 2020, invests and administers the pensions of the province of Ontario's 329,000 active and retired teachers. For more information, visit and follow us on Twitter @OtppInfo.

Media contacts:

North America
Dan Madge
+1 416 419 1437

Oliver Mann
+44 203 7551 607