Loiste sells a third of the company to private investors Infranode and Mirova.
The deal, which has financial details undisclosed, was made through Infranode and Mirova’s Core Infrastructure Fund II, which will jointly hold 33.9% of the shares in Loiste after the transaction. Kajaani and Sotkamo will reduce their ownership down to 66.1% of the company.
Sellers, the municipalities of Kajaani and Sotkamo say the sale will enable them to recycle capital to other uses and ensures that Loiste will have professional and committed long-term co-shareholders
Loiste, led by CEO Reino Huusko, operates electricity distribution, district heating and electricity retail businesses from the municipalities of Kajaani and Sotkamo. The company is Finland's fifth energy retailer, with revenues in 2018 of about EUR 120M. Loiste has 58,000 electricity distribution customers with the network area corresponding to 7% of Finland’s land area.