We advised Varma Mutual Pension Insurance Company in its minority investment in IONCOR Oy, a subsidiary of Valmet Automotive Plc. IONCOR develops and manufactures battery solutions particularly for the electrification of bus & truck segments, off-highway machinery and the automotive industry. Going forward, Varma will own 16% of the shares in IONCOR.
Finnish Minerals Group, a wholly state-owned company specialised in developing the battery value chain, will become the majority owner of IONCOR with 70% ownership and the Finnish State will invest EUR 20 million in new capital in IONCOR. The transaction is a part of a corporate restructuring and financing arrangement, where the Finnish State will become the majority shareholder of Finnish automotive contract manufacturer Valmet Automotive. Pontos Group will own 14% of IONCOR as a result of the arrangement.
IONCOR employs approximately one thousand professionals in total in Finland and Germany. The company’s production facilities are located in Salo and Uusikaupunki in Finland, and in Kirchardt, Germany. IONCOR’s gross sales grew significantly in 2024 as production volumes increased, amounting to approximately EUR 1.5 billion.
Our core team consisted of Senior Partner Anders Carlberg, Senior Associate Stella Aarne and Associate Vilho Virmavirta.