Transactions

Acquisition of Elenia

Macquarie Infrastructure and Real Assets (Europe) Ltd, Allianz Capital Partners GmbH, London Branch, The State Pension Fund of Finland

Posted on

13 Dec

2017

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Fast facts

Status:

Closed 28 February 2018

Cross-border:

Yes

Deal value:

The transaction was the largest infrastructure deal in Europe in 2017 and the largest ever energy transaction in Finland.

The nature of deals is changing. Deals are getting bigger and frequently involve complex multi-jurisdictional aspects, the market players are facing increasing pressure to get the deals done in a highly competitive and unpredictable landscape.

Wilhelm Eklund, Partner, Co-Head of M&A & Private Equity
Dittmar & Indrenius > References > Acquisition of Elenia

We advised Macquarie Infrastructure and Real Assets (MIRA), Allianz Capital Partners and The State Pension Fund of Finland on the Finnish aspects of their acquisition of Elenia Oy and its subsidiaries, and on related financing arrangements.

Elenia is the second largest electricity distribution network operator in Finland with approximately 68,900 km of distribution network and 420,000 customers. Elenia group also includes Elenia Lämpö Oy, the second largest district heating seller in Finland, and Elenia Palvelut Oy, which provides a customer service platform for utility operators.

The acquisition was completed following an auction process carried out by the sellers, 3i Group, GS Infrastructure Partners and Ilmarinen. We advised MIRA, Allianz Capital Partners and The State Pension Fund of Finland on the Finnish aspects of the process together with Clifford Chance, the UK legal counsel, and the consortium’s other professional advisors.

We advised on the transaction and financing documentation and had an active role in the structuring of the transaction. The acquisition followed an auction process carried out by the sellers, 3i Group, GS Infrastructure Partners and Ilmarinen. The Commission cleared the transaction in February 2018. The transaction was the largest energy transaction in Finland so far.

Macquarie Infrastructure and Real Assets (MIRA) is the world’s largest infrastructure asset manager with growing portfolios in real estate, agriculture, and energy. It has a global team of 450 professionals in 19 countries, and currently manages approximately EUR 100 billion of assets.

Allianz Capital Partners is the in-house asset manager of the Allianz Group and a leading investor for alternative assets. It focuses on investments in private equity, renewables and infrastructure. In 2017, it had EUR 18.9 billion worth of assets under management and employed approximately 100 professionals.

 

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