Iberdrola is expanding its electrical network strategy by acquiring 80% of Caruna, Finland's primary electricity distribution operator, for approximately €2 billion. This deal values Caruna at around €5 billion, including debt, and marks Iberdrola's entry into the Nordic market.

The stake is being purchased from Ontario Teachers' and KKR, with Nordic pension funds AMF and Elo retaining their 20% share. The payment includes an initial disbursement and a deferred amount over 30 months. Caruna serves about 1.5 million people, managing a network of 89,000 kilometers, primarily in areas around Helsinki and Joensuu, with growing demand from data centers and residential developments.

Expected to close in Q1 2027, the acquisition aligns with Iberdrola's focus on electrical networks in stable markets with strong regulatory frameworks. The company's executive chairman, Ignacio Sánchez Galán, highlighted Finland's predictable regulatory environment and Caruna's growth prospects, driven by renewable energy needs and industrial/residential demand. This move follows Iberdrola's recent $4 billion divestment in Mexico.