OTPP and KKR invest in Caruna

Avance advised Ontario Teachers’ Pension Plan Board (OTPP) and KKR on the acquisition of a total of a 40% interest in Caruna, the largest electricity distribution network in Finland, from First Sentier Investors. OTPP and KKR have also signed a binding agreement to acquire a further 40% interest in Caruna from OMERS. This later transaction is expected to close during the second quarter of 2021, pending regulatory approvals. Elo Mutual Pension Insurance Company remains as a long-term domestic investor in Caruna.