Vapo sells Nevel to Ardian

Avance advises Vapo Oy as lead counsel in the sale of its wholly owned subsidiary Nevel Oy to French private investment company Ardian. The total consideration on debt and cash free purchase price for Nevel is approximately EUR 656 million.

Nevel provides industry and municipalities with advanced infrastructure solutions. Nevel owns and operates a total of over 130 production sites and is responsible for the operation of more than 40 district heating networks in Finland, Sweden and Estonia.

The completion of the transaction is subject to competition authority clearances in Finland and Sweden.