Who is the buyer?

Fortum has agreed to sell its electricity distribution business in Finland to Suomi Power Networks Oy, which is owned by a consortium of Finnish pension funds Keva (12.5%) and Elo Mutual Pension Insurance Company(7.5%) together with international infrastructure investors First State Investments (40%) and Borealis Infrastructure (40%).



Keva is responsible for funding the earnings-related pension cover of municipal sector employees in Finland serving 1.3 million insured persons and pension recipients. Keva´s contribution income in 2012 amounted to approximately €4.8bn and Keva paid out approximately €3.8bn in municipal sector pensions in 2012. Keva is a long-term investor where investments are targeted to support a stable level of pension contributions. On 31 December 2012, Keva's investments' market value was €34.4bn. www.keva.fi

LähiTapiola Eläkeyhtiö

LocalTapiola Pension is the third largest provider of earnings-related pension insurance in Finland with the number of insured approximately 260,000. LocalTapiola Pension’s investment assets amounted to €9.9bn as of 31 December 2012. LocalTapiola Pension and Pension Fennia have decided to merge and the merger will come into effect on 1 January 2014. The new business name of the merged companies is Elo Mutual Pension Insurance Company, and it will have close to €20bn of investment assets. www.lahitapiola.fi/elake

First State Investments



First State Investments is the consolidated asset management division of Commonwealth Bank of Australia, the largest financial institution in Australia and currently manages approximately €124 billion of investments globally. First State is a leading manager of, and investor in, infrastructure assets. With nineteen years’ experience in infrastructure investment, it is one of the longest established managers of infrastructure assets on behalf of institutional investors and currently manages in excess of €2.4 billion of equity invested across assets in the utility, transport and social infrastructure sectors in Australasia and Europe. www.firststateinvestments.com

Borealis Infrastructure Management

Borealis Infrastructure Management Inc. Borealis has 15 years of experience originating, structuring and actively managing infrastructure investments on behalf of the Ontario Municipal Employees Retirement System (“OMERS”). OMERS, which was established in 1962, is a large defined benefit Canadian pension plan with 429,000 members, net assets of more than CAD $60bn and an AAA credit rating from Standard & Poor’s. OMERS was one of the first large Canadian pension plans to invest in private markets, including infrastructure and has earmarked more than 20% of its portfolio to be allocated to infrastructure investments. Borealis has sourced and currently manages over 20 infrastructure investments in Canada, the United States and Europe, representing over C$10 billion of OMERS’ invested equity. www.borealis.ca