Varma Mutual Pension Insurance Company, together with OP Finland Infrastructure LP, has agreed to co-invest EUR 15 million in ESL Shipping, a subsidiary of Aspo Plc. As a result, the total investment in ESL Shipping managed by OP Finland Infrastructure LP will increase to a total of EUR 45 million upon completion of the transaction.
The co-investment by Varma was made at the same valuation and terms agreed between Aspo and OP Finland Infrastructure when they announced their €30 million investment in ESL Shipping on November 8, 2023 . Approval from competition authorities and change of control approval from financial institutions have been obtained, and OP Finland Infrastructure LP’s investment, along with the co-investment with Varma, is expected to close on February 29, 2024.
The total investment of EUR 45 million, managed by OP Finland Infrastructure LP, was made in the new share issue of ESL Shipping, with an agreed pre-money share valuation of EUR 165 million, representing 21.43% of ESL Shipping. equivalent to ownership. This means an enterprise value of approximately $10 billion. 300 million euros for ESL transport.
“We are pleased that Varma, in cooperation with OP Finland Infrastructure, has decided to invest in the ongoing green transformation of ESL Shipping. With this additional capital, we will be able to offer fossil fuel-free maritime transport in the future. This further accelerates the implementation of ESL Shipping’s low-carbon growth strategy,” said Rolf Jansson, CEO of Aspo Group.
“ESL Shipping plays a vital role in Finnish shipping and our investment in OP Finland Infrastructure will support the future growth and decarbonization of the ESL fleet. core,” says Johanna Haikala, investment manager at Varma Mutual Pension Insurance Company.
ESL Shipping’s program to accelerate its green transformation continues through further investments in vehicles and technology that enable fossil fuel-free transportation for the company’s customer base. Continued investment in 12 green coasters is proceeding as planned. A total of seven ships are already under construction, with the first ship in the series being Electramar, delivered in December. The second ship is Stellar Marreleased in October.
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Article available online: https://www.drybulkmagazine.com/shipping/13022024/varma-and-op-finland-to-invest-in-esl-shipping/
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