Aspo Co., Ltd.
inside information
February 8, 2024 18:20
Inside information: Varma invests in Aspo subsidiary ESL Shipping together with OP Finland Infrastructure
Varma Mutual Pension Insurance Company has agreed to co-invest EUR 15 million in cooperation with OP Finland Infrastructure LP in Aspo’s subsidiary ESL Shipping. 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 will be made at the same valuation and terms as agreed between Aspo and OP Finland Infrastructure for the €30 million investment in ESL Shipping announced on November 8, 2023. Competition authority approvals and change of control approvals from financial institutions have been obtained, and completion of OP Finland Infrastructure LP’s investment, together with Varma’s co-investment, is expected to occur on February 29, 2024.
The total investment of EUR 45 million, managed by OP Finland Infrastructure LP, was made for the purpose of issuing new shares in ESL Shipping, with an agreed pre-money share valuation of EUR 165 million, which represents the ownership interest in ESL Shipping. This corresponds to 21.43% of the total. This means that the company’s value will be approximately 10 billion yen. 300 million euros for ESL transport.
“We are pleased that Varma has decided to work with OP Finland Infrastructure to invest in the ongoing green transformation of ESL Shipping. With this additional capital, we are committed to providing 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,” said 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. The ongoing investment in 12 Green Coasters is progressing as planned. A total of seven vessels are already under construction, and the first vessel in the series, Electramar, was successfully delivered in December. The second ship, Stellar Mar, was launched in October.
Aspo Co., Ltd.
Rolf Jansson
CEO
For more information, please contact us below.
Rolf Jansson, Aspo Plc CEO, +358 400 600 264, rolf.jansson@aspo.com
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Nasdaq Helsinki
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www.aspo.com
Aspo We create value through sustainable, long-term ownership and development of business operations. We aim to be market leaders in our respective fields. They are responsible for their company’s operations, customer relationships and their development, with the aim of being a pioneer in sustainability. Aspo supports business profitability and growth with the right features. The Aspo Group operates in 18 countries and employs a total of approximately 800 professionals.
OP Finland Infrastructure LP is a fund that invests in Finnish infrastructure. This fund is managed by OP Group. The fund has approximately 260 million euros of capital contributed by Finnish investors. The fund has an evergreen structure that allows it to become a truly long-term partner for Finnish infrastructure owners. Investment management is provided in collaboration with Access Capital Partners.
Varma Mutual Pension Insurance Company Responsible and solvent investors in pension funds. The company is responsible for statutory income-related pension security for 970,000 people in the private sector. Varma’s 2022 premium income totaled 6.1 billion euros and pension payments amounted to 6.5 billion euros. Varma’s investment portfolio amounted to €57.5 billion at the end of September 2023.
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Varma invests in Aspo subsidiary ESL Shipping jointly with OP Finland Infrastructure
