Iberdrola to acquire 80% of Finland's Caruna grid operator

Spanish utility Iberdrola is acquiring an 80% stake in Caruna, Finland's largest electricity distribution network operator (89,000 km of network, around 1.5 million people served), for roughly €2bn; enterprise value including debt is about €5bn. Nordic pension funds AMF and Elo retain a combined 20%. The deal marks Iberdrola's entry into the Finnish market and expands its regulated networks business, which faces additional investment needs from electrification, data centres and renewables. Completion is expected in the first quarter of 2027, subject to customary approvals. Second sources: Bloomberg and Renewables Now (21/22 July 2026). Update (16.09.2026): The European Commission has cleared Iberdrola's acquisition of sole control of Caruna Networks Oy unconditionally in Phase I — the first regulatory approval for the transaction; Finnish approvals remain outstanding (Moncloa, 16.09.2026: https://www.moncloa.com/2026/09/16/bruselas-autoriza-iberdrola-caruna-3432272/).