15.6.2017

Finnish Energy – Finnish Competition and Consumer Authority Investigation

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Competition & Procurement

We successfully represented Finnish Energy in an investigation by the Finnish Competition and Consumer Authority (FCCA) concerning a recommendation issued by Finnish Energy in October 2015 concerning the harmonisation of the time-based measurement of electricity transmission.

Finnish Energy is a branch organisation for the industrial and labour market policy of the energy sector. It represents companies that produce, procure, transmit, distribute and sell electricity, district heat and district cooling, transmit and distribute gas and related services.

In spring 2016, the FCCA decided to open an investigation of Finnish Energy’s recommendation. In particular, the FCCA investigated the effects of the recommendation on the electricity sales markets. The FCCA found no evidence of prohibited competition restrictions and decided to close the investigation in May of 2017.

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Latest references

KKR – Acquisition of Karo Healthcare

We acted as Finnish legal adviser to KKR in connection with its acquisition of the entire share capital of Karo Healthcare from EQT. The transaction follows Karo’s significant strategic transformation from a Nordic specialty pharma business into a leading pan-European consumer healthcare platform, with an attractive product portfolio spanning core categories such as Skin Health, Foot Health, and Intimate Health, as well as Digestive Health and Vitamins, Minerals & Supplements. KKR & Co. Inc. (NYSE: KKR), is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. Completion of the transaction is subject to customary conditions and regulatory approvals. The transaction is expected to close in the coming months.

Gasum – Chartering a new bunker vessel

We advised Gasum in chartering a new LNG and bio-LNG bunker vessel. The vessel called Celsius will serve Gasum’s customers starting 2027. The investment is part of Gasum’s strategy to secure the availability of LNG and bio-LNG to its customers in the Northwestern European area as demand increases in the coming years. Gasum is a Nordic gas sector and energy market expert. Gasum offers cleaner energy and energy market expert services for industry and for combined heat and power production as well as cleaner fuel solutions for road and maritime transport. The company helps its customers to reduce their own carbon footprint as well as that of their customers. Sirius is a Swedish shipping company founded by the Backman family. Sirius operates 11 product/chemical tankers and 2 LNG tankers and has a further 3 product/chemical tankers under commercial management.

Valio – Acquisition of the Härkis® and Beanit® fava bean brands

We advised Valio Oy in its acquisition of Raisio Oyj’s plant protein business, related fixed assets and the Härkis® and Beanit® fava bean brands. The fixed assets include, among other things, the production equipment of the factory that makes plant protein products in Kauhava. The transaction supports Valio’s strategy to grow from a dairy company to a food company. This business acquisition will make us an even more significant developer and producer of plant-based protein products. The demand for these products will grow in the long term, and a great deal of growth potential still remains. In 2022, we acquired the Gold&Green® business and, since then, we have been carrying out strong product development and renewed the brand. Following successful product launches, sales in the last quarter of 2024 increased by about 50% from the previous quarter. With this acquisition, we are building our own production capacity. The production equipment of the Kauhava factory is just right for our needs and situation. says Kimmo Luoma, Valio’s Senior Vice President. Valio is a Finnish dairy and food company founded in 1905 and owned by Finnish dairy cooperatives. Valio has subsidiaries in Sweden, Estonia, the United States and China. In 2023, the Group had a turnover of EUR 2 278 million and more than 4 000 employees.

City of Pori and Pori Energia– Finance arrangement to fuel the future growth

Castrén & Snellman is acting as the legal advisor to the City of Pori and Pori Energia Oy in the finance arrangement whereby debt facilities in the total amount of EUR 292 million are secured for the purpose of refinancing the existing liabilities and fuelling the future growth of Pori Energia. Pori Energia and its financiers signed a Finnish law governed facilities agreement for this purpose on 13 January 2025. Pori Energia, a multi-utility company, operates in various sectors including district heating, electricity distribution, and electricity generation through CHP and renewable sources. The company also provides wind power services and industrial energy solutions in the Satakunta region where it has c. 60,000 customers.

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