Iberdrola moves to take sole control of Finnish grid operator Caruna

The European Commission has received prior notification of a proposed concentration under which Iberdrola Energía Internacional, S.A.U. will acquire sole control of the whole of Caruna Networks Oy, Finland’s electricity distribution system operator. The notification, registered as Case M.12592 – IBERDROLA / CARUNA, was received on 21 August 2026 and published in the Official Journal of the European Union (C series, C/2026/4640) of 31 August 2026, and is flagged as a candidate case for the simplified procedure.

The transaction is notified pursuant to Article 4 of Council Regulation (EC) No 139/2004 (the Merger Regulation) and is to be accomplished by way of purchase of shares. On preliminary examination, the Commission finds that the notified transaction could fall within the scope of the Merger Regulation, although the final decision on that point is reserved.

The parties

Iberdrola Energía Internacional, controlled by Iberdrola, S.A. (the Iberdrola Group, Spain), consolidates the group’s presence in key markets outside its main areas of operation and is mainly active in Europe, excluding the United Kingdom and Spain. The Iberdrola Group is active across the energy value chain:

• generation of electricity;
• purchase and sale of electricity and gas on wholesale markets;
• transmission and distribution of electricity;
• retail supply of electricity, gas and related energy services.

The group operates mainly in Spain, other EU Member States, the United Kingdom, the United States and Brazil.

Caruna Networks Oy is an electricity distribution system operator active in the operation and development of certain electricity distribution networks in Finland. It is currently ultimately jointly controlled by Ontario Teachers’ Pension Plan Board (Canada) and KKR & Co. Inc. (United States).

The target market

Caruna operates in Southern, Southwestern and Western Finland, as well as in the city of Joensuu, the sub-region of Koillismaa and Satakunta. In addition to distributing electricity, it maintains, repairs and constructs electricity networks in these areas, making it a significant player in the Finnish distribution market.

How to comment

The Commission invites interested third parties to submit their observations on the proposed concentration. Observations must reach the Commission not later than 10 days following the date of publication, and must always specify the reference M.12592 – IBERDROLA / CARUNA. They may be sent by email to COMP-MERGER-REGISTRY@ec.europa.eu or by post to the European Commission, Directorate-General for Competition, Merger Registry, 1049 Bruxelles/Brussel, BELGIQUE/BELGIË.

The deal marks a further step in the consolidation of the European electricity distribution sector, bringing a major Finnish grid operator under the control of one of the continent’s largest energy groups. For Finnish consumers and the wider Nordic energy market, the outcome of the Commission’s review will determine how the country’s electricity distribution networks are owned and operated in the years ahead.

Source: Official Journal of the European Union, C/2026/4640, 31.8.2026, C series (official reference: C/2026/4640, Case M.12592 – IBERDROLA / CARUNA).