State increases holdings in main grid operator Fingrid

The State of Finland is acquiring the Class A shares in Fingrid currently owned by Ilmarinen Mutual Pension Insurance Company. The total share purchase price is about EUR 401.3 million. The acquisition will strengthen the State's ability to steer Fingrid, which a company of strategic interest.

The government plenary session held today on 5 February approved a transaction in which the State of Finland will purchase the Class A shares in Fingrid currently owned by Ilmarinen Mutual Pension Insurance Company (311 shares). At the same time, Ilmarinen will sell 350 Class B shares to OP Pohjola Kantaverkko Holding Ky.*

After the transaction with Ilmarinen is completed, the overall arrangement includes a plan to later convert 50 of the Class A shares being purchased into Class B shares in Fingrid that will be purchased by OP Pohjola Kantaverkko Holding Ky. The State would retain one Class B share.

Fingrid Oyj is Finland's transmission system operator responsible for the transmission of electricity through the main grid. Minister of Finance Riikka Purra noted that geopolitical changes underline the importance of preparedness.

"The reliability of the electricity system is a national security issue. The main grid is critical infrastructure that must continue to function under any circumstances. This arrangement will strengthen the State's ability to steer this strategically important company and will support long-term preparedness efforts," Minister Purra said.

The first supplementary budget proposal of 2026 includes a EUR 402 million appropriation for the share purchase. The completion of the transaction will require Parliament to allocate the necessary appropriations for the purchase.

The transaction will strengthen the State's ability to steer this strategically important company. Following the completion of the transaction, the State will be the only holder of Class A shares in Fingrid. Once the overall arrangement is completed, the State's holdings will increase from 53.1 per cent to 59.5 per cent of the shares, and from 70.9 per cent to 81.5 per cent of the votes in Fingrid.

Inquiries:
Juha Majanen, Permanent Secretary, tel. +358 295 530 247, juha.majanen(at)gov.fi
Jenni Hellström, Communications Director, tel. +358 295 530 185. jenni.hellstrom(at)gov.fi

* The holding company is owned by companies and a fund that are 100 per cent controlled by OP Pohjola.