The company of a Swedish power family is buying one of Finland's largest wind power builders – Talous

The Wallenbergs’ equity investment company EQT has made a purchase offer for OX2, which is listed on the Stockholm Stock Exchange. OX2 is Finland’s largest wind power builder.

Finland OX2, one of the largest wind power builders, is moving into the power circle of the Wallenbergs, the powerful family of Swedish business life.

Suvu’s equity investment company EQT’s Infrastructure VI fund made a public takeover bid for OX2 this week, which is supported by the wind power company’s board and largest owner.

EQT offers OX2 shares for 60 kroner per share. Calculated according to the offer, the purchase price for the entire company would be 16.4 billion kroner, or about 1.4 billion euros.

The price is about 40 percent higher than the value of OX2 at the end of last week.

Slightly however, compared to the past, the premium offered is not as flattering.

A year ago, OX2’s share cost 73 kroner, and at its highest price in August 2022, the wind power company’s price was more than one hundred kroner per share. OX2 was listed on the Stockholm Stock Exchange in 2021.

OX2’s founder and largest owner, Peas Industries, is committed to accepting the offer regardless of whether a competing offer is made for OX2. Peas Industries owns 45.6 percent of the company. The other biggest owners are Swedish bank investment funds and institutional investors.

Swedish The Wallenberg companies of the economic powerhouse family founded equity investor EQT in 1994. Private equity companies collect capital from investors for funds that make equity investments in target companies.

Typically, the capital investor’s representatives are actively involved in the business development and management of the companies they own through the board.

EQT was listed on the Stockholm Stock Exchange in 2019. The Wallenbergs’ investment company Investor still owns 14 percent of the company’s shares. The company’s founders include Wallenberg’s creditors Conni Jonsson, Thomas Von Koch, Harry Klagsbrun and By Franzén own 11 percent.

Jonsson is the chairman of EQT’s board, Marcus Wallenberg vice chairman.

OX2 are Finland’s largest wind power developers. The company has been operating in Finland since 2012 and has built a total of 600 megawatts of onshore wind farms. The same amount more is under construction at the Lestijärvi and Niinimäki wind farms.

Finland currently has a total of approximately 7,200 megawatts of wind power installed.

OX2 has so far sold the projects it has built on, so it does not appear in the list of wind farm owners.

In March the company had 5,346 megawatts of onshore wind power, 3,060 megawatts of offshore wind power and 1,015 megawatts of solar power plants under development in Finland.

In addition to Finland and Sweden, OX2 has built or is building wind and solar power in many Central European countries. In total, the company has completed and under development projects of 47,000 megawatts.

Last year, OX2’s turnover was 7.8 billion kroner, or about 670 million euros. The operating result was 1.0 billion kroner (85 million euros). However, the company’s wildest growth rate in recent years has waned and the result also weakened slightly compared to the previous year.

The construction of wind power has slowed down elsewhere than in Finland due to, among other things, the rise in interest rates.

Correction 15.5. 11:33 a.m.: OX2’s wind power projects under construction are in Lestijärvi and Niinimäki, not in Alkula, as was said earlier in the story.

By Editor

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