Varma Mutual Pension Insurance Company has completed its minority stake acquisition in ESL Shipping a dry bulk and project cargo carrier. Varma co-invested €15 million alongside OP Finland Infrastructure, completing all transactions at the end of February. 

As a result, the combined investment into ESL Shipping managed by OP Finland Infrastructure rises to a total of €45 million at the closing of the transaction.

The co-investment by Varma is made with the same valuation and terms as agreed between Aspo and OP Finland Infrastructure following the €30 million investment in November 2023. Competition authority approvals and change of control approvals from financial institutions have been received.

The combined €45 million investment managed by OP Finland Infrastructure will be made against the issuance of new shares in ESL Shipping with an agreed pre-money equity valuation of €165 million, corresponding to a 21.43 per cent ownership stake. This implies an enterprise value of approx. €300 million for ESL Shipping.