Elvera’s acquisition of Voimatel’s electricity business confirmed

The network construction and infrastructure service company Elvera Oy and the electricity and information network company Voimatel Oy confirmed the acquisition of Voimatel’s electricity business on 28 March 2024. Voimatel’s electricity business was transferred to Elvera on 1 April 2024. The companies signed the agreement concerning the deal on 22 November 2023, and the Finnish Competition and Consumer Authority approved the deal on 23 February 2024.

Following the confirmation of the acquisition, approximately 250 people will transfer to the Elvera Group in addition to the current 500 people. At the same time, Elveras turnover will increase to approximately EUR 130 million from the current approximately EUR 80 million.

“Following the completion of the transaction, we will be able to expand both geographically and businesswise – the electricity business is one of our essential cornerstones, and we are committed to developing it,” says Ilari Jaakkola, CEO of Elvera.

“We are happy that we have found a new, good home for the electricity network business. In the transaction, it is of utmost importance for us that continuity is maintained for our skilled personnel and for our customers. This transaction is in line with our new strategy aimed at strengthening our position in the telecommunications network business,” says Voimatel’s CEO Mikko Heinonen.

“The transaction is significant both for the industry sector and for us as Voimatel’s owner. It will provide the electricity business with broader shoulders. The transaction will enable stronger development of Voimatel’s telecommunications networks. The telecommunications business has been profitable for us for a long time. We see that the transaction is in the best interest of all the parties involved: our owners, Voimatel, and our personnel. It supports our strategy, which aims to increase our Group’s competitiveness and shareholder value,” says Anssi Lehikoinen, Chairman of Voimatel’s Board of Directors and CEO of KPY Group.

The new Energy business addresses the electrification need of renewable energy projects

In addition to the transaction, Elvera has introduced a new strategic cornerstone, the Energy business. This means building networks around renewable energy projects. Examples include solar and wind power plants, battery storage facilities, substations, and hydrogen projects. Business Director Ari Sipilainen has been appointed to lead the new Energy unit. He started in his position on 1 December 2023.

The newly launched Energy business supports Elvera’s current and renowned businesses: electricity, heat and water, and telecommunications.

“The growth of clean energy production and the strong electrification of industry require a significant volume of new network. There is also a lot of an aging network in our country that is in need of major renovation. Our energy business addresses this extensive need,” says Jaakkola, CEO of Elvera.


Further information:

Ilari Jaakkola
Chief Executive Officer
Elvera Oy,
tel. +358 (0)45 143 6776, ilari.jaakkola@elvera.fi

Mikko Heinonen
Chief Executive Officer
Voimatel Oy,
tel. +358 400 9836, mikko.heinonen@voimatel.fi

Anssi Lehikoinen
Chief Executive Officer/KPY Group
Chairman of the Board/Voimatel Oy
tel. +358 (0)50 328 2648, anssi.lehikoinen@kpy.fi


Elvera Oy
Elvera is an operator in the network and infrastructure services industry. Elvera was born in the merger of Suur-Savon Sähkötyö Oy, Lappeenrannan Verkonrakennus Oy and Kyvera Oy in 2016. In addition to electricity networks, we also carry out water, heat, energy and telecommunications network construction and maintenance work. We combine the vital functions of society and ensure the continuity of operations even in the event of disruptions – from the sources of the network up to the end user. Our Group employs more than 500 professionals, and our turnover in 2023 was approximately EUR 80 million. www.elvera.fi

Voimatel Oy
Voimatel Oy is a producer of electricity and telecommunications networks as well as systems, life cycle services and solutions supporting them. We ensure the service capability of our customers’ mission critical systems and networks. We build a more sustainable, carbon-neutral society by designing, implementing and optimising energy solutions that do not burden the climate by, among other things, utilising the smart technology of our subsidiary OptiWatti.

As one of the largest operators in the industry, our clientele ranges from European telecom operators to Finland’s leading transmission and distribution network companies, global equipment manufacturers, and a wide range of companies, cities and municipalities. Voimatel’s organisation of about 800 service professionals serves customers from within Finland and Estonia. Voimatel is owned by Osuuskunta KPY. www.voimatel.fi

KPY Group
KPY is a value-based conglomerate owned by an entity formed by the shareholders of Osuuskunta KPY. We seek to create vitality beyond our own operations by investing in profitable growth companies that have passed the start-up and early stage of their operations and are suitable for our value base, and by developing our office properties that promote a modern working day experience. We are a 140-year-old group strongly committed to the development of our affiliates. Our turnover for 2022 amounted to EUR 247.3 million. www.kpy.fi