HPP advises the Finnish energy company Kymenlaakson Sähkö Oy in an arrangement where all consumer and small business customers of Kymenlaakson Sähkö will be transferred to Väre Oy on 1 January 2024. As part of the advice on the business transfer, HPP has assisted the parties on merger control gun-jumping issues as well as compliance with GDPR requirements.
Large corporate sale customers are outside the arrangement and will remain customers of Kymenlaakson Sähkö for a fixed term. In the arrangement, Kymenlaakson Sähkö will become a significant shareholder of Väre.
The Finnish Competition and Consumer Authority (FCCA) approved the transaction on November 30, 2023.
Kymenlaakson Sähkö is an utility owned by 10 towns and municipalities in the region and it is the most important utility in the Kymi region in terms of customer numbers. Väre is one of the largest electricity suppliers in Finland.
