Krogerus advises Finnish Minerals Group on an arrangement whereby Finnish Minerals Group will become the majority owner of IONCOR

Krogerus advised Finnish Minerals Group (FMG) on an arrangement, whereby FMG will become the majority owner of IONCOR with a 70 per cent stake alongside co-investors Varma Mutual Pension Insurance Company and Pontos Group. The transaction is part of ownership and financing arrangements where the Finnish State becomes the majority owner of Valmet Automotive Plc, an automotive contract manufacturer. IONCOR Oy engineers and manufactures battery solutions and has operated as a subsidiary of Valmet Automotive.

The outcome of these arrangements will be a Finnish-owned battery industry player, which strengthens FMG’s ownership portfolio, particularly downstream along the value chain in battery system R&D and production. IONCOR develops and manufactures battery solutions particularly for the electrification of bus & truck segments, off-highway machinery and the automotive industry. The company employs approximately one thousand professionals in total in Finland and Germany.

The Krogerus team was led by Partners Johan Aalto and Jasmin Wardi and they were primarily assisted by Senior Associates Niclas Ruotsalainen and Annika Mattila and Associates Tuuli Merikallio, Oona-Maria Kultti, Pyry Lehikoinen and Henna Olkkonen. Partner Pessi Honkasalo advised on technology matters and he was assisted by Counsel Salha Hanna, Senior Associate Maria Lilius and Associate Riku Toivio. Partner Simo Autio advised on regulatory matters and he was assisted by Senior Associate Eveliina Tanskanen. Partner Heidi Kivenjuuri advised on financing matters and she was assisted by Senior Associate Kaarlo Hakkarainen and Associate Elsa Uitto.