Caverion Acquires TM Voima's Substation and Transmission Line Business

Caverion Oyj has signed an agreement to acquire the substation and transmission line business from TM Voima group, operating in Finland and Estonia. The move is expected to bolster Caverion's presence in the energy sector and drive growth, particularly in its substation business, as the transition to renewable energy necessitates infrastructure upgrades.

The acquired business generated EUR 30.5 million in revenue in 2021 and employed 66 individuals. The financial terms of the transaction have not been disclosed. The closing of the deal is pending approval from the Finnish Competition and Consumer Authority.

TM Voima's substation contracts primarily involve the design and construction of 110-400 kV main grid electricity substations in both Finland and Estonia. Its transmission line contracts focus on the design and construction of 110-400 kV transmission lines within Finland. The wind power segment of TM Voima is not included in the acquisition.

According to Kim Tahkoniemi, CEO of TM Voima group, the larger scale of current projects requires increased capabilities and resources. He stated that as part of Caverion, the business is better positioned to meet these demands. Following the transaction, TM Voima will concentrate on developing renewable energy projects in Finland and Estonia.

Elina Engman, Head of Caverion Industry division, highlighted that the ongoing energy transition and demand for renewable solutions require significant infrastructure investments. She added that Caverion's enhanced expertise and resources will allow for broader customer service. The company anticipates welcoming the skilled professionals from TM Voima to its team.