Borenius advised Aspo on its partnership with OP Finland Infrastructure to accelerate the green transition of Aspo’s subsidiary ESL Shipping

We advised Aspo on its partnership with OP Finland Infrastructure to accelerate the green transition of Aspo’s subsidiary ESL Shipping. Aspo signed an agreement with OP Finland Infrastructure LP regarding an investment of EUR 30 million into Aspo’s subsidiary ESL Shipping. The investment will be made against the issuance of new shares in ESL Shipping with an agreed pre-money equity valuation of EUR 165 million, which corresponds to a 15.38% ownership stake in ESL Shipping. This implies an enterprise value of approximately EUR 300 million for ESL Shipping.

The transaction is subject to customary competition authority filings and change of control approvals from financial institutions. The closing of the transaction is expected to take place in Q1/2024. ESL Shipping’s ambition is to instrumentally support the sustainability driven transformation of its industrial customers by taking further steps in offering them completely fossil-free sea transportation. ESL Shipping’s strategy is focused on long-term industrial partnerships and on being a forerunner in sustainability. The ongoing green transition will substantially enlarge ESL Shipping’s market and offer significant growth opportunities.