OX2, Finland’s largest wind power builder, has been acquired by EQT, the equity investment company owned by the Wallenberg family. This move marks a significant entry into the power circle of the Wallenbergs, a prominent family in Swedish business life. The offer, supported by OX2’s board and largest owner, values the company at 16.4 billion kroner, or about 1.4 billion euros.
EQT, founded in 1994 by the Wallenberg family, specializes in making equity investments in target companies. The company is listed on the Stockholm Stock Exchange and is backed by various investors. With a focus on renewable energy projects across Europe, EQT has been involved in both wind and solar power industries.
OX2, based in Finland, has built a significant amount of wind power capacity in the region and has projects under construction in several countries. In 2021, OX2 reported a turnover of 7.8 billion kroner with wind and solar power projects under development in various locations. While their growth rate has slowed down recently, they remain an important player in the renewable energy sector.
The acquisition by EQT represents a strategic move for both companies as they continue to expand their presence in the renewable energy market together.