Finland’s Meriaura Group has signed a conditional share exchange agreement to acquire the entire share capital of Summa Defence. In connection with the arrangement, the company’s marine logistics business (Meriaura and its wholly owned subsidiary VG-EcoFuel) will be sold to former parent company Meriaura Invest. The name of the new listed company will be Summa Defence.
The restructuring aims to position the group as a leading player in Finland’s defence, security, and dual-use fuel technology sectors. The sale of the marine logistics business back to its former parent company, Meriaura Invest, intends to resolve financing challenges; combining the asset heavy marine logistics business with the project-based solar energy business has proven to be challenging. A prior financing rule requiring the principal owner to keep a majority stake made it difficult for the company to operate as a truly public, liquid stock, it added.
Beppe Rosin, ceo of Meriaura, said: “This change provides clarity to our financing arrangements and enhances both our functional and economic efficiency. We can now concentrate on our core business and promote our selected strategies: emission-free shipping and fleet renewal.”
Jussi Mälkiä, ceo of Meriaura Group, added: “In the current tense political world situation, energy is playing an increasingly important role, but there is a risk that promoting the green transition and increasing the use of renewable energy will be overshadowed by other developments. The merger of Meriaura Group and Summa Defence supports the development and self-sufficiency of Finnish technological expertise and responds to the need for security of supply and equipment, as well as the development of renewable energy. Our renewable energy companies that will remain in the new group will be able to grow and develop as part of Summa Defence’s security of supply strategy.”
The companies said the arrangement will not their respective business operations or staff.
