MetLife Joins Goldman Fund, Ilmarinen in Finland Utility WagerLaura Davison
MetLife Inc. led a group of investors in a 155 million euro ($194 million) deal to finance Elenia Oy, Finland’s second-largest electricity distributor, as the insurer broadens its portfolio.
MetLife and its clients purchased 120 million euros of notes issued by the Elenia Finance Oyj. The insurer bought an additional 35 million euro note for its own account. Both investments will mature in 20 years, according to a statement today from New York-based MetLife, the largest U.S. life insurer.
Chief Executive Officer Steve Kandarian is looking beyond the U.S. and bond investments as interest rates remain near record lows. The company last month announced a $150 million mortgage to Brazilian soybean producer Amaggi Group and $145 million in financing to a holding company that owns a majority stake in Copenhagen Airport A/S.
“MetLife is adding energy to its infrastructure investments in Europe as we continue to diversify our portfolio for the long term,” John Tanyeri, managing director and head of infrastructure investments for MetLife in Europe, said in the statement.
Ilmarinen Mutual Pension Insurance Co., Goldman Sachs Group Inc.’s GS Infrastructure Partners and London-based 3i Infrastructure Plc joined in the Finland wager, Tanyeri said.