OFI InfraVia's European fund II (InfraVia II), its second European infrastructure fund, has acquired Outokumpu's electricity distribution network located on the Tornio site in Finland.

With the transaction, a number of Outokumpu employees are transferring to RIG (Röyttä Industrial Grid), a new industrial electricity distribution company established by InfraVia II and which will continue to operate the network.

"RIG is an excellent electricity distribution asset with a strong contractual framework and an attractive investment profile, which aligns perfectly with our investment strategy in midcap infrastructure assets supporting solid industrial partners.We are delighted to provide InfraVia II investors with access to a unique electricity network as our first investment in Finland. We look forward to partnering with Outokumpu and to working with the management team and the employees of RIG to ensure the continuing quality of service and success of the business."

Roschier (legal) and PWC (financial, tax and accounting) advised OFI InfraVia on the transaction.

The transaction has been announced days after, Fortum, a Finnish energy company, has agreed to sell its electricity distribution business in Finland to Suomi Power Networks Oy, a consortium led by international infrastructure investors First State Investments (40%) and Borealis Infrastructure (40%) and completed by Finnish pension funds Keva (12.5%) and LocalTapiola Pension (7.5%).

In October 2012, infrastructure investor OFI InfraVia reached a first closing of InfraVia European fund II. The firm raised €150 million ($194 million) from French and European institutional investors. The new fund said it would continue seeking total commitments of €400 million.