Powernet shareholders and Efore Plc have signed an agreement on 21 November 2018 to sell and purchase the entire share capital of Powernet International Oy, the holding company of Powernet Group.
Powernet shareholders have signed on 21 November 2018 an agreement to sell the entire share capital
of Powernet International Oy to Efore Plc, a Finnish publicly listed power electronics corporation. The
acquisition of Powernet is conditional upon Efore receiving sufficient proceeds from a rights offering
currently being prepared.
After the closing of the transaction Powernet will initially operate as a separate legal entity, but Efore’s
current Systems-business and Powernet will be managed as one unit. Efore Systems product line provides
solutions for power supply units and highly customised power supply and power distribution packages. The
solutions of the Systems product line are used in demanding applications, such as monitoring and directing
electricity transfer and distribution, the production and refining of oil and gas, automation, rail transport,
defence, telecommunications and maritime transport.
The combination of the businesses broadens Powernet’s excellent technical know-how and customer base,
and further strengthens the product and system offering. The unit forms a strong platform based on Finnish
know-how dating back years, on which the entity can build new and growing business.
Powernet International Oy, Powernet Oy
CEO and President
For further information please contact Heikki Viika, CEO and President, tel. +358 0 517 3441.
Link to Efore Plc announcement:
Powernet was founded in 1992 and is a well-known developer and manufacturer of power supplies and
systems in Northern and Central Europe. Powernet has 30 employees and in financial year 2017 its
turnover was EUR 9.7 million and EBITDA EUR 0.9 million. Powernet develops and manufactures customer
specific power supplies and systems, of which examples are customised power supply and power
distribution packages as well as turnkey project deliveries, e.g. to the train industry. Powernet has also
been a forerunner in the development of IoT enabled condition monitoring of power supply and power
distribution packages, which is utilized in e.g. smart battery chargers. Excellent understanding of clients’
end products is also one of Powernet’s key strengths