Deal announcement: Helen acquires Väre

Type of deal: Sale of shares

Sector: Energy & Utilities

PwC Finland acted as the exclusive sell-side M&A and legal advisor to Väre and its shareholders (Savon Voima, Kymenlaakson Sähkö, Alva‑yhtiöt, Kuopion Energia, and Lappeenrannan Energia) on the sale of 100% of Väre’s shares to Helen.

Väre is one of Finland’s largest electricity retailers and an energy services company, focused on delivering comprehensive energy services that measurably reduce customers’ energy costs and carbon emissions. Helen is one of Finland’s leading energy companies, with district heating and cooling operations, electricity production, and electricity sales.

The acquisition strengthens Helen’s position in electricity retail and broadens its nationwide customer reach. Closing of the transaction is subject to customary closing conditions and regulatory approvals.

Object of sale: Väre Oy

Seller: Savon Voima Oy, Kymenlaakson Sähkö Oy, Alva‑yhtiöt Oy, Kuopion Energia Oy, and Lappeenrannan Energia Oy

Buyer: Helen Oy

Deal announcement date: 27 November 2025

PwC's role: Seller's M&A and legal advisor

Press release