CapMan Infra’s portfolio company Valokuitunen Oy successfully closes a €400 million refinancing

Valokuitunen Oy, a joint venture between CapMan Infra and Telia Company, is the largest fibre-to-the-home (FTTH) company in Finland. Valokuitunen Oy deploys fibre networks to residential neighbourhoods on a national scale. The funding sets the company up for the next phase of expansion in the Finnish market.

CapMan Infra has secured a financing package close to €400 million for Valokuitunen Oy, its portfolio company, of which €285 million is committed at closing. The debt package has been provided by a group of banks consisting of KfW, SEB, Société Générale, Crédit Industriel et Commercial, and NIBC. Valokuitunen Oy was advised on the financing by Rothschild & Co, Latham & Watkins, and Avance Attorneys.

Established in 2020 as a joint venture between CapMan Infra and Telia Company, Valokuitunen Oy’s open fibre network gives customers the opportunity to choose the network services and service providers they prefer. With a network that currently reaches over 120,000 households, Valokuitunen intends to expand its footprint to around 300,000 households by 2026.

“The funding gives Valokuitunen, the largest player in Finland in its sector, the opportunity to deliver on the next phase of growth of its fibre-to-the-home network across the country, which is largely built on already sold contracts. Finland has an ambitious national digital road map in which fast network connections for households and businesses are seen as key for advancing the digital transformation, and CapMan Infra and Valokuitunen Oy are involved in making this happen,” comments Harri Halonen, Partner at CapMan Infra.

“The volume of data traffic is growing exponentially. Households in Finland need better infrastructure to meet current and future demand. Optical fibre will answer this need as a long-lasting solution for decades. This financing will secure the build-out of our large portfolio of already made investment decisions and provides a basis for future expansion of the network. Our solution not only provides our customers with an excellent infrastructure, but also the possibility of selecting an internet service provider from various options now and in the future,” says Juho Ansio, CFO of Valokuitunen Oy.

For more information, please contact:

Harri Halonen, Partner, CapMan Infra, tel. +46 768 71 0062

Juho Ansio, CFO, Valokuitunen Oy, tel. +358 40 557 7223

About CapMan Infra

CapMan Infra invests in energy, transportation and digital infrastructure assets generating predictable cash flows. CapMan Infra is a dedicated and active owner seeking to drive operational improvements and offers tailored solutions to local infrastructure asset owners and partners in the Nordic countries. The team of twelve infrastructure professionals is based in Helsinki and Stockholm. CapMan Infra has two funds, one established in 2018 and one in 2022. In addition to the fund, the team also manages two investment mandates.

CapMan Infra is part of CapMan Group, a leading Nordic private asset expert with an active approach to value creation and over €5 billion in assets under management. CapMan’s objective is to provide attractive returns and innovative solutions to investors. We have set greenhouse gas reduction targets under the Science Based Targets initiative in line with the 1.5°C scenario. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover minority and majority investments in portfolio companies and real estate, and infrastructure assets. We also provide wealth management solutions. Our service business includes procurement services. Altogether, CapMan employs approximately 190 professionals in Helsinki, Jyväskylä, Stockholm, Copenhagen, Oslo, London and Luxembourg. We are listed on Nasdaq Helsinki since 2001.

About Valokuitunen

Valokuitunen is a fast-growing Finnish company building and rolling-out fibre networks to homes and businesses in residential areas nationwide. We provide reliable and sustainable fibre connections, on market terms, connected to Telia’s fibre-optic network (Avoin Kuitu), which allows customers to select services and service providers. Valokuitunen is a joint venture between CapMan Infra (60%) and Telia Company (40%) established in 2020. We employ over 100 professionals and approximately 300 people through partners. In 2023 alone we have invested €100 million in fiber networks in Finland. Learn more at


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