On 29 January 2025, Meriaura Group Plc (“Meriaura Group”) signed a conditional share exchange agreement to acquire the entire share capital of Summa Defence Oy (“Summa Defence”), which brings together defence and security companies. The transaction will create a strong group of companies focusing on safety and security of supply in Finland, in which dual-use technology will play a significant role. In connection with the arrangement, the Marine Logistics business (Meriaura Oy and its wholly owned subsidiary VG-EcoFuel Oy) will be sold to Meriaura Invest Oy. The name of the new listed company will be Summa Defence Plc. The execution of the Transaction is planned to take place in the beginning of April 2025.
“In the current tense political world situation, energy is playing an increasingly important role, but there is a risk that promoting the green transition and increasing the use of renewable energy will be overshadowed by other developments. The merger of Meriaura Group and Summa Defence supports the development and self-sufficiency of Finnish technological expertise and responds to the need for security of supply and equipment, as well as the development of renewable energy. Our renewable energy companies that will remain in the new group will be able to grow and develop as part of Summa Defence’s security of supply strategy,” says Jussi Mälkiä, CEO of Meriaura Group.
The arrangement does not bring any changes to Meriaura’s business, and it has no influence on Meriaura’s personnel. The sale of the Marine Logistics business back to the former parent company Meriaura Invest Oy clarifies the financing of the company. Combining the asset heavy Marine Logistics business with the project-based solar energy business has proven to be challenging, as the covenant for financing agreements in Marine Logistics is the requirement for the current principal owner to maintain a holding of more than 50%. In terms of the current financial market and the company’s financing needs, the covenant has prevented the company from becoming a “genuine” listed company, where the share should be liquid and the principal owner’s holding could be diluted.
“We are pleased with this arrangement,” states Beppe Rosin, CEO of Meriaura. “This change provides clarity to our financing arrangements and enhances both our functional and economic efficiency. We can now concentrate on our core business and promote our selected strategies: emission-free shipping and fleet renewal.
“We have gained valuable knowledge and experience as part of a listed company. This arrangement allows us to combine the flexibility of a family-owned company with the good governance practices inherited from a listed company,” concludes Beppe Rosin.
