Avance advises Pontos in an ownership and financing arrangement, where the Finnish State becomes the majority owner of Valmet Automotive, with Pontos continuing as a shareholder. As part of such arrangement, Pontos, together with the Finnish State and Varma Mutual Pension Insurance Company will acquire Valmet Automotive’s shares in IONCOR. IONCOR will become a subsidiary of Finnish Minerals Group (a Finnish State-owned company) with a 70 per cent stake, with Varma and Pontos owning 16 and 14 per cent stakes, respectively.
Valmet Automotive is one of the leading vehicle contract manufacturers in the world, and one of the largest European manufacturers of convertible roof and kinematic systems, including electric vehicle charging flaps and active spoilers. IONCOR designs and manufactures battery solutions for the electrification of transport, commercial vehicles, and off-highway machinery. IONCOR was established in the fall of 2024 when the Electric Vehicle Systems business line of Valmet Automotive was renamed as IONCOR.