Valokuitunen: Leading the Deployment of Fiber Optic Networks in Finland

Founded in 2020 as a joint venture between CapMan Infra funds (60%) and Telia Company (40%), Valokuitunen (VK) builds, owns and operates the passive fibre-to-the-home (FTTH) infrastructure connecting Finnish homes to Telia’s national backbone, with a growing fibre-to-the-building (FTTB) offering. VK operates under an open-access model, giving end-customers free choice of internet service provider. The company has strengthened its balance sheet through successive refinancing rounds, including a c. EUR 700m refinancing completed in June 2026, following an earlier c. EUR 400m round in 2023.

Market Leadership in a High-Potential Sector

VK holds a leading position in Finland. With more than 400,000 homes passed and around 100,000 homes connected as of end-2024, VK has already built one of the most extensive fibre footprints in Finland relative to the size of the market. With the initial rollout phase now largely completed, VK’s growth story is increasingly one of densification of its existing network and expansion into adjacent areas, rather than greenfield build-out. This supports a more defensive and capital-efficient growth profile going forward, as new connections can increasingly be added close to existing infrastructure, at a lower capex per home connected than during the initial deployment phase. Subsidised rural deployment has historically been part of VK’s story, but it represents a smaller portion of the network; going forward, growth is expected to be driven primarily by this densification and adjacent-expansion strategy.

Predictable Revenue and Long-Term Strategy

VK’s revenues are naturally secured as it owns the passive layer of the network but further anchored through long-term contracts enabled by a strategic partnership with Telia. This partnership ensures stable monthly income based on a predetermined price, granting the company strong financial stability. VK also stands out thanks to the strength of its leadership team and the expertise of CapMan, which has enabled the company to achieve outstanding operational and financial performance since its founding.