ICECAPITAL acted as a financial advisor to Cinia Group Oy in relation to a financing arrangement, where Mutual Pension Insurance Company Ilmarinen, OP Financial Group’s insurance and pension affiliates together with Governia provided equity financing of EUR 40 million. Cinia estimates to invest around EUR 100 million to extend its backbone network in which substantial share is targeted at construction of the new Baltic Sea Cable. The financing arrangement comprised also raising a new senior debt package for the Group.