Fortum, the Finnish State and Ilmarinen into a final agreement over sale of Fingrid shares
Fortum, the Finnish State and Ilmarinen Mutual Pension Insurance Company have today signed a share purchase agreement according to which Fortum sells its 25%-shareholding in the Finnish transmission system operator Fingrid Oyj. The shares sold are Fingrid's series A shares. The State (with Ministry of Employment and the Economy and the National Emergency Supply Agency as the shareholders) will buy approximately 81% and Ilmarinen approximately 19% of Fortum's Fingrid shares. The transaction has all the necessary approvals and will be completed later today when the sales price has been fully paid in cash and the ownership has been transferred to the new owners.
The sales price is EUR 325 million. Consequently, Fortum expects to book a gain of roughly EUR 200 million in its second quarter 2011 financial results including Fortum's share of Fingrid's first quarter 2011 profit, corresponding to approximately EUR 0.22 per share. The proceeds will be used on general corporate purposes.
Fortum is selling its holding in the Finnish transmission system operator Fingrid as a result of the EU's third energy market package that calls for the separation of high voltage transmission and power generation. The package entered into force in September 2009 and, according to it, Fortum will have to divest its entire ownership in Fingrid by early 2012.
Further information on Fingrid is available at http://www.fingrid.fi/portal/in_english/
Executive Vice President, Corporate Relations and Sustainability
Timo Karttinen, Executive Vice President, Electricity Solutions and Distribution,
Tel. +358 10 453 6555
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