Fortum to sell its shareholding in Estonian natural gas transmission company AS Võrguteenus Valdus
PRESS RELEASE 10 November 2014
Fortum has agreed to sell its 51.4%-shareholding in the associated company AS Võrguteenus Valdus to the Estonian electricity transmission system operator Elering AS. AS Võrguteenus Valdus is the owner of the Estonian gas transmission grid company AS EG Võrguteenus, which is the only gas transmission system operator in the country.
The transaction is subject to regulatory approvals and customary closing conditions. Fortum expects to finalise the transaction latest during the first quarter of 2015. The sale is expected to have a minor impact on Fortum's Q1/2015 result.
The divestment of the shareholding in AS Võrguteenus Valdus is a part of the company's efficiency programme launched in October 2012 and aiming at the disposal of non-core assets. The core of Fortum’s strategy lies in strong expertise in CO2-free hydro and nuclear power, resource-efficient combined heat and power (CHP) production as well as in operating in the energy markets. Furthermore, Fortum's decision to sell is in line with the Directive 2009/73/EC of the European Parliament and of the Council and the Estonian Natural Gas Act that require ownership unbundling of natural gas transmission and gas sales.
For additional information, please contact:
Kari Kautinen, Senior Vice President, Strategy, Mergers and Acquisitions, +358 10 45 32174
Helena Aatinen, Senior Vice President, Corporate Communications +358 10 45 20480
Fortum’s purpose is to create energy that improves life for present and future generations. Catering to the versatile needs of our customers, we generate, distribute and sell electricity and heat, and offer related expert services. Our operations focus on the Nordic and Baltic countries, Russia and Poland. In 2013, Fortum’s sales totaled EUR 6.1 billion and comparable operating profit was EUR 1.6 billion. We employ approximately 8,800 people. Fortum’s shares are traded on the NASDAQ OMX Helsinki. www.fortum.com