Birka Energi, Fortum, Karlstad Energi and Trondheim Energiverk sells Etrem AB to Viterra Energi Services
Birka Energi, Fortum, Karlstad Energi and Trondheim Energiverk sells Etrem AB to Viterra Energi Services Birka Energi, Fortum, Karlstad Energi and Trondheim Energiverk ("the Sellers") have reached an agreement with Viterra Energy Services, Germany to sell all the shares in Etrem AB for an estimated consideration of SEK 160 million. The agreement is subject to the approval of the relevant Competition Authorities. Etrem AB was formed as a joint venture between the Sellers in 1998 in order to create a more effective structure in the Nordic electricity metering industry. This process is completed and Etrem will now be integrated in the European electricity metering industry. Today, Etrem with activities in Sweden, Finland and Norway provides metering services to the deregulated utility industry in all three jurisdictions. Etrem employs 115 staff. Prior to the transaction, Birka Energi held a 49 per cent. stake in Etrem. Fortum, Karlstad and Trondheim owned 33 per cent., 7 per cent. and 11 per cent. respectively. Viterra Energy Services with headquarters in Essen, Germany, is the global and European market leader in the provision of metering and submetering services. Viterra Energy Services employs c. 3,070 staff, has a turnover of E374 million and has operations in 27 countries. Michael I. Klein, Viterra Energy Services' Chief Executive Officer, said: "I am excited about this transaction as it offers Viterra Energy Services the opportunity to spearhead the development of metering services in one of the most interesting energy markets in Europe. Etrem, its former shareholders and Viterra Energy Services will benefit tremendously from this deal." For further information contact: Merril Boman, Corporate Executive Vice President of Communications, Birka Energi, tel +46 70-590 79 75 Andreas Heuveldop, Head of Corporate Development/M&A, Viterra Energy Services, tel: +49 201 459 3401 ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.bit.se/bitonline/2001/07/04/20010704BIT00160/bit0001.doc http://www.bit.se/bitonline/2001/07/04/20010704BIT00160/bit0001.pdf