Closing of the divestment of Fortum Energiaratkaisut Oy and Fortum Termest AS
FORTUM CORPORATION STOCK EXCHANGE RELEASE, 1 February 2012 at 10.00 EET
Fortum has concluded today its divestment of Fortum Energiaratkaisut Oy and Fortum Termest AS to EQT Infrastructure Fund. The total sales price, including net debt, was approximately EUR 200 million. Fortum's sales gain was over EUR 50 million. The deal has been approved by relevant competition authorities both in Finland and in Estonia. The ownership was transferred to the buyer on 31 January 2012. Financial impacts of the divestment will be booked in Fortum's first quarter 2012 results.
According to its strategy, Fortum concentrates on large-scale district heat production and combined heat and power (CHP) production. Fortum Energiaratkaisut Oy and Fortum Termest AS were responsible for Fortum’s heat, steam and cooling business for SMEs and services sector in Finland and Estonia. In 2010, the combined net sales of the companies were about EUR 150 million and the total sales volume about 3.4 TWh. In 2010, EBITDA was on the level of EUR 20 million. Fortum Energiaratkaisut Oy employs 72 people in Finland and Fortum Termest AS employs 77 people in Estonia.
Fortum Corporation
Anne Brunila
Executive Vice President, Corporate Relations and Strategy
Further information:
Jouni Haikarainen, Vice President, Fortum, Heat Division, Finland, tel. +358 40 709 5690
Distribution:
NASDAQ OMX Helsinki
Key media
www.fortum.com
Fortum
Fortum's purpose is to create energy that improves life for present and future generations. We provide sustainable solutions that fulfil the needs for low emissions, resource efficiency and energy security, and deliver excellent value to our shareholders. Our activities cover the generation, distribution and sales of electricity and heat as well as related expert services.
Fortum's operations focus on the Nordic countries, Russia, Poland and Baltic Rim area. In the future, the integrating European and fast-growing Asian energy markets provide additional growth opportunities. In 2011, Fortum’s sales totalled EUR 6.2 billion and comparable operating profit was EUR 1.8 billion. We employ approximately 10,800 people. Fortum’s shares are quoted on NASDAQ OMX Helsinki.
Further information: www.fortum.com