Fortum completes the acquisition of Telge Energi AB

FORTUM CORPORATION INVESTOR NEWS 31 AUGUST 2023 AT 17:50 EEST

Fortum has today completed the acquisition of the Swedish electricity solutions provider Telge Energi AB from Telge AB. The total consideration for the entire shareholding in Telge Energi on a cash and debt-free basis was approximately SEK 450 million (EUR 38 million). The transaction was announced on 7 June.

The transaction required approvals from the municipal government and the local government council of Södertälje as well as the clearance by the European Commission.

Telge Energi will be reported in Fortum’s Consumer Solutions segment in the third quarter of 2023.

The acquisition is in line with Fortum's strategy to deliver reliable and clean energy, to drive decarbonisation of its customers’ processes, and to transform and develop. The transaction further strengthens Fortum’s leading position in providing clean electricity solutions to consumer and enterprise customers in the Nordics.

Telge Energi is among the 10 largest clean electricity retailers in Sweden with a portfolio of approximately 150,000 customer contracts. The customer base consists of retail customers and households, as well as small and mid-sized enterprise customers. In 2022, Telge Energi delivered 1.8 TWh of electricity, the total of which was clean energy with an EBITDA of SEK 23 million (approximately EUR 2 million). The company has some 100 employees.

Fortum Corporation
Ingela Ulfves, VP, IR and Financial Communications

Further information:

Investors and analysts:
Ingela Ulfves, VP, IR and Financial Communications, tel. +358 40 515 1531
Rauno Tiihonen, IR Manager, tel. +358 10 453 6150

Media:
Fortum Newsdesk: tel. +358 40 198 2843

Fortum
Fortum is a Nordic energy company. Our purpose is to power a world where people, businesses and nature thrive together. We are one of the cleanest energy producers in Europe and our actions are guided by our ambitious environmental targets. We generate and deliver clean energy reliably and help industries to decarbonise their processes and grow. Our core operations in the Nordics comprise of efficient, CO2-free power generation as well as reliable supply of electricity and district heat to private and business customers. For our ~5 000 employees, we commit to be a safe, and inspiring workplace. Fortum's share is listed on Nasdaq Helsinki. fortum.com