Fortum sells its minority holding in Infratek ASA to Triton
PRESS RELEASE 26 June 2013
Fortum has agreed to sell its 33% holding in Norwegian Infratek ASA to a fund managed by Triton. The sales price is approximately EUR 37 million.
The divestment is in line with Fortum's aim to strengthen its strategic focus by divesting non-core assets, such as minority holdings, and is part of the company's efficiency programme launched in October 2012.
The divestment is planned to be completed during the third quarter of 2013. Fortum books a sales gain of approximately EUR 10 million in the Power Division's third-quarter 2013 results. The transaction is subject to the approval of the relevant competition authorities.
Infratek ASA is the leading total supplier in the Nordic region within building, operating and securing of infrastructure. Infratek Group delivers a wide range of services for power grids, railway systems, fiber-optic networks, district heating, lighting and technical high security solutions.
Infratek ASA has 1,700 employees in Norway, Sweden, Finland and Denmark. In 2012, the company's turnover amounted to NOK 2.8 billion (approximately EUR 380 million). Infratek is listed on the Oslo Stock Exchange.
Fortum has been a minority shareholder in Infratek ASA since 2009, when the Fortum's business of construction and operating of infrastructure in Sweden, Finland and Norway was combined with Infratek ASA. In the transaction Fortum received a 33% ownership in the company.
The Triton funds invest in and develop medium-sized businesses headquartered in Northern Europe. Triton focuses on businesses in the industrial, business services as well as consumer and health sectors.
Timo Karttinen, Executive Vice President, Electricity and Solutions Division, Fortum, tel. +358 50 453 6555
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 the Baltics. In the future, the integrating European and fast-growing Asian energy markets provide additional growth opportunities. In 2012, Fortum’s sales totalled EUR 6.2 billion and comparable operating profit was EUR 1.7 billion. We employ approximately 10,400 people. Fortum’s shares are quoted on NASDAQ OMX Helsinki.
Further information: www.fortum.com