Fortum and Hafslund Infratek to combine infrastructure operations

Fortum Corporation
Press release


Fortum will receive a shareholding of 33% in the new combined company

Fortum is to combine its business of construction and operating of critical
infrastructure in Sweden, Finland and Norway with Norwegian Hafslund Infratek
ASA. Fortum and Hafslund Infratek have signed a letter of intent with the aim
to negotiate a final agreement to combine their infrastructure service

As part of this transaction, Fortum will receive newly issued shares in
Hafslund Infratek ASA. Fortum's ownership will amount to 33% of the combined
company. Hafslund ASA, the majority shareholder of Hafslund Infratek, will hold
43.3% of the shares. The remaining shares are owned by institutional and
private shareholders.

A combination of Fortum Service's infrastructure operations and Hafslund
Infratek will create a powerful Nordic player within the field of building,
operating and securing critical infrastructure, primarily energy carriers,
telecom and security systems.

“The significant growth we see within the field of building and operating
energy related infrastructure demands larger and more efficient suppliers. This
combination will provide synergy benefits through competence exchange and more
efficient utilisation of resources, thus creating a strong specialised player
to the Nordic market”, says Markku Vauhkonen, President of Fortum Service.

The transaction concerns some 1,050 Fortum Service employees, approximately 750
of whom work in Sweden, 150 in Finland and 150 in Norway.

The final agreement will be conditional to approval by the Board of each
company and the General Meeting of Hafslund Infratek ASA. The transaction is
planned to become effective as of 1 January 2009.

Fortum Corporation
Corporate Communications

Further information:
Markku Vauhkonen, President, Fortum Service, tel. +358 40 352 3322
Pekka Riala, Vice President, M&A, Fortum Service, tel. +358 50 453 4610

Key media

About Hafslund Infratek
Hafslund Infratek is a leading turn-key supplier of services related to
building, operating and securing of critical infrastructure, primarily energy
carriers, telecom and secucity systems in Norway. The company is listed on the
Oslo Stock Exchange and has about 1,500 employees. For further information see

About Fortum Service
Fortum Service is an energy services company active on power plant O&M
services, energy efficiency services and services for infrastructure owners.
Fortum Service has more than 2,600 employees and it operates in the Nordic
countries, Russia, the Baltic countries and selected international markets.
Fortum Service is a business unit within Fortum. For further information