Stock Exchange Release
24 October 2008 at 9.00 EET
Fortum and Hafslund Infratek to combine their infrastructure operations
Fortum receives 33 % stake in the new combined company
Fortum and (Norwegian) Hafslund Infratek ASA have signed a contract according to
which they will combine their businesses of construction and operating of
infrastructure in Sweden, Finland and Norway at the beginning of 2009. Fortum
will receive newly issued shares in Hafslund Infratek ASA and 33% ownership in
the new combined company. Hafslund ASA, currently the majority shareholder of
Hafslund Infratek, will hold 43.3% of the shares. The remaining shares are owned
by institutional and private shareholders.
As part of the transaction Fortum Distribution will outsource its in-house
network construction activities in Värmland/Skaraborg and West-Coast in Sweden.
Furthermore, Distribution is planning to outsource the remaining network
construction areas in Gävleborg/Dalarna and Stockholm.
Significant growth within the field of building and operating energy related
infrastructure demands larger and more efficient suppliers. Joining forces will
enable Hafslund Infratek better possibilities to grow and compete in the
The Fortum operations that will be combined with Hafslund Infratek generated
sales of approximately EUR 130 million for the first nine months of 2008, and
the operating profit was approximately EUR 5 million. The operations in the
scope have mainly been reported in the Power Generation segment.
The transaction concerns some 1,000 Fortum Service employees who will move over
to the new combined company, approximately 700 in Sweden, 150 in Finland and 150
in Norway. In Fortum Distribution, the transaction concerns some 140 employees
The new combined company will be a leading Nordic infrastructure service
supplier. It provides services within the fields of building, operating and
securing critical infrastructure, primarily energy carriers, telecom and
security systems. It employs 2,500 people in Norway, Sweden and Finland.
A letter of intent to this agreement was signed in June. The final agreement is
subject to approval by the Board of Directors of Fortum Corporation prior to an
Extraordinary General Meeting of Hafslund Infratek ASA. The transaction is to
become effective as of 1 January 2009.
SVP Corporate Communications
Markku Vauhkonen, President, Fortum Service, tel. +358 40 352 3322
Håkan Grefberg, President, Fortum Distribution, tel. + 46 70 683 07 00