STOCK EXCHANGE RELEASE 19.12.2011
Fortum has agreed to sell Fortum Energiaratkaisut Oy and Fortum Termest AS to
the EQT Infrastructure Fund. The total sales price, including net debt, is
approximately EUR 200 million. Fortum's sales gain will be over EUR 50 million.
The divestment is planned to be completed during the first quarter of 2012. The
transaction is subject to the approval of the relevant competition authorities.
Fortum Energiaratkaisut Oy and Fortum Termest AS have been 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.
"The companies to be divested produce taylored energy solutions for their
customers. This business differs significantly from large-scale district heat
production and combined heat and power (CHP) production, which are the focus of
Fortum’s strategy," says Jouni Haikarainen, Vice President, Fortum, Heat
“Fortum Energiaratkaisut and Termest are well-run companies with highly skilled
and dedicated management teams and personnel. Customer satisfaction is also
very high. We see a lot of growth opportunities both in acquiring new customers
and in the conversion of existing customers’ fossil fuel sites to use biofuels.
In addition, we see potential in geothermal and hybrid heating/cooling
solutions in which Fortum Energiaratkaisut has market-leading expertise”
describes Risto Riekko, the future Chairman of the companies.
Jouni Haikarainen, Vice President, Fortum, Heat Division, Finland, tel. +358 40
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 2010, Fortum’s sales
totalled EUR 6.3 billion and comparable operating profit was EUR 1.8 billion.
We employ approximately 10,500 people. Fortum’s shares are quoted on NASDAQ OMX
EQT is the leading private equity group in Northern Europe with close to EUR 18
billion in raised capital and multiple investment strategies. Together with a
superior network of Industrial Advisors, EQT implements its business concept by
acquiring or financing high-quality medium-sized to large companies in Northern
and Eastern Europe, Asia and the United States, developing them into leading
companies. Development is achieved by applying an industrial strategy with
focus on growth. Since inception, EQT has invested more than EUR 10.8 billion
in around 100 companies and exited close to 50. EQT-owned companies have more
than 550,000 employees.
The EQT Infrastructure Fund invests primarily in existing infrastructure in
Northern and Eastern Europe but can also invest globally, particularly in North
America. Investment targets are basic infrastructure, concession based
infrastructure, social infrastructure and infrastructure-related services.