The sales price for the total amount of shares is EUR 325 million and consequently, Fortum expects book a gain of roughly EUR 200 million, corresponding to approximately EUR 0.22 per share once the transaction has been completed. Fortum estimates that the divestment will be finalised during the first half of 2011. The proceeds will be used on general corporate purposes.
Fortum is selling its holding in Fingrid as a result of the EU's third energy market package that calls for the separation of high voltage transmission and power generation. The package entered into force in September 2009 and, according to it, Fortum will have to divest its entire ownership in the Finnish transmission system operator Fingrid by early 2012.
"We are very pleased to have reached this preliminary agreement with the Finnish State and Ilmarinen. With this divestment, we are also contributing to the development of a single, liberalised European energy market," says Executive Vice President Timo Karttinen at Fortum.
Executive Vice President, Corporate Relations and Sustainability
Timo Karttinen, Executive Vice President, Electricity Solutions and Distribution, tel. +358 10 453 6555
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