Stock exchange release

Fortum to sell Fortum Energiaratkaisut Oy and Fortum Termest AS to the EQT Infrastructure Fund

19 December 2011, 8:30 EET

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 Division, Finland.

“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.

Fortum Corporation
Corporate Communications

Further information:
Jouni Haikarainen, Vice President, Fortum, Heat Division, Finland, tel. +358 40 709 5690

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 Helsinki.

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.