Fortum has acquired E.ON Ruhrgas International GmbH's shareholding of 33.66% in the Estonian natural gas import, sales and distribution company AS Eesti Gaas and a similar shareholding in the gas transmission service company AS Võrguteenus Valdus. The acquired shares will increase Fortum's holding in both companies to approximately 51.4%.
The transaction is subject to necessary regulatory approvals and customary closing conditions. Fortum expects to finalise the transaction during the third quarter of 2014. The parties have agreed not to disclose the sales price. Fortum will continue to account for its holdings in the Estonian natural gas businesses using equity method.
The increase in Fortum's shareholding in Estonian natural gas transmission is an interim arrangement. Fortum is structuring its holdings in anticipation of an eventual divestment. In line with the Directive 2009/73/EC of the European Parliament and of the Council, the Estonian Natural Gas Act requires ownership unbundling of natural gas transmission and gas sales.
Pauliina Vuosio, VP Financial Communications, Fortum, tel. +358 50 453 2383
Fortum’s purpose is to create energy that improves life for present and future generations. Catering to the versatile needs of our customers, we generate, distribute and sell electricity and heat, and offer related expert services. Our operations focus on the Nordic and Baltic countries, Russia and Poland. In 2013, Fortum’s sales totalled EUR 6.1 billion and comparable operating profit was EUR 1.6 billion. We employ approximately 8,800 people. Fortum’s shares are traded on the NASDAQ OMX Helsinki. www.fortum.com