Investor news

Fortum secures at least 51% of shares in the electricity and gas sales company Grupa DUON S.A. in Poland

25 February 2016, 19:20 EET



Fortum has received sell commitments from shareholders representing at least 51% of shares in the public tender offer to purchase all shares in Grupa DUON S.A., an electricity and gas sales company listed on the Warsaw Stock Exchange. Fortum will, thereby, carry out the acquisition and buy the shares subscribed by the end of the offer period that will close on Friday 26 February 2016 at 17.00 CET. The offered price is PLN 3.85 per share.

The planned date of the settlement of the acquisition of shares is 7 March 2016.

Fortum announced the tender offer for Grupa DUON on 8 January 2016. The acquisition is in line with Fortum's strategy to offer and grow in sustainable city solutions including electricity sales and related customer services.

Fortum Corporation
Corporate Communications

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Duon sells electricity and natural gas. The company was founded in 2000, and it is currently one of the leading independent providers of electricity and natural gas in Poland. It is also a leading distributor and transporter of LNG. In 2014, its revenues were PLN 636 million (EUR 152 million) and EBITDA PLN 36 million (EUR 9 million). Currently it employs approximately 600 people. The company has been listed on the Warsaw Stock Exchange since 2007 (DUO:WSE).

Fortum in Poland
Fortum has been operating in Poland since 2003. It currently has three combined heat and power (CHP) plants and over 800 km of district heating networks, which serve around 360,000 households in the cities of Płock, Wrocław, Częstochowa, Zabrze and Bytom. The overall power generation capacity is over 200 MW and heat generation capacity over 1,100 MW. Fortum is currently building a new multi-fuel CHP plant in Zabrze with the investment value of approximately EUR 200 million. The company has about 600 employees in Poland.

Fortum's vision is to be the forerunner in clean energy. We provide our customers with electricity, heat and cooling as well as other energy solutions that improve present and future life. Already 64% of our electricity generation is CO2 free. Our main markets are the Nordic and the Baltic countries, Russia, Poland and India. In 2015, we employed some 8,000 energy sector professionals, and our sales were EUR 3.5 billion. Fortum's share is listed on Nasdaq Helsinki.