Investor news

Fortum completes acquisition of the Polish gas and electricity sales company Grupa DUON S.A.

07 March 2016, 18:15 EET



Fortum has today completed the acquisition of 93.35% of shares in the Polish gas and electricity sales company Grupa DUON S.A. (Duon). The price offered per share was PLN 3.85, so Fortum paid altogether approximately EUR 100 million for the shares.

Duon shares are currently listed on the Warsaw Stock Exchange and the company will publish its financial statements for 2015 on 15 March 2016. Duon will be reported in Fortum’s Heat and Electricity Sales and Solutions segment.

The acquisition is in line with Fortum's strategy to develop sustainable energy solutions for cities. Accordingly, Fortum seeks growth in electricity sales and related customer services in a wider market area. The transaction has no impact on Duon's customers whom the company will continue to serve as before.

“Duon is a well-managed company with very competent management and staff. Its position is strong especially in the small and medium-sized enterprise segment. Duon offers us a good growth platform in the large and fast developing electricity and gas end-user market in Poland,” says Matti Saario, Head of Electricity Sales at Fortum.

”I am very happy with the result of the tender process. It enables us to move forward with our ambitious plan to grow our business and to offer new value for customers in Poland with our wide portfolio of innovative products and services,” he added.

Duon 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 major distributor and transporter of LNG. Duon's service offering, experience and know-how are a good match with Fortum in Poland.

Fortum Corporation
Corporate Communications

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Key media
Duon Capital Group
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 500 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.