Stock exchange release

Fortum’s acquisition of Ekokem finalised

31 August 2016, 12:28 EEST



Fortum has today finalised the acquisition of Ekokem Corporation with the four biggest owners, representing approximately 81% of the shares. Ekokem is a leading Nordic circular economy company specialised in material and waste recycling, final disposal solutions, soil remediation and environmental construction. Ekokem is headquartered in Riihimäki, Finland and generated sales of EUR 258 million in 2015.

The debt and cash-free purchase price for 100% of the company will be approximately EUR 700 million. Based on Fortum’s estimate for 2016, the purchase price corresponds to approximately 11 times EBITDA.

Ekokem will be integrated as a business area into the City Solutions division and is consolidated into Fortum Group from the end of August 2016. Transaction costs (including transfer tax) of approximately EUR 12 million will be included in the result for the third quarter of 2016.

As of today, minority shareholders in Ekokem representing approximately 12% of the shares have approved the tender offer. Consequently, as Fortum’s total shareholding will exceed the 90% threshold Fortum will initiate a minority redemption process for the remaining shares directly after the end of the tender offer period (30 September 2016). Shareholders accepting the tender offer during the tender offer period will receive payments mostly in September 2016, whereas payments to the shareholders in the redemption process are estimated to take place in the spring of 2017.

Fortum announced the acquisition on 27 May 2016.

Fortum Corporation
Sophie Jolly
Vice President, Investor Relations and Financial Communications

Further information:
Investors, analysts and financial media:
Sophie Jolly, Vice President, Investor Relations and Financial Communications, tel. +358 10 45 32552

Media enquiries:
Mari Kalmari, Vice President, Publicity and Communications, tel. +358 10 45 29211

Nasdaq Helsinki
Key media


Ekokem is one of the leading circular economy companies in the Nordics that provides environmental management and material efficiency services. Ekokem operates leading facilities for hazardous waste treatment and offers a broad spectrum of specialized environmental services. The company mission is to create value by improving their customers material and energy efficiency. Ekokem offers recycling, reutilisation, and final disposal solutions, as well as soil remediation and environmental construction services. Ekokem has been contributing to saving natural resources and promoting the circular economy for already 35 years.

The group employs approximately 630 skilled professionals in Finland, Sweden and Denmark. In January 2015, Ekokem acquired the Danish environmental management company NORD.

The group’s key figures for 2015 were

  • Net sales EUR 258 million
  • Reported EBITDA EUR 55 million, EBITDA margin was 21.1%
  • Comparable EBITDA EUR 57 million

The biggest shareholders are the Finnish State (34.1%), the Association of Finnish Local and Regional Authorities (21.4%), Ilmarinen Mutual Pension Insurance Company (15.4%) and the Helsinki Region Environmental Services Authority HSY (10.5%).

Sustainable city solutions a strategic priority for Fortum

Fortum's new strategy, published on 3 February 2016, targets growth and continued profitability with a strong focus on clean energy, customers and shareholder value creation. Fortum's vision is to be the forerunner in clean energy. One of the strategic cornerstones towards the vision is creating solutions for sustainable cities.

Growing cities and urban areas are facing multiple challenges, such as high emissions from inefficient heating, cooling and electricity production, increasing amounts of waste, and high traffic pollution and noise. Fortum aims to use its expertise and experience to help cities solve these challenges sustainably and to support building a circular economy. Fortum’s solutions include efficient and reliable district heating and cooling, integrated electricity retail solutions and related applications, waste-to-energy and waste treatment, as well as enhancing e-mobility with smart charging solutions for electric vehicles. In addition, the company sees new revenue opportunities in various expert services in these areas.

In solutions for sustainable cities, Fortum targets growth primarily in its current home markets and also the wider European market. Fortum will also investigate possibilities in carefully selected urban areas in Asia.

"Ekokem is a first-class company with experienced management and personnel. Supported by Fortum’s competence in waste-to-energy and strong financial resources, a true Nordic circular economy champion will be formed. We see excellent international growth opportunities for the business and intend to invest in the further development of Ekokem’s solutions," says Pekka Lundmark, Fortum's President and CEO (27 May 2016).


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.