Fortum's divestment of heat operations outside Stockholm in Sweden completed
Fortum Corporation, Stock Exchange Release, 2011-03-31 11:38 CEST (GLOBE
NEWSWIRE) -- Fortum's divestment of heat operations outside Stockholm to
Macquarie European Infrastructure Fund II (MEIFII) and Macquarie Power and
Infrastructure Corporation (MPIC) was completed today. The Stockholm City Board
and the Swedish Competition Authority have given their approval to the
transaction.
Fortum divests its district heat operations and heat production facilities with
a gross sales price of approximately EUR 220 million. The major part of the
divested operations was owned by Fortum's subsidiary Fortum Värme in which the
city of Stockholm has a 50% economic interest. Fortum books a sales gain with a
minor effect on EPS in the first quarter 2011. The sales gain is presented in
Heat Division.
Fortum divested the operations in order to be better able to concentrate on
combined power and heat production and on developing its district heat
businesses in the Stockholm area. The transaction comprised 11 different heat
operations including both municipal district heating and industrial
partnerships. All the operations are located in the central parts of Sweden and
three are co-owned with the local municipality. The divested businesses' heat
sales in 2010 were 1.4 terawatt-hours. Sales totaled EUR 82 million and EBITDA
was EUR 22 million. The businesses 84 employees will now move over to the new
owner.
Fortum Corporation
Anne Brunila
Executive Vice President, Corporate Relations and Sustainability
Further information:
Per Langer, Executive Vice President, Fortum
Jens Bjöörn, Head of Communications, Fortum Värme, tel. +46 702 98 41 25
Distribution:
NASDAQ OMX Helsinki
Key media
www.fortum.com
