Fortum, the Finnish State and Ilmarinen into a final agreement over sale of Fingrid shares
Fortum, the Finnish State and Ilmarinen Mutual Pension Insurance
Company have today signed a share purchase agreement according to which
Fortum sells its 25%-shareholding in the Finnish transmission system
operator Fingrid Oyj. The shares sold are Fingrid's series A shares.
The State (with Ministry of Employment and the Economy and the National
Emergency Supply Agency as the shareholders) will buy approximately 81%
and Ilmarinen approximately 19% of Fortum's Fingrid shares. The
transaction has all the necessary approvals and will be completed later
today when the sales price has been fully paid in cash and the
ownership has been transferred to the new owners.
The sales price is EUR 325 million. Consequently, Fortum expects to
book a gain of roughly EUR 200 million in its second quarter 2011
financial results including Fortum's share of Fingrid's first quarter
2011 profit, corresponding to approximately EUR 0.22 per share. The
proceeds will be used on general corporate purposes.
Fortum is selling its holding in the Finnish transmission system
operator Fingrid as a result of the EU's third energy market package
that calls for the separation of high voltage transmission and power
generation. The package entered into force in September 2009 and,
according to it, Fortum will have to divest its entire ownership in
Fingrid by early 2012.
