Fortum to sell Fortum Energiaratkaisut Oy and Fortum Termest AS to the EQT Infrastructure Fund
Fortum has agreed to sell Fortum Energiaratkaisut Oy and Fortum Termest
AS to the EQT Infrastructure Fund. The total sales price, including net
debt, is approximately EUR 200 million. Fortum's sales gain will be
over EUR 50 million. The divestment is planned to be completed during
the first quarter of 2012. The transaction is subject to the approval
of the relevant competition authorities.
Fortum Energiaratkaisut Oy and Fortum Termest AS have been responsible
for Fortum’s heat, steam and cooling business for SMEs and services
sector in Finland and Estonia. In 2010, the combined net sales of the
companies were about EUR 150 million and the total sales volume about
3.4 TWh. In 2010, EBITDA was on the level of EUR 20 million. Fortum
Energiaratkaisut Oy employs 72 people in Finland and Fortum Termest AS
employs 77 people in Estonia.
"The companies to be divested produce taylored energy solutions for
their customers. This business differs significantly from large-scale
district heat production and combined heat and power (CHP) production,
which are the focus of Fortum’s strategy," says Jouni Haikarainen, Vice
President, Fortum, Heat Division, Finland.
“Fortum Energiaratkaisut and Termest are well-run companies with highly
skilled and dedicated management teams and personnel. Customer
satisfaction is also very high. We see a lot of growth opportunities
both in acquiring new customers and in the conversion of existing
customers’ fossil fuel sites to use biofuels. In addition, we see
potential in geothermal and hybrid heating/cooling solutions in which
Fortum Energiaratkaisut has market-leading expertise” describes Risto
Riekko, the future Chairman of the companies.
Fortum
Fortum's purpose is to create energy that improves life for present and
future generations. We provide sustainable solutions that fulfil the
needs for low emissions, resource efficiency and energy security, and
deliver excellent value to our shareholders. Our activities cover the
generation, distribution and sales of electricity and heat as well as
related expert services.
Fortum's operations focus on the Nordic countries, Russia, Poland and
Baltic Rim area. In the future, the integrating European and
fast-growing Asian energy markets provide additional growth
opportunities. In 2010, Fortum’s sales totalled EUR 6.3 billion and
comparable operating profit was EUR 1.8 billion. We employ
approximately 10,500 people. Fortum’s shares are quoted on NASDAQ OMX
Helsinki.
EQT
EQT is the leading private equity group in Northern Europe with close
to EUR 18 billion in raised capital and multiple investment strategies.
Together with a superior network of Industrial Advisors, EQT implements
its business concept by acquiring or financing high-quality
medium-sized to large companies in Northern and Eastern Europe, Asia
and the United States, developing them into leading companies.
Development is achieved by applying an industrial strategy with focus
on growth. Since inception, EQT has invested more than EUR 10.8 billion
in around 100 companies and exited close to 50. EQT-owned companies
have more than 550,000 employees.
The EQT Infrastructure Fund invests primarily in existing
infrastructure in Northern and Eastern Europe but can also invest
globally, particularly in North America. Investment targets are basic
infrastructure, concession based infrastructure, social infrastructure
and infrastructure-related services.