Fortum closes sale of energy district assets in Finland
Date
January 28, 2020
Type
M&A Transactions
Subtype
Transaction completed
Countries
Estonia
Subsectors
Energy efficiency
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Fortum has completed the sale of its district heating business in Joensuu, Finland to Savon Voima Oyj.
The deal covers a 60% stake in the Finnish district heating and cooling business.
The total consideration of the sale on a debt- and cash-free basis is approximately EUR530 million (US$584 million).
Fortum will record a tax-exempt capital gain of approximately EUR 430 million (US$473 million) in the City Solutions segment’s first-quarter 2020 results.
