Fortum Sells Finnish District Heating Business for EUR375 Million
By Dominic Chopping
Fortum Oyj said Friday that it has signed an agreement to sell
its district heating business in the Jarvenpaa-Tuusula area in
Finland to a consortium for 375 million euros ($422 million).
The Finnish state-controlled utility company said it expects to
record a tax exempt capital gain of approximately EUR290 million in
its third-quarter 2020 results.
The buying consortium consists of Finnish energy company Vantaa
Energy Ltd., infrastructure investor Infranode and Finnish pension
The transaction is subject to customary closing conditions and
is expected to be completed in the third quarter of 2020.
Write to Dominic Chopping at firstname.lastname@example.org
(END) Dow Jones Newswires
July 03, 2020 02:48 ET (06:48 GMT)
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