Finland's Fortum in $3.5 billion electricity deal

Save Story
Leer en espaƱol

Estimated read time: Less than a minute

This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.

HELSINKI (AP) - Finnish utility Fortum Corp. is selling its electricity distribution sector in Finland to international and Finnish investors for 2.55 billion euros ($3.51 billion) and is preparing for the possible sale of similar businesses in Sweden and Norway.

The company says that once the deal is completed in early 2014, international infrastructure investors First State Investments and Borealis Infrastructure will own an 80 percent stake of the distribution network. The remaining 20 percent will be owned by a consortium of Finnish pension funds.

Fortum said Thursday that the decision came after it launched an assessment in January of "future alternatives."

Fortum has 1.6 million electricity customers in the Nordic countries. It also has operations in the Baltic countries, Poland and Russia.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Most recent Business stories

Related topics



Get informative articles and interesting stories delivered to your inbox weekly. Subscribe to the Trending 5.
By subscribing, you acknowledge and agree to's Terms of Use and Privacy Policy.

KSL Weather Forecast