Vattenfall and LNI Acquisition Oy announced that they have signed an agreement regarding the sale of Vattenfall´s electricity distribution and heat businesses in Finland for a total enterprise value of approximately EUR 1.54 billion. The transaction is expected to be completed within the first quarter 2012.

 

Vattenfall signed an agreement with LNI Acquisition Oy, a consortium comprising 3i Infrastructure plc, 3i Group plc, GS Infrastructure Partners and Ilmarinen Mutual Pension Insurance Company, regarding the sale of certain Finnish assets: Vattenfall Verkko Oy, the second largest electricity distribution network in Finland, and Vattenfall Lämpö Oy, a district heating supplier. The transaction represents a total enterprise value of EUR 1.54 billion.

 

Vattenfall’s Finnish electricity sales organisation as well as its hydro power operations will remain under the ownership of Vattenfall.

 

Øystein Løseth, CEO of Vattenfall, says: “As part of our organisation in the Nordic region, the networks and heat operations in Finland have developed into successful and strong businesses over the past ten years. Whilst the divestment is a significant step in delivering our new strategic direction, focusing on our core business and markets in Sweden, Germany and the Netherlands, we will remain present in the Finnish market through our electricity sales and hydro power generation operations.”