Recent work | July 1, 2021

Roschier advises Fortum in the EUR 2.9 billion sale of its shares in Stockholm Exergi

Fortum has sold its 50 percent ownership in Stockholm Exergi Holding AB, a leading provider of district heating and cooling, electricity and waste management in the city of Stockholm, to a group of long-term European institutional investors. Roschier represents Fortum in the transaction.

The consideration is approximately EUR 2.9 billion, based on a 100% enterprise value of approximately EUR 7.1 billion. The transaction is subject to customary closing conditions and is expected to be completed before end of 2021.

The buyer is a special purpose vehicle that is jointly owned by a consortium of investors including Dutch entities APG and PGGM, Luxembourg entity AXA, Finnish entity Keva and Swedish entity Alecta.

Stockholm Exergi Holding AB (publ) is the owner and operator of the largest and most versatile district heating and cooling system in the Nordics. In 2020, its heating and cooling sales were 7.6 TWh and power sales 0.7 TWh. The EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) was SEK 2.8 billion.

Fortum Oyj is a leading energy company within supply of electricity, heating, cooling, recycling and waste management. The divestment is a key part of Fortum’s strategic and ongoing evaluation of its assets in the energy sector.

Roschier’s core advisory team comprises Björn Winström, Emelie Zellmer, Vicky Kaufmann, Lovisa Eliasson, Kristian Hugmark, Jacob Giesecke and Erik Ficks.