Swedish utility Vattenfall completes sale of heat, electricity distribution businesses in Finland
Tracy McDonald
STOCKHOLM
,
January 11, 2012
(press release)
–
Vattenfall (STO:ONOT) has legally completed its sale of the electricity distribution network and heat businesses in Finland to the Lakeside Network Investments consortium.
The sales agreement with Lakeside Network Investments – a consortium comprising of 3i Infrastructure plc, 3i Group plc, GS Infrastructure Partners and Ilmarinen Mutual Pension Insurance Company – was signed in December 2011, for a total enterprise value of approximately EUR 1.54 billion (about SEK 14 billion). The sale comprises Vattenfall’s electricity distribution network and heat businesses in Finland. The transaction will be accounted for in the first quarter of 2012. Vattenfall’s Finnish electricity sales organisation as well as its hydro power operations will remain under the ownership of Vattenfall.
The completion of this sale is another important step in implementing Vattenfall's new strategic direction, focusing on the three core markets Sweden, Germany and the Netherlands as well as on certain strategic projects in other countries. The transaction will improve the company's financial flexibility and contribute to meeting Vattenfall’s goal of being among the leaders in developing environmentally sustainable energy production.
Vattenfall discloses this information pursuant to the Swedish Securities Market Act.
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