The EQT Infrastructure Fund has signed an agreement to acquire Fortum Energiaratkaisut Oy in Finland and Fortum Termest AS in Estonia (both previously part of Fortum’s Heat Division) for an enterprise value of €200m.
The investment is still subject to anti-trust approval.
The two companies, which will be managed as one entity after the transaction, are outsourced industrial and commercial energy solution providers. They build, own and operate plants producing process steam, heat and cooling at their respective clients’ production facilities.
In addition, both Fortum Energiaratkaisut and Fortum Termest operate district heating networks delivering energy based on proven technology in approximately 230 sites across Finland and Estonia.
Risto Riekko, former Head of Fortum’s Heat division, will be the future Chairman of the companies after EQT Infrastructure’s acquisition. He will work along with CEO Jussi Ojanen.
The Board of Directors of the combined businesses will also include Lars Frithiof (Chairman of Swedegas and former Head of E.ON Nordics) and Kurt Håkansson (Board member of Swedegas and former Senior Executive of ABB and Areva/Alstom).