Finland, 2014-05-30 13:00 CEST(GLOBE NEWSWIRE) -- FORTUM CORPORATION STOCK EXCHANGE RELEASE 30 May 2014at 14.00 EEST Fortumhas today completed the divestment of its Norwegian electricity distribution business to the Hafslund Group, listed on the Oslo Stock Exchange. The transaction has all the necessary regulatory approvals and the customary closing conditions have been met. In April, Fortumalso announced the divestment of its heat businesses in Norwayto iCON Infrastructure Partners II, L.P.fund. The transaction is estimated to be completed by the end of June 2014. The total consideration including both deals is EUR 340 millionon a debt- and cash-free basis of which approximately EUR 200 millionrelates to electricity distribution transactions, which was completed with Hafslund today. As announced 8th of April, Fortumexpects to book a one-time sales gain totalling approximately EUR 70 millionfrom all Norwegian transactions, corresponding to approximately EUR 0.08per share, in its second quarter 2014 results. The final sales gain will be reported in Fortum'sDistribution segment as well as in Heat, Electricity Sales and Solutions segment. A total of 84 employees will continue their work in the sold business. The electricity distribution of the business' approximately 103,000 customers will also continue without disruption upon closing. Fortumwill continue to sell electricity and to develop and offer related services to its electricity retail customers in Norwayas before. "We are pleased to close this deal. Warm thanks to our electricity distribution customers and our Distribution employees in Norwayfor the shared years," says Fortum'sCFO Timo Karttinen, who is also responsible for Fortum'sDistribution business. The decision to divest Fortum'sNorwegian electricity distribution business is linked to the strategic assessment of the company's electricity distribution business' future alternatives last year. In its heat business, Fortumwill focus on bigger urban areas providing the possibilities to develop combined heat and power (CHP) production. Fortum CorporationHelena Aatinen Senior Vice President, Corporate Communications Further information: Timo Karttinen, CFO, tel. +358 10 453 6555 Fortum Media Desk +358 40 1982 843 Distribution: NASDAQ OMX Helsinki Media www.fortum.com FortumFortumís purpose is to create energy that improves life for present and future generations. Catering to the versatile needs of our customers, we generate, distribute and sell electricity and heat, and offer related expert services. Our operations focus on the Nordic and Baltic countries, Russiaand Poland. In 2013, Fortumís sales totalled EUR 6.1 billionand comparable operating profit was EUR 1.6 billion. We employ approximately 8,800 people. Fortumís shares are traded on the NASDAQ OMX Helsinki. www.fortum.com Copyright © 2014 OMX AB (publ).