Finland : Fortum increases its shareholding in Estonian Natural Gas companies AS Eesti Gas and AS Vorguteenus Valdus - structuring for eventual divestment
Fortum has acquired E.ON Ruhrgas International GmbH's shareholding of 33.66% in the Estonian natural gas import, sales and distribution company AS Eesti Gaas and a similar shareholding in the gas transmission service company AS Vorguteenus Valdus. The acquired shares will increase Fortum's holding in both companies to approximately 51.4%.
The transaction is subject to necessary regulatory approvals and customary closing conditions. Fortum expects to finalise the transaction during the third quarter of 2014. The parties have agreed not to disclose the sales price. Fortum will continue to account for its holdings in the Estonian natural gas businesses using equity method.
The increase in Fortum's shareholding in Estonian natural gas transmission is an interim arrangement. Fortum is structuring its holdings in anticipation of an eventual divestment. In line with the Directive 2009/73/EC of the European Parliament and of the Council, the Estonian Natural Gas Act requires ownership unbundling of natural gas transmission and gas sales.