As part of this transaction, Fortum will receive newly issued shares in Norway-based Hafslund Infratek. Fortum’s ownership will amount to 33% of the combined company. Hafslund, the majority shareholder of Hafslund Infratek, will hold
43.3% of the shares. The remaining shares will be owned by institutional and private shareholders.
A combination of Fortum Service’s infrastructure operations and Hafslund
Infratek is expected to create an influential Nordic player within the field of building, operating and securing critical infrastructure, primarily energy carriers, telecom and security systems.
The transaction concerns some 1,050 Fortum Service employees, approximately 750 of whom work in Sweden, 150 in Finland and 150 in Norway. The final agreement will be conditional to approval by the board of each company and the general meeting of Hafslund Infratek. The transaction is expected to become effective as of January 1, 2009.
Markku Vauhkonen, president of Fortum Service, said: The significant growth we see within the field of building and operating energy related infrastructure demands larger and more efficient suppliers. This combination will provide synergy benefits through competence exchange and more efficient utilization of resources, thus creating a strong specialized player to the Nordic market.
