Fortum has acquired E.ON's shareholding of 33.66% in the Estonian gas import, sales and distribution company Eesti Gaas and a similar shareholding in the gas transmission service company Võrguteenus Valdus. The acquired shares will increase Fortum's holding in both companies to approximately 51.4%. Gazprom becomes the second largest shareholder with 37.03%, followed by Itera Latvija (10.02%).
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 increase in Fortum's shareholding in Estonian gas transmission is an interim arrangement and 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.
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