Finnish power group Fortum has obtained 100% of shares in Grupa Duon, one of the leading independent providers of electricity and gas in Poland.
Fortum announced a public tender offer to purchase all shares in Grupa Duon in January 2016. In late February 2016, the group had already secured 51% of the company and it reached 93.35% in early March 2016. The remaining shares were purchased from shareholders under the mandatory squeeze-out procedure at the same price per share.
Fortum has been operating in Poland since 2003. It currently has 3 CHP plants (200 MWe and 1,100 MWth) and over 800 km of district heating networks, which serve around 360,000 households in the cities of Płock, Wrocław, Częstochowa, Zabrze and Bytom. The group is also building a new CHP power plant in Zabrze. Duon was founded in 2000 and is one of the largest electricity and gas providers in Poland, also active in LNG sales.