Fortum has agreed to sell its power subsidiary in Estonia, Fortum Elekter AS, to Imatran Seudun Sähkö. Fortum Elekter AS has 24,400 electricity distribution and sales customers in Estonia. The company’s sales reached €15m in 2010. In turn, Fortum's stake and proprietary rights in Imatran Seudun Sähkö will be transferred at the turn of the year.
Fortum will also sell Fortum Energiaratkaisut Oy and Fortum Termest AS to the EQT Infrastructure Fund, for about €200m including net debt; the capital gain is estimated at €50m. Fortum Energiaratkaisut Oy and Fortum Termest AS are Fortum's subsidiaries in charge of heat, steam and cooling business for SMEs and services sector in Finland and Estonia. In 2010, those companies sold about 3.4 TWh for approximatively €150m. The transaction is planned to be completed during the first quarter of 2012 and is subject to the approval of the relevant competition authorities.