Fortum to sell its Estonian electricity sales and transmission company

SORAINEN Estonia advised Fortum Power and Heat Oy on the sale of their Estonian subsidiary Fortum Elekter to Imatran Seudun Sähkö, an energy group focusing on electricity production, transmission and sales. In conjunction, Fortum will give up its share of Imatran Seudun Sähkö.

Ownership and proprietary rights will transfer from Fortum to Imatran Seudun Sähkö at the turn of the year. Fortum Elekter has 24,400 electricity transmission and electricity sales customers in Estonia. Company sales were EUR 15 million in 2010, and it employs 43 people in Haapsalu and Viimsi.

"Fortum Elekter is a company with good local management, solid know-how and a high level of customer satisfaction," notes Ari Koponen, vice president of Fortum Distribution. "However, in our 2010 renewed strategy, we have decided to focus on electricity distribution in the Nordic countries and that is why we are divesting Fortum Elekter."

Our advice included pre-divestment corporate reorganisation and transaction assistance. The team, led by partner Toomas Prangli, included senior associate Paul Künnap and associate Ulla Jürimäe.

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