We are advising Fortum Corporation in the purchase by its subsidiary Fortum Heat Estonia who is acquiring a 40% stake in the district heating and cooling group Fortum Tartu from Giga.

Increasing flexibility

With the transaction, Fortum increases its ownership in Fortum Tartu to 100% (from 60%). With this step Fortum is looking to increase the flexibility in potential future options for the Estonian district heating businesses. The completion of the transaction is subject to the approval by the Estonian Competition Authority.

Our client team and services

We are advising Fortum in all stages of the transaction. Our project team is led by partner Toomas Prangli and includes of-counsel Isabella Barbara Aavik along with senior associates Piibe Lehtsaar and Kaspar Endrikson.