SORAINEN Estonia is advising Fortum, a Finnish energy company, on sale of its 51.4%-shareholding in the Estonian main natural gas import, sales and distribution company Eesti Gaas to Trilini Energy. The transaction is subject to necessary regulatory approvals and customary closing conditions. Fortum expects to finalise the transaction during the first half of 2016. The parties have agreed not to disclose the sales price.
“Purchase of the majority stake in Eesti Gaas is the first step Infortar takes in order to establish a new domestic energy company,” says Ain Hanschmidt, chairman of management board of Infortar, an owner of Trilini Energy.
“With support of local capital we wish to bring more competition to today’s rapidly changing energy market, raise the quality of customer service and offer new products. We believe in the future of Estonian industry and here Eesti Gaas is to play an important part”, states Hanschmidt.
Infortar owns the majority stake in Trilini Energy that has concluded a contract with Fortum for purchase of 51% of the share capital of Eesti Gaas. Trilini Energy has also made purchase offers to Gazprom that owns 37% of Eesti Gaas and to Itera Latvija that owns 10% of Eesti Gaas. Minority shareholders own 1.57% of Eesti Gaas in total.
Eesti Gaas is engaged in distribution and sales of natural gas. The group of companies consists of EG Ehitus that focuses on design and construction of gas pipelines and facilities and Gaasivõrgud that provides distribution services. Eesti Gaas employs 205 persons and has 1,570 free consumers and 41,160 home consumers.
The SORAINEN team advising the seller throughout all the stages of the transaction consists of partner Toomas Prangli, specialist counsel Kadri Kallas and associate Triin Tigane.