References/6 Nov 2014
Borenius advised E.ON and Fortum on the Sale of the Majority of Gasum
We advised E.ON and Fortum on the EUR 510 million sale of their shareholdings (20% and 31%, respectively) in Gasum (the Finnish gas company) to the Finnish State.
Established in 1994, Gasum is a Finnish company that is a diverse service provider for Finnish energy producers, homes and industries and offers environmental solutions for transport. The Gasum Group’s net sales totalled €1,281 million in 2012. Gasum has three business units: Energy Trade, Transmission Services and Energy Services.
The sale is part of E.ON’s ongoing strategy of optimising its business portfolio and follows the divestment of E.ON’s 34% participation in the Finnish nuclear project Fennovoima and the sale of E.ON’s Finnish energy companies, E.ON Kainuu Oy and Karhu Voima Oy in 2013.
Fortum’s decision to divest its shareholding in Gasum is part of the company’s efficiency programme launched in 2012 and aiming at the disposal of non-core assets. Fortum focuses, in accordance to its strategy, on low-carbon power generation, energy-efficient combined heat and power (CHP) production and sales as well as innovative customer offerings.