The EQT Infrastructure Fund has signed an agreement with the Finnish Fortum Corporation to acquire Fortum Energiaratkaisut Oy in Finland and Fortum Termest AS in Estonia, both previously part of Fortum’s Heat Division, for an enterprise value of EUR 200 million. The two companies will be managed as one entity after the transaction. The transaction represents EQT Infrastructure’s first acquisition in Finland and Estonia.
EQT is the leading private equity group in Northern Europe with close to EUR 18 billion in raised capital and multiple investment strategies. The EQT Infrastructure Fund invests primarily in existing infrastructure in Northern and Eastern Europe but can also invest globally, particularly in North America. Investment targets are basic infrastructure, concession based infrastructure, social infrastructure and infrastructure-related services.
Fortum Energiaratkaisut and Fortum Termest are the leading outsourced industrial and commercial energy solution providers in Finland and Estonia, respectively. The companies build, own and operate plants producing process steam, heat and cooling at their respective clients’ production facilities. In addition, both Fortum Energiaratkaisut and Fortum Termest operate district heating networks. The companies deliver energy based on proven technology in approximately 230 sites across Finland and Estonia. The majority of the revenue is generated by Fortum Energiaratkaisut in Finland, where the company is a market leader in outsourced industrial energy solutions. The companies generated aggregated revenues of EUR 151 million and had energy sales of 3.4 TWh in 2010.