Fortum Buys E.On's Holding in Eesti Gaas
OREANDA-NEWS. July 14, 2014. The Finnish energy group Fortum has bought a shareholding of Germany's E.ON in the Estonian natural gas importer and distributor Eesti Gaas and a shareholding in the gas transmission service company Vorguteenus Valdus, therefore becoming majority shareholder of both companies.
The acquired shareholding of 33.66 percent in Eesti Gaas will increase Fortum's holding in both companies to about 51.4 percent, the company told the stock exchange.
The transaction is subject to necessary regulatory approvals and customary closing conditions. Fortum expects to finalize the transaction during the third quarter of 2014. The parties have agreed not to disclose the sales price.
The increase in Fortum's shareholding in Estonian natural gas transmission is an interim arrangement. Fortum is structuring its holdings in anticipation of an eventual divestment pursuant to a European Union directive and Estonian laws.