Fortum has announced the sale of its 50% ownership in Stockholm Exergi for €2.9bn to an investor consortium led by APG, a Dutch pension fund. With a significant premium compared to our valuation, the deal will allow the group to deleverage and make its carbon footprint greener, as these two metrics worsened after the consolidation of Uniper. Is this enough to accelerate the asset rotation and a total squeeze-out of Uniper ?
01 Jul 2021
Fortum is selling Exergi with a strong premium
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Fortum is selling Exergi with a strong premium
Fortum has announced the sale of its 50% ownership in Stockholm Exergi for €2.9bn to an investor consortium led by APG, a Dutch pension fund. With a significant premium compared to our valuation, the deal will allow the group to deleverage and make its carbon footprint greener, as these two metrics worsened after the consolidation of Uniper. Is this enough to accelerate the asset rotation and a total squeeze-out of Uniper ?