Fortum’s acquisition of Ekokem finalised

08/31/2016

Fortum’s acquisition of Ekokem finalised

On 27 May 2016 Fortum announced that it had made an agreement regarding the acquisition of Ekokem Corporation. The conditions for closing the transaction have been met and today Fortum announced that it has finalised the acquisition of Ekokem with the four biggest owners. These four owners together represent approximately 81 per cent of Ekokem’s shares.

As of today, minority shareholders in Ekokem representing approximately 12 per cent of the shares have approved the tender offer. Consequently, as Fortum’s total shareholding will exceed the 90 per cent threshold Fortum will initiate a minority redemption process for the remaining shares directly after the end of the tender offer period (30 September 2016). Shareholders accepting the tender offer during the tender offer period will receive payments mostly in September 2016, whereas payments to the shareholders in the redemption process are estimated to take place in the spring of 2017.

The debt and cash-free purchase price for 100 per cent of the company will be approximately EUR 700 million, corresponding to EUR 165 per Ekokem share offered by Fortum in its tender offer to Ekokem shareholders. Ekokem will be integrated as a business area into the City Solutions division and is consolidated into Fortum Group from the end of August 2016.

Further information

Karri Kaitue, CEO, Ekokem Corporation, tel. +358 10 7551 220
Hanna Masala, SVP, strategy, IR and communications, Ekokem Corporation, tel. +358 10 7551 110


Background information:

Fortum briefly

Fortum's vision is to be the forerunner in clean energy. Fortum provides its customers with electricity, heat and cooling as well as other energy solutions. Fortum’s main markets are the Nordic and the Baltic countries, Russia, Poland and India. In 2015, Fortum employed some 8,000 people, and Fortum’s sales were EUR 3.5 billion. Fortum's share is listed on Nasdaq Helsinki.

Ekokem briefly

Ekokem is one of the leading circular economy companies in the Nordics which offers environmental management and material efficiency services. Ekokem operates the leading Nordic hazardous waste treatment plants and provides its customers with specialized environmental management know-how on a broad front. The company’s objective is to create value by improving customers’ material and energy efficiency. Ekokem offers recycling, utilization, and final disposal solutions as well as soil remediation and environmental construction services. For more than 35 years, Ekokem has contributed to saving natural resources and promoting the circular economy.