Fortum’s majority investment in Uniper cleared

18 March 2020

On 13 March the Russian Federal Antimonopoly Service (FAS) informed Fortum that the company does not need a merger clearance decision for closing its majority transactions on Uniper SE shares. With this statement by the FAS, all the regulatory conditions required for closing the transactions have been fulfilled.

On 8 October last year Fortum announced that it had agreed to acquire all the Uniper SE shares held by funds managed by Elliott Management Corp and its affiliates, and Knight Vinke Energy Advisors Ltd and its. Fortum will close the transactions in two tranches. The first tranche, constituting at least 19.6% of Uniper SE shares, will be closed during the first quarter of 2020, as previously announced. Upon closing of the first tranche, Fortum’s ownership in Uniper will increase to 69.5%. The second tranche, a minimum of 1.0% and a maximum of 3.8% of shares, is due to be closed within two months after the first closing.

“We are pleased to have completed the final regulatory step and can now move forward with the closing of our transactions. The businesses of Fortum and Uniper are highly complementary and we share a similar view on the development of the energy sector. This provides an excellent starting point for deep collaboration and strategy alignment,” commented Pekka Lundmark, president and CEO of Fortum.

Fortum will consolidate Uniper as a subsidiary in its financial reporting as of the first tranche closing date.

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