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4 months ago
Finland's Fortum to buy Hafslund operations for $262 million
April 26, 2017 / 5:55 AM / 4 months ago

Finland's Fortum to buy Hafslund operations for $262 million

HELSINKI, April 26 (Reuters) - Finnish utility Fortum announced on Wednesday a plan to restructure ownership in Norwegian power group Hafslund and invest about 240 million euros ($262 million) in its operations.

Fortum said it will sell its 34.1 percent stake in Hafslund to City of Oslo for about 730 million euros, and that it would then buy Hafslund's Markets business area and stakes in other businesses worth in total about 970 million euros.

Fortum has been looking for mergers and acquisitions for years following its 9.3 billion euro divestment of power distribution grids, but it has so far announced relatively small investments.

$1 = 0.9137 euros Reporting by Jussi Rosendahl

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