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2017-08-04 14:00:01 CEST 2017-08-04 14:00:01 CEST REGULATED INFORMATION Fortum - Other information disclosed according to the rules of the ExchangeFortum’s restructuring of Hafslund concluded
FORTUM CORPORATION STOCK EXCHANGE RELEASE 4 AUGUST 2017 15:00 EEST Fortum has today concluded the restructuring of its ownership in Hafslund together with the City of Oslo, as originally announced on 26 April 2017. Fortum has sold its 34.1% stake in Hafslund ASA to the City of Oslo and acquired 100% of Hafslund’s Markets business area. Hafslund’s Heat business area and the City of Oslo’s waste-to-energy company Klemetsrudanlegget AS (KEA) have been combined into one company and Fortum has acquired 50% of the combined company. In addition, Fortum has acquired 10% of Hafslund’s current Production business area. The combined net cash investment of the transactions, including dividend received in May 2017, is expected to be approximately EUR 230 million. Fortum expects to book a one-time tax-free sales gain in its third quarter 2017 results totalling approximately EUR 325 million, which corresponds to EUR 0.36 earnings per share. Transaction costs of approximately EUR 5 million will be included in the result for the third quarter of 2017. Hafslund Markets will be a part of the Consumer Solutions division and will be consolidated into Fortum Group from 1 August 2017. The combined company of Hafslunds Heat business area and KEA will be consolidated with 50% minority interest into the results of City Solutions from 1 August 2017. The Hafslund Production business area will be treated as an associated company and reported in the Generation segment.
Fortum Corporation
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