Finnish utility Fortum has agreed to sell its 50% stake in Stockholm Exergi, a Swedish district heating and cooling company, to a consortium of pension funds for about 2.9 billion euros ($3.4 billion), Fortum said on Wednesday.
The consortium comprises five pension funds: Dutch players APG and PGGM, Finland’s Keva, Sweden’s Alecta and Britain’s AXA.
Fortum, which outlined in a December strategy update that it would look into divesting its consumer businesses, said it expected the stake sale to result in a tax-exempt capital gain of about 2.4 billion euros for its city solutions division.
The state-controlled utility also said strategic reviews of its heating and cooling business in Poland and its consumer solutions business remain underway.
Source: Reuters.com