Fortum plans to focus on clean power generation in Nordics after divesting its shares in Uniper.
The decision comes after the two companies, along with the German State, signed the final terms of the comprehensive stabilisation package at the Uniper Extraordinary General Meeting.
The German State will acquire all of Fortum’s approximately 293m shares in Uniper SE for €1.70 per share, a total consideration of approximately €500m. Uniper will repay the €4bn shareholder loan, which Fortum has granted to Uniper.
As part of the signed package, Fortum has the right of first offer in case Uniper intends to divest all or parts of its Swedish hydro and nuclear assets until the end of 2026.
The exit from Uniper enables Fortum to refocus on clean Nordic power generation as its core business. Fortum is currently reviewing its strategy with the main focus on clean power generation.
The divestment of Fortum’s operations in Russia is ongoing.
Following the change of control in Uniper to the German State, Fortum’s representatives on Uniper’s Supervisory Board will resign: Fortum’s President and CEO Markus Rauramo, who has been Chair of the Supervisory Board, Fortum’s CFO Bernhard Günther, Vice Chair of the Supervisory Board, as well as Fortum’s General Counsel Nora Steiner-Forsberg and Head of Fortum’s CEO Office Esa Hyvarinen.
“Due to Russia’s attack war on Ukraine and the resulting European energy crisis, our operating environment has changed drastically in 2022,” said Markus Rauramo, President and CEO of Fortum.
“At Uniper’s EGM today, we will vote for the transactions that seal the sale of Fortum’s shares in Uniper to the German State. This is not what we had in mind when we became the main shareholder and confidently started our joint journey with Uniper. Since the transaction became inevitable I can only thank all parties for their commitment to finalise the agreements.
“In the new year I look forward to sharing Fortum’s new strategy. With our strong and well-performing Nordic clean generation business, we are able to forge a path towards a sustainable future. Fortum’s CO2-free generation assets are needed more than ever,” he concluded.