APG Asset Management NV, PGGM, Alecta Pensionsförsäkring, ömsesidigt, Keva and AXA IM Alts entered into an agreement to acquire a 50% stake in Stockholm Exergi Holding AB (publ) from Fortum Oyj (HLSE:FORTUM) for SEK 29.5 billion on June 30, 2021. The APG deal team that worked on the transaction was composed of Carlo Maddalena, Bart Saenen, Jan Jacob van Wulfften Palthe, Marjolaine Lopes and Silvan Koortens. As of December 31, 2020, Stockholm Exergi reported EBITDA of SEK 2.8 billion and revenue of 700 million (approximately SEK 7 billion). The consortium was led by APG. APG will acquire 20% stake in Stockholm Exergi. The transaction was supported with a financing package provided by Intesa Sanpaolo, Mediobanca Banca di Credito Finanziario S.p.A., Natixis and Société Générale. The transaction is subject to customary closing conditions and regulatory approvals. As of August 12, 2021, he European Commission (EC) has unconditionally approved the transaction. The transaction is expected to close before the end of 2021. DC Advisory and Rothschild & Co SCA (ENXTPA:ROTH) acted as a financial advisor, White & Case LLP and Latham & Watkins LLP acted as a legal advisor, PricewaterhouseCoopers Belastingadviseurs N.V. acted as an accountant, AFRY acted as a commercial advisor and Hallvarsson & Halvarsson acted as a public relation advisor to APG, Alecta, PGGM, Keva and AXA. Lenders were advised by Weil, Gotshal & Manges. Pekka Hiltunen and Anders Safarov of Danske Bank A/S, Finland Branch, Thomas Wrangsjö, Jacob Andersson, Johanna Backman and Axel Norhammar of Danske Bank A/S, Sweden Branch and Citigroup Inc. (NYSE:C) acted as financial advisors to Fortum Oyj.
APG Asset Management NV, PGGM, Alecta Pensionsförsäkring, ömsesidigt, Keva and AXA IM Alts completed the acquisition of Stockholm Exergi Holding AB (publ) Fortum Oyj (HLSE:FORTUM) on September 20, 2021.