By Dominic Chopping
Finnish state-controlled utility company Fortum Oyj said late Wednesday that it has agreed to sell its 50% ownership in Swedish district heating and cooling company Stockholm Exergi Holding AB to a group of European institutional investors for 29.5 billion Swedish kronor ($3.45 billion).
The consortium comprises APG, Alecta, PGGM, Keva and AXA.
Fortum said the consideration is based on an enterprise value of SEK71.9 billion and the company expects to record a tax-exempt capital gain of around 2.4 billion euros ($2.85 billion).
The transaction is subject to customary closing conditions. Fortum expects closing to take place before the end of 2021.
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(END) Dow Jones Newswires