By Dominic Chopping
Fortum Oyj said Friday that it has signed an agreement to sell its district heating business in the Jarvenpaa-Tuusula area in Finland to a consortium for 375 million euros ($422 million).
The Finnish state-controlled utility company said it expects to record a tax exempt capital gain of approximately EUR290 million in its third-quarter 2020 results.
The buying consortium consists of Finnish energy company Vantaa Energy Ltd., infrastructure investor Infranode and Finnish pension provider Keva.
The transaction is subject to customary closing conditions and is expected to be completed in the third quarter of 2020.
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