By Dominic Chopping
Finnish state-controlled utility Fortum Oyj said Monday it has agreed to sell a majority stake in its public charging point operator for electrical vehicles in the Nordics to Infracapital, the infrastructure equity investment arm of M&G PLC.
After the transaction Fortum's ownership in Fortum Recharge AS, will be 37%.
The enterprise value of the whole Recharge business is approximately 140 million euros ($151.5 million), it said.
Recharge owns close to 1,300 public charging points and operates an additional 1,400 charging points in Norway, Finland, and Sweden.
"The partnership will create a shared ownership structure designed to accelerate Recharges growth plans in the public charging point operator market and reaffirm its market leading position," the company said.
"At the same time, the transaction will release capital for further growth in this partnership and in services provided to Fortum's mobility customers."
Fortum will continue to own and offer its mobility services for digital public charging, as well as home and destination charging services under its Charge&Drive and Plugsurfing brands. It will also continue to offer software as a service (SaaS) for operating electrical vehicles (EV) charging infrastructure networks and customer interfaces to other charging point operators.
The transaction is expected to close in the second quarter of 2020.
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