Hafslund Eco AS, Infranode Ab and HitecVision AS (OTCNO:HITV) signed an agreement to acquire 50% stake in Fortum Oslo Varme AS from Fortum Oyj (HLSE:FORTUM) for NOK 10 billion on March 22, 2022. The consideration will be paid on a cash and debt free basis. The consideration is based on a 100% enterprise value of NOK 20
billion. The transaction is subject to approval by the Oslo City Council (Bystyret), necessary regulatory approvals and fulfilment of the customary closing conditions. The closing of the transactions is expected during the second quarter of 2022. Danske Bank A/S, Finland Branch acted as financial advisor to Fortum Oyj in the transaction. Andrew Congleton and Nipun Narang of DC Advisory acted as financial advisor to Hafslund Eco AS, Infranode Ab and HitecVision AS.

Hafslund Eco AS, Infranode Ab and HitecVision AS (OTCNO:HITV) completed the acquisition of 50% stake in Fortum Oslo Varme AS from Fortum Oyj (HLSE:FORTUM) on May 19, 2022.