Fortum obtains 100% of shares in electricity and gas sales company in Poland

Fortum has obtained 100% of shares in Grupa DUON S.A., an electricity and gas sales company listed on the Warsaw Stock Exchange.

Fortum announced a tender offer for Grupa DUON S.A. on 8 January 2016. During the subscription period that ended on 26 February 2016 Fortum received subscriptions from shareholders representing altogether 93.35% shares in the company at the offered price PLN 3.85 per share. The remaining shares were purchased from shareholders under the mandatory squeeze-out procedure at the same price per share.

The acquisition is in line with Fortum's strategy to offer and grow in sustainable city solutions.

Duon sells electricity and natural gas. The company was founded in 2000, and it is currently one of the leading independent providers of electricity and natural gas in Poland. It is also a leading distributor and transporter of LNG. In 2014, its revenues were PLN636 million and EBITDA PLN36 million. Currently it employs approximately 600 people. The company has been listed on the Warsaw Stock Exchange since 2007 (DUO:WSE).