CLP has assisted Fortum in its agreement with the City of Oslo (Oslo kommune) regarding the ownership and future co-operation concerning Hafslund, one of the largest listed power groups in the Nordic region.
Oslo kommune and Fortum have agreed to complete a restructuring of the ownership of Hafslund and Klemetsrudanlegget, where all shares in Hafslund will be sold to a newly incorporated company, delisted and where Fortum will subsequently acquire 100% of Hafslund Marked, 50% of Hafslund Varme (co-owned with Oslo kommune, with Fortum as the controlling party) and 10% of the holding company for Hafslund Produksjon (co-owned with E-CO), and where Oslo kommune will take over Hafslund Nett and certain other assets.
The transaction is unprecedented in Norway and represents the largest-ever transaction in the Norwegian utilities sector.
The transaction is subject to approval by the Oslo City Council (Bystyret) and necessary regulatory approvals. Closing of the transactions is expected during the third quarter of 2017.