Avance advises Fortum Corporation (listed on the NASDAQ OMX Helsinki) in connection with the acquisition of approximately 81% of the shares in Ekokem Corporation, a leading Nordic circular economy company specialized in hazardous waste treatment, material and waste recycling, final disposal solutions, soil remediation and environmental construction. Fortum will make a tender offer to all remaining shareholders and proceed with a minority redemption process after having reached the necessary ownership thresholds. The debt and cash-free valuation of 100% of the company is approximately EUR 700 million.
The acquisition from the Finnish State, the Association of Finnish Local and Regional Authorities, Ilmarinen Mutual Pension Insurance Company and the Helsinki Region Environmental Services Authority, HSY will require competition authority clearances in Finland and in Sweden. The completion of the tender offer will be subject to Fortum obtaining the competition clearances and reaching a majority ownership in Ekokem.