Avance acts as lead counsel to Fortum Corporation (listed on the NASDAQ OMX Helsinki) in the approx. EUR 6.6 billion divestment of Fortum’s electricity distribution business in Sweden to a consortium comprising Swedish national pension funds Första AP-Fonden and Tredje AP-Fonden, Swedish mutual insurance and pension savings company Folksam and the international infrastructure investor Borealis Infrastructure Management Inc.
The Swedish distribution business owns and operates approx. 71,000 km of electricity distribution and regional networks, includes 906,000 customers and accounts for about 17 per cent of local electricity distribution in Sweden.
The transaction is a landmark deal in the Nordic region and from a value perspective, the biggest transaction ever involving a Finnish company.