Fortum has obtained 100% of shares in the electricity and gas sales company Grupa DUON S.A. in Poland



On 8 April 2016, 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 2015, its revenues were PLN 861 million (EUR 206 million) and EBITDA PLN 42 million (EUR 10 million). Currently it employs approximately 500 people. The company has been listed on the Warsaw Stock Exchange since 2007 (DUO: WSE).

Fortum in Poland
Fortum has been operating in Poland since 2003. It currently has three combined heat and power (CHP) plants and over 800 km of district heating networks, which serve around 360,000 households in the cities of Płock, Wrocław, Częstochowa, Zabrze and Bytom. The overall power generation capacity is over 200 MW and heat generation capacity over 1,100 MW. Fortum is currently building a new multi-fuel CHP plant in Zabrze with the investment value of approximately EUR 200 million. The company has about 600 employees in Poland.

Fortum’s vision is to be the forerunner in clean energy. We provide our customers with electricity, heat and cooling as well as other energy solutions that improve present and future life. Already 64% of our electricity generation is CO2 free. Our main markets are the Nordic and the Baltic countries, Russia, Poland and India. In 2015, we employed some 8,000 energy sector professionals, and our sales were EUR 3.5 billion. Fortum’s share is listed on Nasdaq Helsinki.

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