Fortum has finalized the sale of its district heating business in the Jarvenpaa-Tuusula area of Finland for €375 million ($446 million).
The buyer was a consortium consisting of Vantaa Energy, Infranode and Keva.
The total consideration of the sale was made on a debt- and cash-free basis.
Fortum, a European energy company, is active in more than 40 countries. The company provides customers with electricity, gas, heating and cooling, as well as smart solutions to improve resource efficiency.
Together with its subsidiary Uniper, Fortum is the third-largest producer of CO2-free electricity in Europe. The company has a combined balance sheet of €69 billion ($82 billion).
