The Russian government has approved Finnish state-owned energy company Fortum’s previously announced acquisition of an additional 20.5 percent share in German energy company Uniper, bringing its total ownership to 70.5 percent.
The shares are currently owned by Elliott Management and Knight Vinke Energy Advisors and are expected to fetch about €2.3 billion ($2.5 billion), or €29.93 ($32.80) per share.
Upon closing of the transactions, Fortum will have a €6.2 billion ($6.8 billion) investment in Uniper. The transaction will be financed with existing cash resources and committed credit facilities underwritten by Barclays Bank.
When Fortum announced the pending buy in October, the company noted that closing of the transaction was subject to customary regulatory clearances in Russia and the United States.
The Government Commission’s decision was announced on Nov. 14 to the Ru
