Finland Times

 

File Photo Lehtikuva.

Finnish energy company Fortum on Friday signed an agreement to acquire material and waste recycling company Ekokem.

 

Fortum revealed in a statement that it signed an agreement with the four biggest owners of Ekokem Corporation, representing approximately 81% of the shares, to acquire their shareholding in the company for approximately 470 million euros.

 

The four biggest shareholders of Ekokem are the Finnish State, the Association of Finnish Local and Regional Authorities, Ilmarinen Mutual Pension Insurance Company and the Helsinki Region Environmental Services Authority, HSY.

 

Fortum expects the deal to be concluded during the third quarter of 2016.

 

According to Fortum, the transaction will require competition authority clearances in Finland and in Sweden.

 

“Ekokem is a first-class company with experienced management and personnel. Supported by Fortum’s competence in waste-to-energy and strong financial resources, a true Nordic circular economy champion will be formed. We see excellent international growth opportunities for the business and intend to invest in the further development of Ekokem’s solutions,” said Pekka Lundmark, Fortum's President and CEO.

 

Ekokem’s net sales totalled 258 million euros and has approximately 630 employees.