Fortum said Friday it has agreed to sell 100% of its shares in Polish gas infrastructure company DUON Dystrybucja S.A. to Infracapital, the infrastructure investment arm of M&G Investments.
The parties have agreed not to disclose the sales price. The sale is expected to have a minor positive impact on Fortum’s results.
Fortum said it continuously optimizes its asset portfolio and has chosen to divest the gas infrastructure assets as they are non-core for Fortum’s strategy.
DUON Dystrybucja S.A. is transporting grid gas and LNG in Poland. The company was acquired as part of the acquisition of the electricity and gas sales company Grupa DUON S.A. (currently Fortum Markets Polska S.A.) in 2016 (announced on 8 January 2016).
The transaction is subject to regulatory approvals and customary closing conditions. Fortum expects to finalize the transaction during the third quarter 2017.