Fortum said Thursday it has completed the acquisition of the Swedish electricity solutions provider Telge Energi AB from Telge AB. The total consideration for the entire shareholding in Telge Energi on a cash and debt-free basis was approximately SEK 450 million (EUR 38 million). The transaction was announced on 7 June.
The transaction required approvals from the municipal government and the local government council of Södertälje as well as the clearance by the European Commission.
Telge Energi will be reported in Fortum’s Consumer Solutions segment in the third quarter of 2023.
The acquisition is in line with Fortum’s strategy to deliver reliable and clean energy, to drive decarbonisation of its customers’ processes, and to transform and develop. The transaction further strengthens Fortum’s leading position in providing clean electricity solutions to consumer and enterprise customers in the Nordics.
Telge Energi is among the 10 largest clean electricity retailers in Sweden with a portfolio of approximately 150,000 customer contracts. The customer base consists of retail customers and households, as well as small and mid-sized enterprise customers. In 2022, Telge Energi delivered 1.8 TWh of electricity, the total of which was clean energy with an EBITDA of SEK 23 million (approximately EUR 2 million). The company has some 100 employees.