Finland to Hold Majority Stake in Gasum After Completion of Sale Deal with Fortum, E.ON

The State of Finland is to become the majority shareholder of Gasum, after clinching deals to purchase 31% of the company's shares from Fortum and 20% from E.ON.

“The role of natural gas in Finnish energy supply and in industrial use is important. I’m very satisfied that the Finnish State can execute a long-lasting decision to strengthen its security of supply and further secures a competitive energy supply for the use of Finnish industry”, Minister Sirpa Paatero, responsible for State ownership steering, commented in a note released in the morning.  

Finland’s stake in the company will be split between the National Emergency Supply Agency (26.5%) and Gasonia (48.5%). Gasonia is a State owned company set up for the ownership arrangement.

“We actively develop the LNG- and bio gas infrastructure and production in Finland and other Nordic countries to be able to offer more competitive energy for our customers’ needs,” Gasum CEO Johanna Lamminen said in a separate communiqué. 

According to E.ON, the German company sold its stake for €0.2 billion, with the transaction expected to be completed ‘shortly’.

‘The sale is part of E.ON’s ongoing strategy of optimizing its business portfolio and follows the divestment of E.ON’s 34 percent participation in the Finnish nuclear project Fennovoima and the sale of E.ON’s Finnish energy companies, E.ON Kainuu Oy and Karhu Voima Oy in 2013,’ the company wrote on its website.