Gasum to Sell Estonian Business to Alexela Energia

Finland’s Gasum Energiapalvelut announced it will sell its assets in Estonia to Alexela Energia, explaining that the decision is part of its strategy to push forward with its plans to grow its gas business in the Nordic countries.

“This arrangement supports Gasum’s strategy of focusing on the development of the gas market in Finland and the Nordic countries,” Jarko Alanko, Gasum’s Vice President, said in a note released on Monday.

According to the Finnish company, the transaction should be completed by October 2014. 

“Despite the change in ownership, the local distribution of gas will continue as usual without interruptions,” Marti Hääl, Alexela Energia’s CEO, commented.

The two companies are increasing their ties. Last week, they presented collaboration models to go forward with their LNG plans in the Gulf of Finland.