Partners Group acquires Fortum district heating business in the Baltics for EUR 800 million

Partners Group, a leading global private markets firm, acting on behalf of its clients has signed an agreement to acquire the Fortum district heating business in the Baltics for the total consideration on a debt- and cash-free basis of EUR 800 million.

The transaction is subject to customary closing conditions and is expected to be completed in the second quarter of 2021.

This investment reflects Partners Group’s continuing commitment to transformational investing in assets that have meaningful impact on the communities in which they operate.

Ellex acted as the local counsel for law firm Clifford Chance who advised Partners Group on the transaction. M&A partner Paulius Gruodis from Ellex office in Vilnius led the transaction in the Baltic states. Partners Group was advised by Ellex experts in Estonia: Partner Gerli Kivisoo, Counsel Triin Frosch, Senior associates Anneli Krunks, Hanna Pahk and Kaisa Laidvee, Associates Karin Tartu, Liisbeth Lillo and Karl Kreevald; in Latvia: Senior Partner Filips Klavins, Senior Counsel Iveta Ceple, Senior Associates Beata Plocina, Edvijs Zandars and Inese Freivalde, Associates Eduards Dzintars, Ints Skaldis, Kristers Losans and Marats Golovkins; and in Lithuania by partners Paulius Gruodis, Giedrius Stasevičius and dr. Karolis Kačerauskas, expert Ema Būtėnienė, Senior Associates Mantas Juška, Edvinas Beikauskas, Gintarė Skrolienė, Nerijus Patlabys and Associate Laura Paulaitė.

Partners Group is a leading global private markets investment manager. Since 1996, the firm has invested over USD 145 billion in private equity, private real estate, private debt, and private infrastructure on behalf of its clients globally.

Fortum is a European energy company with activities in more than 40 countries. It provides its customers with electricity, gas, heating and cooling as well as smart solutions to improve resource efficiency.