LONDON, UK AND TORONTO, ON (December 12, 2013) -- Borealis Infrastructure, the infrastructure investment arm of the Ontario Municipal Employees Retirement System ("OMERS"), together with investment partners, has signed an agreement to acquire Fortum Corporation's electricity distribution networks in Finland.
Borealis, with partners First State European Diversified Infrastructure Fund, and Finnish institutional investors Keva and LocalTapiola Pension, have agreed to acquire 100% of Fortum Distribution Finland ("FDF").
FDF is the owner of the largest electricity distribution network in Finland, with over 600,000 customers across the country, representing a greater than 20% market share. The network is regulated by the Finnish Energy Market Authority (EMV).
"Borealis Infrastructure is very pleased to be making its first investment in Finland, in a sector that provides an excellent match for the long-term obligations of the OMERS pension plan. Finland is one of the most attractive investment destinations globally, with strong economic prospects and a stable political regime and legal framework. Regulated and contracted energy assets in North America and Europe are an important part of our investment strategy, and together with our investment partners and the strong team at FDF, we will focus on delivering value to all stakeholders over the long-term" said Michael Rolland, President and CEO of Borealis Infrastructure.
Fortum will continue to provide services and support to the distribution business, including customer services, to ensure a smooth transition of ownership.
Completion of the transaction is expected during the first quarter of 2014, subject to customary regulatory approvals.
About Borealis Infrastructure
Borealis Infrastructure is a leader in direct infrastructure investing with over a decade of investment experience. Borealis manages approximately CAD 10 billion in OMERS equity capital through investments in a diversified portfolio of large-scale infrastructure assets exhibiting stability and strong cash flows, in sectors including energy, transportation and government-regulated services. It has offices in Toronto, London and New York. Borealis is the infrastructure investment arm of OMERS, one of Canada's largest pension funds with net assets of more than CAD 60 billion and a AAA credit rating. For more information please visit www.borealis.ca or www.omers.com.
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Lori McLeod Director, Media Relations
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