Fortum completes the divestment of its recycling and waste business
Source: www.gulfoilandgas.com 11/29/2024, Location: Europe
Fortum has completed the divestment of its recycling and waste business to Summa Equity. The transaction was announced on 18 July 2024.
The total consideration from the divestment is approximately EUR 800 million on a debt- and cash-free basis. Fortum will record a tax-exempt capital gain of approximately EUR 180 million. The gain will be reported as Items Affecting Comparability in the Other Operations segment’s results in the fourth quarter of 2024. The net cash flow received from the transaction is approximately EUR 720 million.
The divestment of the recycling and waste business is part of Fortum’s strategic review of its Circular Solutions businesses. After the announced divestments of the recycling and waste business, the biobased solutions businesses and the turbine and generator services, Fortum continues the strategic review of its remaining Circular Solutions’ businesses: the battery recycling business and UK-based waste-to-energy business.
