Fortum inches closer to takeover of Telge Energi

Finnish energy company Fortum Oyj (HEL:FORTUM) has obtained approval from the European Commission (EC) for its SEK-450-million (USD 42.3m/EUR 38.6m) agreement to buy Swedish renewable electricity retailer Telge Energi AB.

The go-ahead was granted unconditionally as the proposed transaction is not expected to harm competition given its limited impact on the market, the EU regulator said in a press release earlier this week.

Fortum agreed to buy Telge Energi in June from its parent company Telge AB, which is owned by the Sodertalje Municipality.

Founded in 1994, Telge Energi is described as one of the 10 largest clean electricity retailers in Sweden, serving about 150,000 customer contracts. Since 2008, it has been selling only renewable electricity from solar, wind and hydropower sources and delivered 1.8 TWh of electricity in 2022. The business reported an EBITDA of SEK 23 million last year.

(SEK 10.0 = USD 0.942/EUR 0.858)

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