On October 27, 2020, an investment consortium to which PGE is a party submitted a preliminary non-binding offer to Fortum Holding B.V. for the purchase of its heating and cooling business in Estonia, Lithuania, Latvia and Poland. The Consortium consists of the following companies: PGE, Polskie Górnictwo Naftowe i Gazownictwo S.A., PFR Inwestycje FIZ, a part of whose investment portfolio is managed by Polski Fundusz Rozwoju S.A., and IFM Investors Pty Ltd.
On November 16, 2020 PGE and Polskie Górnictwo Naftowe i Gazownictwo S.A. (Partners) submitted a modified, preliminary and non-binding offer for the purchase of assets belonging to Fortum Holding B.V.
The subject matter of the modified offer was the acquisition of the district heating business conducted by Fortum Holding B.V. exclusively in Poland. At the same time the Partners withdrew their offer to acquire Fortum Group’s assets used in Estonia, Lithuania and Latvia and to participate in an investment consortium together with PFR Inwestycje FIZ and IFM Investors Pty Ltd. The Partners will continue working together with a view to submitting a binding offer for the aforementioned assets.
The Polish subsidiary of Fortum Holding B.V. is active mainly in the generation, distribution and sale of heat and the generation of electricity.
The purchase of assets from Fortum Group is in line with the PGE Group’s Strategy until the year 2030 announced on October 19, 2020.