Fortum concludes sale of Uniper to German government

Finland's Fortum said on Wednesday it had concluded the sale of its stake in utility Uniper to the German State.

The German government in late September agreed to take over Fortum's Uniper subsidiary, nationalising the gas importer amid heavy losses incurred after Russia cut supplies. "Today, Fortum has received the total consideration of the share transaction of approximately 0.5 billion euros ($530.50 million) and Uniper has repaid the shareholder loan of 4 billion euros granted by Fortum," the Finnish company said.

Out of the 4 billion euros, a total of 3 billion will be released by year-end, while the remaining 1 billion, with a full German governmnt guarantee, will be released no later than at the end of June 2023, Fortum added. ($1 = 0.9425 euros)