Integrated report 2021

33.2 Preliminary proposal to purchase stake in Fortum’s assets

On October 27, 2020, an investor consortium that included PGE submitted a preliminary, non-binding proposal to purchase from Fortum Holding B.V. its district heating and cooling business in Estonia, Lithuania, Latvia and Poland. Consortium members included: PGE, Polskie Górnictwo Naftowe i Gazownictwo S.A., PFR Inwestycje FIZ, whose investment portfolio is managed in part by Polski Fundusz Rozwoju S.A., and IFM Investors Pty Ltd.

On November 16, 2021, a consortium consisting of: PGE and Polskie Górnictwo Naftowe i Gazownictwo S.A. (Partners) submitted a modified preliminary non-binding offer to purchase shares belonging to Fortum Holding B.V.

The modified proposal entails the acquisition of Fortum Holding B.V.’s district heating business in Poland only. At the same time, the Partners withdrew from the intended acquisition of Fortum’s assets in Estonia, Lithuania, Latvia and from participating in the investor consortium with PFR Inwestycje FIZ and IFM Investors Pty Ltd.

On December 21, 2021, PGE received a statement from Polskie Górnictwo Naftowe i Gazownictwo S.A. on its withdrawal from participating in the transaction to acquire assets from Fortum Group in Poland and from cooperation with PGE for the purpose of the transaction process.

Irrespective of the consortium member’s decision, PGE has expressed interest in acquiring Fortum Group’s assets in Poland, in particular the district heating network in Wrocław. However, in March 2022, PGE learned that Fortum had completed its review of strategic options for selected business segments, including but not limited to district heating assets in Poland, and decided to continue their development within Fortum Group. Therefore, this process is no longer being pursued.

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