Fingrid to sell most of its shares in Nord Pool
Fingrid Oyj has together with the other shareholders entered into a binding agreement to sell the majority of the shares in Nord Pool Holding AS to Euronext Nordics Holding AS, a Norwegian company fully owned by Euronext N.V., that upon completion of the transaction will own 66% of the shares and voting rights of Nord Pool Group.
Nord Pool is Europe's leading power market that offers trading, clearing, settlement and associated services in both day-ahead and intraday markets across fourteen European countries. Euronext is the leading pan-European exchange that looks to expand its commodity franchise and expand into the Nordics.
Changes in EU regulations in the past few years have transformed the power exchanges from regional monopolies to European competitive businesses.
"It is not in Fingrid's strategy as a natural monopoly to be an owner of any competitive business. Our interest as a Transmission System Operator is to be independent of the market players and support the further development of the Nordic and European electricity markets. This transaction is thus a natural step to take", says Jan Montell, Senior Vice president and CFO of Fingrid.
The transaction is subject to regulatory and competition approvals and the closing is expected in Q1/2020. The transaction will have a small positive impact on Fingrid's 2020 result and cash flow. Fingrid's indirect shareholding of Nord Pool Group will be 6,4% after the transaction has been completed.
For more information:
Senior Vice President, CFO
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