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Infrastructure fund of First State buys 85% of Estonian energy producer Utilias

By District Energy posted 11-28-2018 00:00


The Baltic Course


The European Diversified Infrastructure Fund II SPSc (EDIF II), a dedicated long-term infrastructure fund managed by the Australian investment company First State Investments, has become a financial investor in Estonia’s largest district heating company OU Utilitas, whose majority shares belonged to Estonian businessman Kristjan Rahu, informed LETA/BNS.

According to an agreement signed in Tallinn on Wednesday, EDIF II has acquired an 85% shareholding in Utilitas with current shareholders and managers of Utilitas retaining 15% shareholding, the companies said in a press release.

Prior to the transaction, 85.4% of Utilitas belonged to Rahu, the chairman of the supervisory board of the company, via holding companies. 

Rahu said that with EDIF II, they have on board an acclaimed international infrastructure fund with many investments in Western and Northern Europe and access to international capital markets.

"Utilitas is the fund's first investment in the Baltics and the only investment in this region by a major international infrastructure fund to date. We look forward to a long term cooperation with EDIF II and the team at First State. Our goal is to ensure that Utilitas will remain in the forefront of green energy development as an efficient energy services provider to its clients in the region,"Rahu said.

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