28.6.2016

Lindblad & Co Attorneys Ltd advised City of Outokumpu in the sale of Outokummun Energia Oy

Outokummun Energia Oy julkistus 2016 05 30 013_2Outokummun Energia Oy is about to divide into three companies. Köyliön-Säkylän Sähkö Oy and Kuoreveden Sähkö Oy have offered to acquire the electricity and power grid business and Vapo Oy acquires the district heat business. A pre-contract about the sale has been concluded by the parties.

Lindblad & Co Attorneys Ltd has been within the process since the early planning stage. In 2014 Lindblad & Co has performed the value appraisement of Outokummun Energia Oy.

In 2015 Outokummen Energia Oy chose Lindblad & Co Attorneys Ltd as an advisor for the auction process in order to sell the shares of Outokummun Energia Oy.

Releasing the selling plans led to several interested responses.

The City of Outokumpu informed the participants of the competitive bidding about the success of their tenders and also gave the participants an opportunity to revise them. Lindblad & Co Oy Attorneys performed due diligence of Outokummun Energia Oy. The report was given to the bidding parties after concluding a non-disclosure agreement. Parties who have made a preliminary bid were allowed to make their own inspections of Outokummun Energia. More accurate negotiations were undertaken with four parties.

On the basis of final bids the parties negotiated about a pre-contract. In the pre-contract purchase price was agreed to just under 26 million euros.

According to the pre-contract Outokummun Energia Oy is dividing into three new companies:

“Outokummun Lämpö Oy” receives district heat business of Outokummun Energia Oy, “Outokummun Energia Oy” receives the electricity and power grid business and “Outokumpu Invest Oy“ receives the shares of Kaakon Energia Oy owned by Outokummun Energia. Outokumpu Invest Oy remains in the possession of the City of Outokumpu.

The pre-contract is waiting for the approval of the City council.

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