Fortum sells waste business

Fortum has announced it is selling its Recycling & Waste business to the investment company Summa Equity for SEK 9.2 billion (around €800 million). The deal will be executed through Summa Equity’s portfolio company NG Group.

The sale is part of Fortum’s strategic restructuring, where the company is focusing on clean energy production and reducing the use of fossil fuels in Nordic industries. The divested business operates in Finland, Sweden, Denmark and Norway, and has around 900 employees.

Fortum’s CEO Markus Rauramo emphasizes that the deal allows the company to focus on its core business in clean energy production. Summa Equity’s founder Reynir Indahl sees the acquisition as promoting the EU’s climate and environmental goals. The deal is expected to be completed in the last quarter of 2024.