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3i Infrastructure gets bid for Elenia

3i Infrastructure gets bid for Elenia – In a statement released on 12 December, 3i Infrastructure said “Further to recent speculation, the board of 3i Infrastructure plc confirms that bids have been received from potential acquirers of Elenia.  These bids are currently being considered by the company and the other shareholders in Elenia.  The company […]

Edward Marten by Edward Marten
2017-12-13 09:08
in Prices and Markets
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3i Infrastructure gets bid for Elenia – In a statement released on 12 December, 3i Infrastructure said “Further to recent speculation, the board of 3i Infrastructure plc confirms that bids have been received from potential acquirers of Elenia.  These bids are currently being considered by the company and the other shareholders in Elenia.  The company will make a further announcement regarding its holding in Elenia if and when appropriate.”

3i Infrastructure owns 39.3% of the company. It paid 194.8m for it and last valued it at £498.1m when the total NAV was £1,776.4m (i.e. Elenia accounted for 28% of the portfolio).

About Elenia

Elenia is a Finnish electricity distribution and heating company. Elenia operates in more than one hundred local districts in the Kanta-Häme and Päijät-Häme, Pirkanmaa, Central Finland and Ostrobothnia districts of Finland, supplying heating and electric power to homes and businesses.

Elenia says that “Our approach involves providing services in close collaboration with our local business partners. This means that our customers enjoy a professional, flexible service, with more employment opportunities in our field. The services that we provide are core community functions that must respond to increasing expectations and demands from customers, various interest groups, and society as a whole.

We sum up our operating approach in a service charter called “We care”. The charter ensures that it is easy to do business with us, as we care not only about electric power and heating, but also about smooth transactions on a daily basis.”

3i Infrastructure says that “Elenia owns the second largest electricity distribution network in Finland. Headquartered in Tampere, it serves around 417,000 customers in the south west of the country and has a market share of approximately 12%. The business is regulated on a four-year cycle, delivering a set return on its regulated asset base. The electricity distribution business accounts for approximately 90% of Elenia’s overall value.

Elenia Lämpö owns and operates 16 local district heating networks, each with strong market shares in their local areas. District heating, which involves the pumping of hot water directly into homes and businesses from central hubs, is not regulated in Finland. This business accounts for approximately 10% of Elenia’s overall value.”

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