Fortum agreed to acquire all the shares held by funds managed by Elliott Management and its affiliates and Knight Vinke Energy Advisors, a total in excess of 20.5%. Fortum will pay approximately €2.3bn ($2.5bn) for the combined shareholding, corresponding to €29.93 ($32.8) per share. Upon closing of the transactions, Fortum’s share in Uniper will increase to more than 70.5% and the total investment in Uniper to approximately €6.2bn ($6.8bn), representing an average acquisition price of €23.97 ($26.3) per share. Fortum is in discussions with the Russian state authorities and has made a preparatory filing to the Russian Federal Antimonopoly Service. It has been Fortum’s preference to agree with Uniper on a joint path forward, yet discussions have each time ended short of actions. Fortum is convinced that this change in Uniper’s ownership structure, as well as a resolution of the complex relationship between all parties, will return stability and put the focus solely on the business and the opportunities available to us. “I am pleased that we have today taken this important step to create a leader in the European energy transition. I am convinced that this will create attractive opportunities for both companies and their employees. For Fortum’s shareholders, this transaction will be earnings accretive. As always, this investment follows our prudent investment criteria to add value reflecting carefully managed risks,” Pekka Lundmark, Fortum President, and CEO.