Savon Voima, a provider of electricity trade and hydropower generation services completed the acquisition of the district heating business in Joensuu of Fortum, a utility service provider for $590m. The transaction is subject to customary closing conditions and is expected to be completed in the first quarter of 2020. “In line with our strategy, this is an excellent opportunity to extend our core district heating business to the Joensuu network in close vicinity to our existing networks. We value the solid fundamentals of the asset and see potential in further developing it along with the existing team, including continuing the peat-to-bio conversion of the Joensuu district heating business according to the plans laid out by Fortum,” Arto Sutinen, Savon CEO.