APG-led consortium to acquire a 50% stake in Exergi from Fortum for $3.5bn.

APG-led consortium to acquire a 50% stake in Exergi, a heating and cooling company, from Fortum, a Finnish state-owned energy company focusing on the Nordic and Baltic countries, for $3.5bn. The consortium comprises APG, an asset manager, Alecta, an insurance company, PGGM, a pension fund, Keva, a pension agency, and AXA, a multinational insurance firm. "Stockholm Exergi is a well-run and well-invested company, where the transition to low-carbon intensity has largely been done. This transaction now concludes our two-decade era of good collaboration with the City of Stockholm and I am proud of our contribution to the transformation of Stockholm Exergi. Now is the right time for a new owner to take over and continue to develop the company further in close cooperation with the city,” Markus Rauramo, Fortum President and CEO.