Deals
Fortum Buys Russia Utility TGK-10, May Pay $3 Billion
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Fortum Oyj won an auction for electricity generator OAO TGK-10 for as much as $3.1 billion, giving Finland's largest utility its first controlling stake in a Russian power producer.
Fortum agreed to pay $1.2 billion for 55 percent of TGK-10, said Vladimir Avetisyan, a board member of Russia's national utility OAO Unified Energy System, which sold the stake. Espoo-based Fortum will increase its ownership to more than 75 percent by buying new shares in a transaction that may push the final price to 75.2 billion rubles ($3.1 billion).