Baltic States – CIS, Energy, Estonia, Gas, Legislation

The parties have agreed about the terms of the deal and are planning to sign the agreement in the near future. The parties wish to bring the transaction to completion as soon as possible, it appears from a notice of consolidation sent to the competition authority.

At present Trilini owns 49% of the A shares and 57.7% of the B shares of Eesti Gaas, or altogether 51.4% of the company's stock capital.

The Estonian company Trilini Energy, owned by the investment company Infortar, on Feb. 23 entered into an agreement with Fortum Heat and Gas OY of Finland to buy a 51% holding in AS Eesti Gaas. Trilini Energy also has made a purchase offer to Gazprom, which holds 37% of the shares in Eesti Gaas, and to Itera Latvija, which holds 10%. Minority shareholders hold 1.57% of the shares in Eesti Gaas combined.  

AS Infortar holds 57% of the shares in Trilini Energy OU. An investment company with owners' equity of 381 million euros, AS Infortar is active in shipping, real estate, hotels and printing.

AS Eesti Gaas is a seller of natural gas and electricity. The group consists of AS EG Ehitus, designer and builder of gas networks and facilities, and AS Gaasivorgud, provider of the distribution service.

Eesti Gaas employs a workforce of 205 and its revenue amounted to 130 million euros last year according to unaudited figures. AS Eesti Gaas sold 386 million cubic meters of natural gas in 2015, it has 1,570 corporate clients and 41,160 household clients. Eesti Gaas also sells electricity to corporate and private clients, and electricity sales by Eesti Gaas last year amounted to 9.7 GWh.