EU approves Swedish heating, water and pensions merger

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EU clears creation of joint venture by KKR and Spain's Telefónica
The EC in Brussels. Image: Pixabay

The European Commission has approved, under the EU Merger Regulation, the acquisition of Stockholm Exergi Holding of Sweden, by APG of the Netherlands and Stockholms Stadshus of Sweden.

Stockholm Exergi Holding is active in the production and supply of district heating and district cooling for corporate and residential customers across seven municipalities within Stockholm County, as well as in the production and sale of electricity, waste handling and sorting and the procurement of fuel.

It is the largest supplier of district heating in Sweden with close to 10 TWh in yearly energy sales (heat, cooling and electricity combined). The company has an annual turn-over of nearly €700 million and 700 employees. Stockholm Exergi is currently owned 50% by the City of Stockholm and 50% by Fortum.

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APG is a pension provider, active in the provision of executive consultancy and asset management including assets within energy and utilities, telecommunications, and transport infrastructure.

Stockholms Stadshus is active, among others, in water supply, waste services and district heating.

The EU Commission concluded that the proposed acquisition would raise no competition concerns, because the overlaps between the parties’ activities are limited. The transaction was examined under the simplified merger review procedure. More information is available on the Commission’s competition website, in the public case register under the case number M.10369.



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Deirdre Tynan is an award-winning journalist who enjoys bringing the best in news reporting to Spain’s largest English-language newspaper, Euro Weekly News. She has previously worked at The Mirror, Ireland on Sunday and for news agencies, media outlets and international organisations in America, Europe and Asia. A huge fan of British politics and newspapers, Deirdre is equally fascinated by the political scene in Madrid and Sevilla. She moved to Spain in 2018 and is based in Jaen.

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