Keva, LocalTapiola tap into Finnish power network

first_imgFinnish pension funds Keva and LocalTapiola Pension (LTP) have agreed to acquire the Finnish electricity distribution networks of Fortum Corporation, as part of a consortium, Suomi Power Networks (SPN).The overall purchase price is €2.55bn.Keva’s stake in the consortium is 12.5%, while LTP has a 7.5% interest.The remaining partners – international infrastructure investors First State Investments and Borealis Infrastructure, the infrastructure asset management arm of the Ontario Municipal Employees Retirement System – have a 40% stake each. Fortum’s distribution network is the largest in Finland, with a 20% market share.Earnings before interest, taxes, depreciation and amortisation for its Finnish distribution business in 2012 were €154m on sales of €321m.Fortum is also the leading electricity distribution company in the Nordic countries, with more than 1.6m network customers.The transaction excludes Fortum’s electricity sales business.Esko Raunio, head of private market investments at LTP, said: “We are looking for good, stable, long-term returns. We consider Fortum’s electricity distribution network as a good company, with opportunities for further development and investment in the network.”He added: “We’re pleased to be working with experienced international partners to make a significant long-term investment into the Finnish economy and strategically important infrastructure, through Finland’s largest electricity distribution network.”LTP already owns a 4.5% share in Fingrid, the Finnish transmission system operation.LTP’s investment assets amounted to €10.3bn, as of 30 September.The Fortum investment will form part of its private equity allocation, which at that date was 4.6%, including direct investments and fund investments.The allocation to listed equities was 29.8%.Completion of the transaction is expected during the first quarter of 2014, subject to customary regulatory approvals.last_img read more

The Latest: PSG president urges his players to take pay cut

first_img Associated Press The multi-disciple event between various nations was scheduled for Oct. 23-25 at the Circuit Paul Ricard near designated host city Marseille. The new dates are Oct. 22-24 next year at the same place.The next games are set to see the introduction of rally and historic motorsport events.Paul Ricard also hosts a Formula One race. It is scheduled for June 28 but widely expected to become the 10th of 22 races this season to be called off amid the virus outbreak.___South Korea’s professional baseball league has decided to begin its season on May 5. April 21, 2020 The Latest: PSG president urges his players to take pay cut Share This StoryFacebookTwitteremailPrintLinkedinRedditThe Latest on the effects of the coronavirus outbreak on sports around the world:___Paris Saint-Germain president Nasser Al-Khelaifi has urged his players to accept a pay cut amid the coronavirus pandemic. Schaade says he would prefer testing to be focused on people who show symptoms or who are linked to an outbreak of the virus.Clubs are eager to resume the Bundesliga to avoid financial losses. They are negotiating a tricky political landscape and opposition from some fan groups.The governors of German states Bavaria and North Rhine-Westphalia have called for a restart of soccer on May 9 but not all states are on board.___The second edition of FIA’s Motorsport Games has been postponed until next year because of the coronavirus pandemic.center_img Al-Khelaifi says in an interview with RMC radio that he is “expecting them to make an effort for the club. They know their responsibilities.”Players on French clubs are all on temporary layoffs. That means a small cut in pay of 16 percent and the state picks up a portion of the rest.Players at clubs in other countries have taken large pay cuts amid the uncertainty.PSG’s squad includes world-class players Neymar, Kylian Mbappé, Ángel Di María and Edinson Cavani.Al-Khelaifi says “our wage bill is of substantial volume” and “we risk suffering colossal losses” at the end of the season. The games will be played without fans until the risk of infection from the coronavirus is gone.The league plans to maintain a 144-game regular-season schedule but has decided scrap its all-star game and shorten the first round of the playoffs from a best-of-five to best-of-three series.The KBO says it could shorten the regular season if infections erupt. The league will advise players to wear face masks in locker rooms and require them to download smartphone apps to report their daily health status to league officials.___More AP sports: https://apnews.com/apf-sports and https://twitter.com/AP_Sports,Tampa Bay Lightning advance to face Dallas Stars in Stanley Cup finals, beating New York Islanders 2-1 in OT in Game 6 ___UEFA vice president Sándor Csányi says playoffs to decide the last four places in the postponed European Championship could be played in October or November.The 16-nation playoffs have twice been postponed because of the coronavirus pandemic. Euro 2020 has been delayed one year.Csányi tells Hungarian media that October and November are options while there is uncertainty about when soccer can resume in Europe. All 55 UEFA member countries are currently scheduled to play Nations League games in October and November.Hungary was drawn to play at Bulgaria in the single knockout Euro 2020 playoffs. The winner will host either Iceland or Romania with a place in the final tournament at stake. Hungary is one of 12 host nations of Euro 2020.___The deputy head of Germany’s national disease control center has cautioned against coronavirus testing for soccer players in order to restart the league.Regular testing of players and team staff is a key element of a plan to resume German soccer in empty stadiums next month.Robert Koch Institute vice president Lars Schaade says he doesn’t “see why certain sections of the population … should be routinely screened.”last_img read more