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02-04-2021

TRINITI advises City of Tallinn and Utilitas in acquiring majority holding in AS Tallinna Vesi

Today, February 3, 2021, the City of Tallinn, Utilitas, and United Utilities signed a share sale agreement by which the City of Tallinn and Utilitas acquire the 35.3% holding in AS Tallinna Vesi held by United Utilities. The transaction will make the City of Tallinn the majority shareholder in AS Tallinna Vesi with a 52.35% holding, while Utilitas will hold 17.6%.

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Utilitas is Estonia’s biggest district heating company and producer of renewable energy. The company administers 550 km of district heating pipeline and provides heat to 174,000 private households in eight Estonian cities and towns – Tallinn, Maardu, Keila, Rapla, Haapsalu, Kärdla, Jõgeva, and Valga. In 2020 Utilitas produced 1.7 TWh of thermal energy and 394 GWh of electricity. Utilitas’ consolidated sales in 2020 amounted to 127 million euros and the company’s assets total 386 million euros. Utilitas is owned by European Diversified Infrastructure Fund II (85%) whose assets are managed by First Sentier Investors, and by companies owned by OÜ Utilitas Management Board Members (15%).