Transaction|June 1, 2015

Borealis Infrastructure acquires Fortum Distribution

Torys acted as counsel to Borealis Infrastructure in connection with matters related to the acquisition with a team that included Stefan Stauder, Michael Horwitz and Meghan McKeever.

On June 1, 2015, a consortium consisting of Borealis Infrastructure Management Inc. (Borealis Infrastructure), Tredje AP-Fonden (AP3), Första AP-Fonden (AP1) and Folksam AB with subsidiaries, completed its previously announced acquisition of 100% of the shares of Fortum Distribution AB, Fortum Oyj's electricity distribution networks in Sweden.

Fortum Distribution is the second largest player in the electricity distribution market in Sweden, distributing electricity to approximately 900,000 customers, representing a market share of around 17 per cent, based on number of connections.

OMERS Private Markets (Borealis Infrastructure and OMERS Private Equity), which manages C$19.4 billion in equity capital on behalf of the OMERS pension plan, invests globally in infrastructure and private equity assets.

AP3 is one of five buffer funds - known as AP funds - within the Swedish pension system which together holds around 13% of Sweden's income pension system assets. The Fund's capital totaled SEK 288,332 million at 31 December 2014.

Folksam is a mutual company, with more than SEK 350 billion under management, offering insurance and pension savings.

AP1 is also one of five AP funds in the Swedish national income pension system, with assets under management of SEK 284 billion (as of 31 Dec. 2014) in a global portfolio comprising equities, fixed income securities, real estate, private equity funds and hedge funds.

Further information can be found on Fortum's website.