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First State – Acquisition of district heating company in Estonia

First State has acquired an 85% stake in Estonian district heating and renewables producer OÜ Utilitas. OÜ Utilitas is Estonia’s largest district heating company with 521km of networks, supplies heat to 166,000 households in eight cities in Estonia and produces renewable energy from two CHP plants. The manager acquired the majority stake via its second fund, The European Diversified Infrastructure Fund II (EDIF II). Details of the transaction have not been disclosed.