Fortum Charge & Drive was acquired by Infracapital for $95M.

Fortum, an Espoo, Finland-based energy company, announced getting into an agreement to sell its public charging point operator (CPO), Fortum Recharge AS, to the UK-based Infracapital.

The deal was made for a majority share at an enterprise value corresponding to 100% of Recharge is approximately EUR 140 million ($151M).

After the transaction Fortum’s ownership in Recharge will be 37%. The transaction will release capital for further growth in this partnership and in services provided to Fortum’s mobility customers.

Infracapital, based in London, is the infrastructure equity investment arm of M&G Plc.

Recharge is the largest CPO in the Nordics, owning close to 1,300 public charging points and operating an additional 1,400 charging points in Norway, Finland, and Sweden.

Fortum will continue to offer its leading mobility services for digital public charging, as well as home and destination charging services under its Charge&Drive and Plugsurfing brands. Fortum further continues to offer software as a service (SaaS) for operating electrical vehicles (EV) charging infrastructure networks and customer interfaces to other CPOs.