Fortum is the third-largest power generator in the Nordic countries after Vattenfall and Statkraft and the largest electricity retailer. Fortum is the second-lowest emitting generators in Europe (after Statkraft) thanks to its zero-to-low CO2 emission fleet. Following the €3.8 billion acquisition of 47.35% of the share capital of Uniper SE, closed in June 2018, Fortum's adjusted debt to EBITDA is expected to increase to about 3.5x in 2018 from 1.6x in 2017. Moreover, given the current stake in Uniper, Fortum lacks control and still has an unclear strategy on Uniper's integration. Fortum aims to reach 2.5x reported net debt to EBITDA by 2020. The deleveraging strategy focuses on operational excellence, optimization of the generation portfolio as well as prioritization of
