Completed · Norway · Energy and utilities
Fortum takes a majority stake in Elmera Group.
Espoo-based Fortum settled its recommended cash offer of NOK 47 per share for Bergen, Norway electricity retailer Elmera Group on 23 October 2026, taking about 91.9 percent of the shares and control; a compulsory acquisition and delisting from Oslo Bors are planned. The transaction agreement was signed on 29 June 2026. The deal completed on 23 October 2026.
SigningDay 100
Signing 29 June 2026 · Day 100 on 31 January 2027
- Buyer
- Fortum Oyj ·Espoo, Finland
- Target
- Elmera Group ASA ·Bergen, Norway
- Type
- Majority stake
- Announced
- 29 June 2026
- Signed
- 29 June 2026
- Completed
- 23 October 2026
- Value
- about EUR 463 million
- People
- 433
- Last checked
- 28 October 2026
The people side in Norway
- In a transfer of an undertaking or part of one, existing employment rights and duties pass to the new employer, and the transfer itself is no ground for dismissal. Working Environment Act (arbeidsmiljøloven), sections 16-2 and 16-4
- Old and new employer inform and discuss the transfer with employee representatives as early as possible. Employees may object, with at least 14 days from being informed. Working Environment Act (arbeidsmiljøloven), sections 16-3 and 16-5
- From NOK 1 billion combined Norwegian turnover, with two parties each over NOK 100 million, a merger or acquisition of control is notified and may not close before the review ends. Competition Act (konkurranseloven), sections 18 and 19
Sources
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