Fortum launches tender offer for Elmera Group ASA shareholders
Fortum Oyj has launched a recommended voluntary cash tender offer for all shares in Elmera Group ASA. The offer period commenced on August 21, 2026, and is set to close on September 18.
Energy company Fortum Oyj has officially commenced a voluntary cash tender offer for all outstanding shares of Elmera Group ASA. The offer, which has received a unanimous recommendation from Elmera's board of directors, began on August 21, 2026, and is scheduled to conclude on September 18, 2026.
Under the terms of the offer, Fortum is proposing to acquire each Elmera share for NOK 47 in cash. This offer price represents a significant premium compared to Elmera's recent trading prices. Specifically, it is 59% higher than the undisturbed closing trading price on June 24, 2026. The board of directors at Elmera has advised its shareholders to accept the offer.
Fortum's strategic goal with this acquisition is to expand its Consumer Solutions business and bolster its presence in the Nordic electricity market for consumers and small and medium-sized enterprises. Elmera, with its substantial customer base in Norway and growing operations in Sweden and Finland, is seen as a strategic fit. The combined entity anticipates achieving cost efficiencies and operational synergies.
Several key shareholders in Elmera, collectively holding approximately 30.4% of the company's shares, have previously indicated their support for the offer. Additionally, Elmera's largest industrial shareholder, Gudbrandsdal Energi Holding AS, along with board members and executive management who hold shares (representing about 7.1% of the total), have entered into pre-acceptance undertakings to tender their shares.