Fortum to acquire Elmera Group for NOK 5.1 billion

Helsinki – Fortum Consumer Solutions AS, a wholly-owned subsidiary of Fortum Oyj, has agreed to acquire all outstanding shares in Elmera Group ASA for a cash consideration of NOK 47 per share. The total value of the offer is approximately NOK 5.1 billion, based on 109.3 million shares outstanding.

Elmera's board of directors has unanimously recommended shareholders accept the offer. Major shareholders, representing approximately 37.8 percent of the shares, have already expressed their support for the transaction. Fortum's CEO Markus Rauramo stated that the acquisition supports the company's strategy to grow its consumer solutions business and expand its geographical reach in the Nordic region.

The offer includes a significant premium compared to Elmera's recent trading prices. The price represents a 59 percent premium to the undisturbed closing price on June 24, 2026, and 50-48 percent premiums over 60 and 90-day volume-weighted average share prices, respectively. Fortum anticipates that the combination will yield substantial cost efficiencies and operational synergies.

The transaction aligns with Fortum's strategic focus on expanding its electricity retail business through selective acquisitions. Elmera, a Nordic electricity retailer, is seen as complementary to Fortum's existing operations, bringing an established customer base and an efficient service platform. Fortum expects the combined entity to deliver added value to customers and enhance competitiveness in the Nordic electricity markets.