Fortum to acquire Elmera Group for NOK 5.1 billion
Fortum's subsidiary has agreed to a conditional voluntary cash tender offer for all shares in Elmera Group. The offer is NOK 47 per share, valuing the company at approximately NOK 5.1 billion.
Energy company Fortum Oyj announced on June 29, 2026, an agreement with the board of directors of Elmera Group ASA for a conditional voluntary cash tender offer for all outstanding shares in Elmera. Fortum's wholly-owned subsidiary, Fortum Consumer Solutions AS, is making the offer of NOK 47 per share.
The offer price represents a significant premium over Elmera's recent trading prices. It is 59% higher than the closing price on June 24, 2026, on Euronext Oslo Børs, 50% above the 60-trading-day volume-weighted average price, and 48% above the 90-trading-day average. The total transaction value is approximately NOK 5.1 billion, based on 109.3 million shares.
Elmera's board unanimously recommends shareholders accept the offer. The company has obtained an independent fairness opinion stating the offer is financially fair. Key shareholders, representing about 30.4% of the company, have expressed support. Additionally, Elmera's largest industrial shareholder and management have committed to tender shares, bringing total support to approximately 37.8%.
Fortum states the acquisition aligns with its strategy to grow its consumer solutions business in the Nordics. Elmera brings an established customer base and market presence, particularly in Norway, with challenger positions in Sweden and Finland. Fortum expects the combination to yield significant cost efficiencies and operational synergies, enhancing competitiveness and customer value for Nordic consumers and small to medium-sized enterprises.