Bonheur ASA

M&A Activity • Dec 19, 2025

MEAG joins Fred. Olsen Windcarrier with a EUR 150 million long-term investment

MEAG joins Fred. Olsen Windcarrier with a EUR 150 million long-term investment

Fred. Olsen Ocean Ltd. (“FOO”), a wholly owned subsidiary of Bonheur ASA, have entered into an agreement with MEAG MUNICH ERGO Asset Management GmbH (“MEAG”), acting on behalf of affiliates of Munich Re Group, for an investment of EUR 150 million in its wholly owned subsidiary Fred. Olsen Windcarrier ASA (“FOWIC”) (the “Transaction”).

The Transaction includes EUR 70 million for the acquisition of existing shares from FOO at the initial closing and EUR 80 million for the subscription of new shares in FOWIC. Of this amount, EUR 30 million will be subscribed at the initial closing, while the remaining EUR 50 million will be subscribed at a second closing in the third quarter of 2027.

Prior to the initial closing, FOWIC will distribute an extraordinary dividend of EUR 54 million to FOO. FOO will use part of these proceeds to provide a short-term shareholder loan of EUR 29 million to FOWIC.

The Transaction values FOWIC’s pre-money equity, including the extraordinary dividend, at approximately EUR 600 million.

Following the second closing, affiliates of Munich Re are expected to hold approximately 24 percent of FOWIC’s share capital.

This partnership combines FOWIC’s strong industrial and financial position with MEAG’s expertise as one of Europe’s leading infrastructure investors, with the aim of accelerating growth and further developing the company.

The Transaction is subject to clearance by the German Federal Cartel Office. Initial closing is expected by the end of January 2026.

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to the Norwegian Securities Trading Act section 5-12. This stock exchange announcement was published by Øyvind Engesrønning, VP Finance in Fred. Olsen & Co. AS, on 19 December 2025 at 21:22 CET.