Elmera Group ASA — M&A Activity 2018

Aug 23, 2018

Fjordkraft Holding ASA: Signed agreement to acquire customer portfolio

Fjordkraft Holding ASA: Signed agreement to acquire customer portfolio

Fjordkraft (OSE ticker «FKRAFT») has entered into a Share Purchase Agreement with TrønderEnergi AS to purchase 100% of the shares of Oppdal Everk Kraftomsetning AS.

Oppdal Everk Kraftomsetning AS will be demerged from Oppdal Everk AS and will consist of about 5,200 electricity deliveries. 2017 revenue from the electricity retail operations amounted to 32 NOKm.

The transaction is expected to be completed October 1 2018, and supports Fjordkraft's strategy as acting as a consolidator in the electricity market.

- This is a good follow-up on the agreement we made in March with the acquisition of TrønderEnergi Marked AS and its associated customer portfolio. We are adding these customers to our existing customer portfolio in the region, CEO Rolf Barmen explains.

In April, the Norwegian Competition Authority approved Fjordkraft's acquisition of TrønderEnergi Marked AS with its associated customer portfolio of approximately 61,000 electricity deliveries. The new customer base is combined with the existing and is operated in Fjordkraft's operating environment through the subsidiary TrøndelagKraft. The group has a regional office in Trondheim.

For queries, please contact:

Morten A. W. Opdal, Head of Controlling and Investor Relations, +47 970 62 526

Fjordkraft is the number one brand for electricity retailing in the Norwegian consumer market and the number two brand in the business market. Fjordkraft supplies electricity to an estimated more than 1.3 million people through ca. 600,000 delivery points in households, businesses and public entities across Norway.