Merger of Agder Energi and Glitre Energi
On Tuesday 20 September 2022, Agder Energi and Glitre Energi have in their respective extraordinary general meetings approved the proposed merger between the two companies.
55 BNOK - 2022

Alpha Corporate Finance has acted as financial advisor to the 25 municipalities in Agder County, which combined control 54.47% of the shares in Agder Energi.

The merger of the two companies creates Norway's largest integrated power group with operations in the entire value chain, from production to retail. Hydropower will be the foundation of the business and comprises an annual production of some 11.3 TWh from 72 wholly and partially owned hydropower plants. The merger also creates Norway's second largest grid company with a power grid over 30,000 kilometers long that distributes power to approx. 310,000 customers in the Buskerud and Agder counties. The company will manage and trade more than 30 TWh of power in the Nordics and becomes Norway's largest company in electricity sales to companies. The merged company has over 200,000 electricity customers in the private market.

“We are satisfied that the owners have decided to merge the companies in line with the Board's recommendation. Today's decision comes after a thorough merger process, and we will now focus on seizing the opportunities that lies ahead of us. Through the merger, we will secure current jobs and develop new opportunities for employees, at the same time as we create value in both regions”, says Lars Erik Torjussen, chairman of Agder Energi (translation from Norwegian)

The merger is pending necessary approvals from the Norwegian Competition Authority and the energy authorities. The merger is expected to be completed during the 4th quarter of 2022.

About Agder Energi: Agder Energy Group supplies clean energy so that society can prosper now and into the future. The Group’s activities comprise the generation, distribution and sale of renewable energy, as well as providing energy-related services. Agder Energi is owned by the municipalities in Agder county, which have a combined ownership interest of 54.47%, and Statkraft Industrial Holding AS, which owns 45.53% of the shares in the company.

About Glitre Energi: Glitre Energi owns, develops and operates infrastructure based on hydroelectric power. The company generates 100% renewable energy and supplies it to a multitude of households and businesses. The core focus is on value creation, taking environmental responsibility and promoting a fully electrified society. Glitre Energi AS is owned 50% directly by Drammen Municipality, and the remaining 50% is held by the holding company Vardar which in turn is owned by 19 municipalities in the former county of Buskerud.

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