Audax Renovables, the Spanish energy company controlled by businessman José Elías, has announced a voluntary cash takeover bid for Elmera, a Norwegian electricity supplier listed in Oslo. The offer values Elmera at around €404 million.
The offer
| Price per share | 41.2 Norwegian crowns (about €3.70) |
| Premium over previous close | 39.4% |
| Premium over 30-day average | 38.5% |
| Premium over 60-day average | 33.4% |
| Premium over 90-day average | 31.4% |
About Elmera
Elmera, based in Bergen, is one of the largest electricity retailers in the Nordic region. It operates in Norway, Sweden and Finland, has more than 900,000 customers and supplies around 16 terawatt hours of electricity a year. It also offers mobile phone services and billing services linked to its energy business.
Conditions
The offer is subject to:
- Audax completing a confirmatory due diligence review;
- acceptance by holders of at least 66.7% of Elmera’s shares and voting rights.
Shareholders with about 43.3% of the capital have already committed to accept the offer if the conditions are met, including funds managed by Nordea Investment Management, which hold around 15%.
Why Audax wants it
Audax describes the deal as having a clear industrial logic. The Nordic countries are among the most electrified economies in Europe, with low dependence on gas and sophisticated energy services, and the acquisition would give Audax a strong foothold there.
The company says the combined group would be a more diversified European energy platform, able to offer a wider range of services. It plans to contribute scale, financial strength and technical expertise, while allowing Elmera to keep its brands and operate with local independence.
Audax recently issued a €350 million bond to strengthen its finances, which should help fund the acquisition.
About Audax
Founded in Badalona by José Elías, Audax has grown from an electricity retailer into a vertically integrated group with renewable generation assets and supply businesses in several European countries. The Elmera bid would be its biggest step yet outside southern Europe.
