Fortum acquires 100% of Elmera at NOK 47 per share and seeks Oslo delisting
Key Facts
Fortum carried out a compulsory acquisition of all Elmera shares it did not already own, effective after trading closed on the Oslo Stock Exchange on October 30, 2026, becoming the owner of 100% of the company. Fortum said the redemption price was NOK 47 per share, the same price offered in its voluntary cash offer. Total consideration for all Elmera shares was about €482 million. Elmera shareholders had approved the compulsory acquisition at an extraordinary general meeting on October 30. On November 2, Elmera applied to delist its shares from Euronext Oslo Børs, moving the process from full ownership to the procedures for ending trading.
The compulsory acquisition followed settlement of the voluntary offer on October 23, when Fortum owned 105,108,968 shares, equal to 91.92% of Elmera's outstanding share capital and voting rights. The stake rose to 96.12% when treasury shares were excluded. After acquiring the remaining shares, Fortum announced that it owned the entire company. The voluntary offer was valued at about NOK 5.1 billion, based on 109,346,270 outstanding shares excluding treasury shares. Elmera's board unanimously recommended that shareholders accept the offer, while a fairness opinion from ABG Sundal Collier concluded that it was fair from a financial perspective.
Fortum set November 5, 2026, as the deadline for paying the redemption price to shareholders covered by the compulsory acquisition. The company said Elmera would be included in its Consumer Solutions segment from October 31. Fortum also plans to pursue the delisting of Elmera's shares from the Oslo Stock Exchange, with the process expected to be completed in early November. The transition to full ownership thus coincides with the start of reporting the company's results in the relevant segment in Fortum's accounts. These steps put payment, accounting integration and delisting on a timeline running from the end of October to early November.
The deal comes as Fortum seeks to expand its consumer solutions business in the Nordic electricity market. When it announced the offer, the company said expanding this business was a strategic priority and that it was building on organic growth initiatives and selective acquisitions. Elmera's sales in 2025 were about NOK 12,118 million. The company reported adjusted earnings before interest, taxes, depreciation and amortization of NOK 737.8 million, with electricity sales of 16.0 terawatt-hours. Its electricity customer base reached 915,000, which will become part of Fortum's Consumer Solutions segment after accounting integration begins.
EL7 data showed that Fortum's shares, traded under the ticker FOJCY, closed at 5.16 on October 26, then at 5.17 on October 27 and 5.17 on October 28. The closing price fell to 5.12 on October 29, then to 5.1 on October 30. The data does not specify a currency, so the prices are not attributed to any particular currency. The prices cover the five days leading up to and including the compulsory acquisition, which took effect after trading closed on October 30. The available data did not include a verified price for Elmera shares during this period.