On 29 June 2026, Fortum Consumer Solutions AS, a company wholly owned by Fortum Oyj (“Fortum”), announced a recommended conditional voluntary cash offer to acquire all outstanding shares in Elmera Group ASA (“Elmera” or the “Company”), excluding the Company’s treasury shares, at an offer price of NOK 47 per share in cash. The offer values Elmera’s equity at approximately NOK 5.1 billion and represents a premium of approximately 59% to Elmera’s closing share price of NOK 29.6 on 24 June 2026, the last unaffected trading day.

Elmera is a Nordic electricity retailer with its core business in the sale of electricity to consumers and business customers in Norway, Sweden and Finland. The Group has developed from its origins as Fjordkraft in 2001 into a broader Nordic platform with a portfolio of established brands and selected adjacent services, including power trading, billing and rating, and mobile telephony. Elmera is headquartered in Bergen, Norway. Elmera’s Board of Directors has unanimously resolved to recommend the shareholders of Elmera to accept the offer. The recommendation follows the execution of a transaction agreement between Elmera and Fortum governing the terms of the recommended transaction.

ABG Sundal Collier’s relationship with Elemera goes back to the 2018 IPO, and we are proud to once again have been trusted to advise the Company in a landmark transaction.

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