TrønderEnergi purchases Trondheim Energi Nett

20.05.2010 08.00 | pressrelease

Power lines

(Trondheim 20 May 2010) TrønderEnergi and Trondheim Energi, which is owned by Statkraft, have completed negotiations for a takeover of Trondheim Energi Nett. The agreement means that TrønderEnergi is purchasing 100 per cent of the shares in the company for about NOK 900 million.

The share purchase agreement will be signed in Trondheim today. Takeover will occur on 15 June 2010 at the earliest and is conditional upon the Norwegian Competition Authority’s approval.

Trondheim Energi Nett has a monopoly on electrical power distribution in the municipalities of Trondheim and Klæbu. With 95,000 customers it is one of Norway’s biggest distribution grid companies. The company aims to offer secure and efficient distribution of electrical power, and the company is therefore able to offer some of Norway’s lowest grid tariffs.

Trondheim Energi Nett AS will be merged with TrønderEnergi Nett AS once all formalities after the purchase are in place. The merged company will be managed by Snorre Friden Furberg, who is currently managing director of Trondheim Energi Nett AS.

“We are very happy about this agreement with TrønderEnergi. It ensures a good industrial development for the distribution grid activities in our county, while it also looks after our employees in a good manner,” says Jon Brandsar, executive vice president in Statkraft.

"The merger will contribute in a positive way to the development of one of TrønderEnergi’s core businesses, and make a good foundation for further harmonisation of grid tariffs in Trøndelag," says Rune Malmo, CEO of TrønderEnergi.

Following the merger, TrønderEnergi will have about 450 employees and a turnover of around NOK 1.5 billion.

Statkraft is Europe's largest renewable energy company. The group develops and generates hydropower, wind power, gas power, solar power and district heating, and is a major player on the European power exchanges. Statkraft also develops marine energy, osmotic power and other innovative energy solutions. In 2009 Statkraft posted gross operating revenues of EUR 2.9 billion. The group employs 3,400 staff in more than 20 countries.