Audax launches a voluntary offer to acquire 100% of the Norwegian Energy Group Elmera
The transaction values the Norwegian energy group at 4.5 billion Norwegian kroner (approximately 404 million euros).
The transaction represents a strategic move for Audax, driven by clear industrial logic and a long-term perspective.
It is contingent upon Audax obtaining access to and completing a confirmatory due diligence review, as well as the acceptance of at least 66.7% of Elmera’s issued and outstanding shares and voting rights.
June 25, 2026. Audax, an energy group with presence in nine countries, announced today its intention to launch a voluntary cash offer for 100% of the outstanding shares of Elmera Group ASA (hereinafter “Elmera”). Specifically, Audax plans to offer 41.2 Norwegian kroner per share (equivalent to 3.70 euros per share).
Elmera is one of the leading energy retailers in the Nordic countries. Headquartered in Bergen, Norway, and with operations in Norway, Sweden, and Finland, the group serves more than 900,000 customer locations and supplies approximately 16 TWh per year. In addition, it offers mobile phone services, energy-related solutions, and billing services. The company is listed on the Oslo Stock Exchange.
The offer price represents a premium of:
- 39.4% over the closing price as of June 24, 2026, of 29.55 Norwegian kroner.
- 38.5% over the volume-weighted average price, adjusted for dividends, for the last 30 calendar days through June 24, 2026 (inclusive), of 29.74 Norwegian kroner.
- 33.4% over the volume-weighted average price, adjusted for dividends, during the last 60 calendar days through June 24, 2026 (inclusive), of 30.88 Norwegian kroner.
- 31.4% above the volume-weighted average price, adjusted for dividends, over the last 90 calendar days through June 24, 2026 (inclusive), of 31.35 Norwegian kroner.
The launch of the offer will be subject, among other conditions, to Audax receiving access to and having completed a due diligence review of the Elmera group to the satisfaction of Audax and its sources of financing.
It is also subject to a minimum acceptance level of at least 66.7% of Elmera’s issued and outstanding shares and voting rights.
Audax’s objective is to acquire 100% of Elmera. However, the company also believes that acquiring a majority stake would be a clear strategic fit. As of today, Audax does not hold any shares in Elmera.
Audax has recently submitted several proposals to Elmera’s Board of Directors. The offer announced today includes improvements in price, terms, and conditions compared to the proposals communicated privately to date. With this announcement, the Badalona-based company aims to enable the Norwegian company’s shareholders to consider the offer in a transparent manner, while maintaining its willingness to collaborate with the Board of Directors to move the process forward and allow shareholders to realise the value of their holdings at an attractive level.
Elmera shareholders representing approximately 43.3% of the Norwegian company’s share capital, including funds managed by Nordea Investment Management, which holds 15.1% of the shares; funds managed by ODIN Forvaltning, which holds 5.1%; funds managed by Storebrand Asset Management, which holds 5.0%; funds managed by Holberg, which holds 4.2%; funds managed by Alfred Berg Kapitalforvaltning, which holds 4.1%; shares held by Varner Equities AS, which holds 4.1%; and funds managed by Arctic Asset Management, which holds 3.3%, have confirmed their support for the proposed transaction, as well as their intention to accept the offer should the established terms be met. Furthermore, these shareholders urge Elmera’s Board of Directors to facilitate the due diligence process requested by the Spanish company.
About Elmera Group
Elmera Group is a leading energy retailer in the Nordic countries with operations in Norway, Sweden, and Finland, serving more than 900,000 supply points and supplying approximately 16 TWh annually. The group offers a wide range of services, including electricity, mobile services, billing and pricing services, and technology solutions related to electricity.
Rationale for the transaction
The transaction is driven by a clear strategic rationale aimed at achieving economies of scale, establishing Audax as a major energy player in Europe, and combining complementary capabilities to build a company with greater international reach.
The acquisition of Elmera would strengthen the group’s geographic diversification, reduce its exposure to specific market, pricing, or regulatory risks, and accelerate its presence in the Nordic countries—a strategic region due to its high level of electrification, lower dependence on natural gas, and significant potential in energy services.
Elmera is a leading local platform in Norway, Sweden, and Finland, with a strong market position, a broad customer base, and a management team that has demonstrated the ability to adapt in a changing competitive environment. Furthermore, its profile extends beyond traditional electricity supply, as it is a multi-utility platform with a prominent presence in telecommunications services.
Audax can support Elmera’s future growth by providing scale, financial capacity, execution expertise, and a network of international strategic partnerships. In this regard, the recent bond issuance totalling 350 million euros—the largest transaction of its kind undertaken by the company to date—has strengthened its financial profile, expanded its flexibility, and enhanced its ability to pursue new growth opportunities with a more robust and diversified debt structure.
The combination of the two companies would combine Elmera’s scale and local knowledge in the Nordic markets with Audax’s capabilities in energy trading, risk management, financial discipline, energy management, efficiency, digitalization, flexibility, and consumption optimization. The result would be a more diversified European energy platform, with greater capacity to develop multi-service solutions and capture long-term growth opportunities.
“This transaction reflects our confidence in Elmera’s strength and in the capabilities of its management team. Our intention is to support and accelerate its growth by contributing new capabilities in technology, energy management, and the development of customer solutions, as well as a broader commercial offering based on our European experience. We aim to do this by combining Elmera’s local strength with Audax’s international expertise, while preserving its local identity, its brands, and its operational autonomy,” said Óscar Santos, CEO of Audax.
Advisors
Audax has retained Alantra Corporate Finance, S.A.U. and DNB Carnegie, a subsidiary of DNB Bank ASA, as financial advisors for the transaction, in which J&A Garrigues, S.L.P. is serving as legal counsel globally and in Spain. Meanwhile, Wikborg Rein Advokatfirma AS is serving as Audax’s legal counsel in Norway.
About Audax
Audax is the energy company that helps people and businesses make the most of their energy. We are a vertically integrated energy group whose main activities focus on the retail of electricity and gas, offering energy efficiency solutions, as well as the production of renewable electricity through wind and solar technology.
With operations in 9 countries and more than 800 professionals, we supply electricity and gas to over 483 thousand customers and manage a renewable generation portfolio of more than 1 GW of installed capacity.
We are listed on the stock exchange and have a solid financial position. We are based on three pillars: tailor-made solutions based on data, proven solvency and a commitment to transparency. We are energy managers: we transform complexity into something simple and efficient, so that customers can focus on what really matters.