HNA - ACQUISITIONS IN TINDRA
Today the parties has entered into a new agreement, replacing the above mentioned agreement, where Hafslund acquires 29,0% of the shares in Tindra from the Akershus Energi Group for approx. NOK 264 million. Simultaneously, Energiselskapet Buskerud has entered into an agreement to purchase 9,0% of the shares in Tindra from the same group for approx NOK 82 million.
Hafslund already owns 36,6% of the shares in Tindra and will, after the acquisition, own 65,6% of the company. Energiselskapet Buskerud already owns 24,5% of Tindra, and will after the last transaction own 33,5% of the company.
Through Tindra, Hafslund ASA will continue their long relationship on power sales with Energiselskapet Buskerud. Further, there is made an agreement giving Energiselskapet Buskerud a right to sell and Hafslund a right to purchase Energiselskapet Buskerud's shares in Tindra during 2002, and mainly at the same conditions as in the agreement with Akershus Energi.
Tindra is one of the leading power sales companies in Norway with around 240.000 customers. The company has 60 employees at its headquarters in Oslo.
Profit & Loss Account for Tindra and Balance Sheet for Tindra is available in the attachment.
Hafslund's purchase in Tindra and the former announced planned transactions regarding Hafslund's aquisiton of all shares in Oslo Energi, Viken Energinett AS' aquisition and control of Østnett and the planned merger between Hafslund and Viken Energinett are major steps in Hafslund's expansion in downstream operations in the energy sector. Final clarification of the transactions and the necessary approvals from the Boards of the respective companies are expected during 2001.
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