HNA - FINAL AGREEMENT - ACQUISITION OF OSLO ENERGI
As payment, Hafslund will issue 6.676.287 class A shares and 4.611.708 class B shares, together with a cash payment of NOK 188 mill. The cash payment will be adjusted to the extent that the net value of debt and working capital for the acquired business differs from the assumed value of -NOK 187 at the time of the take-over.
The acquired business is headquartered in Oslo, has 128 employees, and is the largest retail supplier of electric power to the household segment in Norway and one of the largest suppliers in the industry segment. For year 2000 the total sale of electric power was 7 TWh.
Consolidated pro forma profit and loss accounts for the acquired business (numbers in million NOK).
[table in attachment]
Amortization of goodwill is included with NOK 45 mill in 1999, NOK 70 mill. in 2000 and NOK 38 mill for the first half of 2001.
Consolidated pro forma balance sheet for the acquired business (numbers in million NOK). [table in attachment]
The acquisition, as well as the planned merger with Viken Energinett AS, is an important step in Hafslund's effort to build new businesses within the energy sector. By this, Hafslund will form the basis of a stronger position in energy trading and development of new products and services for Norwegian power customers. After these transactions, Hafslund will, combined with the active management of ownership stakes in Tindra Energi AS and Økokraft AS, contribute to further value creation and growth in its downstream activities. Together these companies have a customer base of 700.000 located throughout much of Eastern Norway.
The implementation of the agreement is conditioned by approval from the shareholder's meeting, which is expected to be held towards the end of this year.
Oslo, 11 October 2001
The full press release with tables is available at the following link: