STOREBRAND ASA: Divestment of AS Værdalsbruket
Storebrand has conducted a strategic review of its ownership in AS Værdalsbruket and has entered into an agreement to sell 100% of the shares in AS Værdalsbruket to Fabritius Gruppen AS, a wholly owned subsidiary of Gjelsten Holding AS.
AS Værdalsbruket is the 2nd largest private forest owning company in Norway, located in the Trøndelag county. The company manages significant limestone resources, provides nature tourism experiences and holds an ownership in Inntre Holding AS, a large exporter of building timber.
Storebrand has owned AS Værdalsbruket since 1935 and prior to the transaction it has been jointly owned by Storebrand ASA and Storebrand Livsforsikring AS.
"We have been an owner of Værdalsbruket for almost 100 years and are pleased to have found a new owner who wants to preserve and further develop the business in a good way," says Odd Arild Grefstad, CEO Storebrand Group.
The transaction is estimated to have a positive impact of approximately NOK 500 million on Storebrand's Group results in the 2nd quarter 2021 and add 2 percentage points to Storebrand Group's solvency ratio.
Completion of the transaction is expected to take place ultimo May 2021.
Danske Bank acted as financial advisor to Storebrand in the transaction and Advokatfirmaet Haavind as legal advisor.
Lysaker, 28. April 2021
Group Head of Strategy, Finance and M&A Kjetil Ramberg Krøkje:
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Head of Investor Relations: Daniel Sundahl
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Storebrand's ambition is to provide our customers with financial freedom and security by being the best provider of long-term savings and insurance. Storebrand will deliver sustainable solutions adapted to the customer's individual situation, so that each person receives a better pension in a more sustainable world. Storebrand has about 40.000 corporate customers and 2 million individual customers, and has its headquarter at Lysaker outside of Oslo, Norway. Storebrand manages NOK 987 bn and is one of the largest asset managers in the Nordics. Storebrand (STB) is listed on Oslo Stock Exchange.
Visit us at http://www.storebrand.no
This announcement is subject to information pursuant to the Securities Trading Act § 5-12.