Norway

Norway

Aker Offshore Wind to complete merger deal with Aker Horizons

Aker Horizons consolidates wind and hydrogen with ‘triangular merger’ deals

Aker Offshore Wind will complete its merger with Aker Horizons today
Aker Offshore Wind will complete its merger with Aker Horizons today

Norway-based Aker Offshore Wind has announced it will complete its merger with Aker Horizons today, at the close of trading on the Oslo Stock Exchange.

The company described it as a “triangular merger” in which Aker Offshore Wind would merge with Aker Horizons’ wholly-owned subsidiary — AH Tretten — which would be the surviving entity, and that Aker Horizons would issue consideration shares.

Aker Horizons — which owns Aker Offshore Wind as well as 51.02% of Mainstream Renewable Power — announced its intention in March to vote in favour of the merger plan at its next annual general meeting, held last month.

At the time, it said it would buy the remaining shares in Aker Offshore Wind for just over NOK 10 billion (€1 billion), and then reposition the offshore wind developer as its 100% privately owned subsidiary.

In a statement, the companies said all conditions for completion of the deal had now been fulfilled following the expiry of the creditor notice period it must serve under the Norwegian Public Limited Companies Act – with no creditors objecting to the move.

Eligible shareholders in Aker Offshore Wind would receive 0.1304 merger consideration shares in Aker Horizons for each share they hold, and they will be delivered next Wednesday, the company said.

Parallel merger

Aker Offshore Wind said the deal was being carried out in parallel with a second “contemplated” triangular merger between Aker Horizons and Aker Clean Hydrogen. It said that on completion of both deals, shareholders in Aker Offshore Wind and Aker Clean Hydrogen would receive a total of 80,612,586 consideration shares in Aker Horizons.

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