Audax’s Plan to Buy Norway’s Elmera
The Spanish energy company Audax, led by businessman José Elias, announced it wants to make a voluntary public takeover bid (OPA) for all shares of the Norwegian energy group Elmera. The offer is in cash and values the company at about 404 million euros.
What Audax Is Offering
- 41.2 Norwegian crowns per Elmera share
- That equals roughly 3.70 euros per share
- The price is about 39.4 % higher than Elmera’s closing share price yesterday
- It also represents a premium of:
- 38.5 % over the 30‑day volume‑weighted average price (adjusted for dividends)
- 33.4 % over the 60‑day average
- 31.4 % over the 90‑day average
About Elmera
Elmera is listed on the Oslo Stock Exchange and is one of the biggest energy marketers in the Nordic region. Based in Bergen, Norway, it operates in Norway, Sweden and Finland, serving more than 900 000 customers and supplying around 16 terawatt‑hours of electricity each year. Besides power, Elmera also provides mobile‑phone solutions linked to the energy sector and billing services.
Conditions for the Deal
The offer will only go forward if:
- Audax can complete a confirmatory due‑diligence review of Elmera
- At least 66.7 % of Elmera’s shares and voting rights are tendered by shareholders
So far, shareholders representing about 43.3 % of Elmera’s capital have said they support the bid and will accept it if the terms are met. These backers include funds managed by Nordea Investment Management (15.1 %), Odin Administration (5.1 %), Store fire (5 %), Holberg (4.2 %), Alfred Berg Capital Management (4.1 %), Varner Equities (4.1 %) and Arctic (3.3 %).
Why Audax Wants Elmera
Audax says the move follows a “clear industrial logic”:
- It will give Audax a stronger foothold in the Nordic countries, a region known for high electrification, low gas reliance and advanced energy services.
- Combining the two firms creates a more diversified European energy platform capable of offering multi‑service solutions.
- Audax plans to bring scale, financial strength, technical expertise and international partnerships while letting Elmera keep its local brand and operational independence.
The company recently issued a 350‑million‑euro bond to boost its financial capacity, which should help fund the acquisition.
Conclusion
If the deal succeeds, Audax will gain a major presence in the Nordic energy market, diversify its risk base and expand its service offering beyond pure electricity. For Elmera’s shareholders, the proposal provides a premium price and the chance to join a larger European player while retaining the company’s Nordic identity. The next steps depend on completing due diligence and securing the required level of shareholder acceptance.
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