“We are pleased that the shareholders have decided to merge the two companies in line with the Board’s recommendation. Today’s decision comes after a thorough review of the merger, and we will now work together to seize future opportunities. Merging the two companies will secure current jobs and create new ones, as well as adding value in both our regions”, says Lars Erik Torjussen, who chairs the Board of Agder Energi.
The merger of the two companies will create Norway’s biggest electric utility, with operations throughout the value chain, from generation through to end users. The cornerstone of the business will be hydroelectric power, with around 11.3 TWh generated each year at 72 wholly owned and part-owned power stations. The merger will create Norway’s biggest grid operator, with a 30,000-kilometre electricity network that supplies power to approximately 310,000 customers in Buskerud and Agder. The company will manage and trade over 30 TWh of electricity in the Nordic region, become Norway’s leading supplier to the business market and have over 200,000 domestic electricity customers.
“Together we will create a dynamic new group that fulfils an important role in society to the benefit of our shareholders, customers and employees. The company will be well-positioned to succeed in a rapidly changing energy market. The role of the municipal shareholders will be vital, and we want to ensure good dialogue with our owners from the outset” says Ann-Christin Andersen, who chairs the Board of Glitre Energi.
The workers’ organisations at both companies have been involved throughout the process.
“We are pleased that the decision has now been taken, and we believe that a merger is a good outcome for everyone. We look forward to getting many new colleagues and to helping to develop the company as an attractive workplace that is ready for the changes taking place in the industry and society as a whole”, say Rune Bæver, the chief employee representative at Glitre Energi and Oddvar Emil Berli, the chief representative at the Agder Energi Group.
The implementation of the merger is contingent upon receiving the necessary approvals from the Norwegian Competition Authority and the regulatory authorities. If the transaction does obtain the necessary approvals, it is expected to be completed in the fourth quarter of