Fortum said on 23 October 2026 that it had settled its cash tender offer for Elmera Group, becoming the majority owner of the Oslo-listed electricity retailer after paying about €463m (NOK 4,940m).
Why Fortum Oyj (via Fortum Consumer Solutions AS) is buying Elmera Group ASA
Fortum has said the acquisition strengthens its strategy of growing in electricity retail to consumers and small and medium-sized businesses in the Nordics. Elmera had 2025 sales of NOK 12,118m, an electricity sales volume of 16.0 TWh and 915,000 electricity customers.
Deal terms and financing
The offer was priced at NOK 47 a share in cash. After settlement Fortum holds 105,108,968 shares, about 91.92% of Elmera's share capital and voting rights, or 96.12% excluding Elmera's treasury shares. Elmera's board had unanimously recommended the offer, and shareholders holding about 37.8% had backed it before launch.
Regulatory approvals and timing
Regulatory approvals were obtained before settlement. Fortum intends to carry out a compulsory acquisition of the remaining shares, expected within weeks, and then seek a delisting from Euronext Oslo Børs.
Market context
Elmera, formerly Fjordkraft, will be consolidated into Fortum's Consumer Solutions segment, which had 2.25 million electricity customers in 2025. Spanish group Audax Renovables had earlier signalled interest at NOK 41.20 a share.
