Norway's Orkla sells its hydro power portfolio for $543 mln (updated)
24/01/2025 07:37
(Adds CEO quote, transaction details in paragraphs 2-5)
COPENHAGEN, Jan 24 (Reuters) -
Norwegian branded consumer goods group Orkla ORK.OL said
on Friday it had agreed to sell its hydro power portfolio in two
separate transactions for 6.1 billion crowns ($543.78 million)
in total.
"By selling the hydro power portfolio, we reduce
complexity and deliver on our communicated strategy," CEO Nils
Selte said in a statement.
Orkla said it had agreed to sell Sarpsfoss Limited, a
holding company for part of its hydro power portfolio, to
Hafslund and Svartisen Holding.
It agreed to sell Orkla Energi and Traelandsfos Holding,
its other two hydro power holding companies, to A Energi.
The company said it expects an accounting gain of around 5
billion crowns from the deals.
($1 = 11.2177 Norwegian crowns)
(Reporting by Louise Breusch Rasmussen, editing by Anna
Ringstrom)
((Louisebreusch.rasmussen@tr.com; +45 21 27 97 79;))