Ellevio announces new bid for Edsbyns Elverk
The electricity grid company Ellevio today submits a public offer to the shareholders in AB Edsbyns Elverk. The bid covers the entire group and the purchasing price is set at SEK 385 million. For individual shareholders the offer entails cash compensation of SEK 2,111 per share. This corresponds to a premium of 51 percent over the most recent closing price.
- We see Edsbyns Elverk as a robust and attractive company whose electricity network would be a natural extension of Ellevio's existing grid. Our ambitious and comprehensive investment program means that we will be able to provide a modern and increased weather-proof electricity network in the area. We also note that Ellevio's prices are lower than the current prices Edsbyns Elnät, said Johan Lindehag, CEO of Ellevio.
Today's bid means that the Edsbyns Elverk group is valued at SEK 385 million, 65 percent higher than the bid Ellevio submitted in 2020. The reason for the increased valuation is, among other things, the slowdown in the COVID-19 pandemic, more stable electricity prices, clarifications regarding electricity grid regulation, and continued long-term low interest rates. Additionally, the completed sale of Elektra Hälsingland AB, whose operations were not strategically compatible with Ellevio's core business, play a part.
- We pride ourselves in the fact that Ellevio is a dedicated electricity network owner with solid industry knowledge. Local presence and social responsibility is important to us, and we put great effort in caring for all staff, regardless of business orientation and service. We want to create the best possible conditions for the company, customers, the local community and employees, says Johan Lindehag.
The acceptance period for the offer ends on October 22, 2021.
Jesper Liveröd, Head of Press
070 929 96 23
With close to one million customers, Ellevio is one of Sweden's largest electricity network companies. We take an active role in the journey towards a fossil-free society. Our electricity networks are the backbone that connects producers and consumers of electricity, which enables more renewable electricity production, electrification of transport and industry and which creates conditions for new climate-smart services for our customers.
We have just over 500 employees and employ a total of 3,000 people around the country. We are owned by the pension managers Folksam, Första AP-fonden, Tredje AP-fonden and OMERS Infrastructure.