Ellevio has acquired 91.8 percent of the shares in Elverket Vallentuna

Today Ellevio announces that shareholders representing approximately 91.8 percent of the shares and votes of Elverket have accepted the offer as of September 29. This means Ellevio has successfully secured enough shares to proceed in the so-called squeeze out process of the remaining minority shareholders and ultimately assume full control of the company.

-We are very pleased to have received the support from the shareholders required to complete the acquisition of Elverket. We are convinced that it is a good deal for all parties, both shareholders and employees, as well as residents of Vallentuna municipality. That the bid has been accepted by more than 90 percent of the shareholders is an important milestone, but it remains to complete the acquisition of Elverket in a diligent manner and to ensure that we take care of customers and employees in the best possible way, comments Johan Lindehag, CEO of Ellevio.

Ellevio will prolong the acceptance period until 23 of October, in order to enable the remaining shareholders to accept the offer and thus minimize the number of shareholders affected by the following squeeze out. Elverket will in the coming weeks apply for a de-listing of its shares from Aktietorget, and call for an extra general meeting to replace the current board members with an all-Ellevio board.

The offer was first announced on May 19, 2017. Elverket is a power company, based in Vallentuna in the northern parts of the greater Stockholm area. The company sells electricity and energy related services to private and business customers and has a so-called area concession for power lines in Vallentuna municipality. The total purchase value of the acquisition when completed will be around 610 MSEK