On Thursday 27th of June 2019 Eidsiva Energi and Hafslund E-CO made an agreement which entails that Eidsiva Energi now is the owner of Hafslund Nett, and that The City of Oslo, through Hafslund E-CO, owns 50 % of the shares in Eidsiva Energi. The other half of the shares in Eidsiva Energi will remain in the ownership of municipalities and counties in the inland of Norway. With this agreement Eidsiva Energi becomes the largest grid company (DSO) in Norway by far.
The agreement also entails that the hydro power production in Eidsiva Energi now is placed under Hafslund E-CO, where Eidsiva will own of 42,8 %. The new hydro power producer will be the second largest in Norway with a production of approximately 17,5 TWh per year.
Thommessen has assisted Eidsiva Energi with structuring, negotiation and implementation of the transaction. By this also advising on regulatory areas. The transaction is amongst Norway's largest land based transactions ever and contains values of about 100 billion Norwegian kroner.
The transaction has included a wide variety of companies, owners and disciplines - including renewable energy, M&A, corporate law, EU/EEA- and competition law and tax. Team Thommessen has been led by Gunnar Martinsen, Bendik Christoffersen and Øyvind Mork Karlsen.
The merger has been approved by the Norwegian Competition Authority, the Ministry of Petroleum and Energy and The Norwegian Water Resources and Energy Directorate. The transaction is planned to be completed in September/October 2019.