We acted as Finnish counsel for Fjordkraft Holding ASA in its acquisition of Switch Nordic Green AB from Troms Kraft AS. The purchase price was based on an enterprise value of the target of NOK 375 million on a cash and debt free basis and assuming an agreed normalised level of working capital.
The acquisition of Switch Nordic Green positions the Fjordkraft group as the owners of an established retailer in the Swedish and Finnish market with potential for further growth in the Nordics.
Switch Nordic Green, with its brand Nordic Green Energy, is a Nordic electricity retailer perceived as a green and renewable focused supplier. Switch Nordic Green has around 60 employees with operations in both Sweden and Finland.
Fjordkraft is the largest end-user company in the Norwegian electricity retail market. The company supplies electricity to an estimated 1.8 million people through more than 900,000 electricity deliveries within households, businesses and public entities across Norway.
