Aneo and Gudbrandsdal Energi Holding, the largest shareholders in On Energi, has agreed to sell its shares in the company to HitecVision. The transaction marks the end of more than a decade of ownership and development, during which On Energi has grown into a robust company with approximately 110 employees.
On Energi has developed strongly over the past decade and expects revenues of around NOK 400 million and EBITDA of approximately NOK 20 million. The outlook for the company remains positive, supported by high levels of expected investment in the power grid sector.
– We are proud of what we have achieved together with On Energi over more than ten years. Building a strong company takes time, and On Energi has been given the opportunity to pursue a clear growth strategy with a consistent focus on operations and financial robustness. Today, we are handing over a well-run and attractive company with strong prospects for the future, says Gunnar Hovland, CEO at Aneo.
The divestment reflects Aneo’s increased strategic focus on renewable power production, while On Energi remains a strong company with positive growth prospects.
– On Energi is well positioned for further growth, and we welcome HitecVision as a new owner to continue developing the company. We believe this is a good next step for On Energi, its employees and its customers, says Per Oluf Solbraa CEO at Gudbrandsdal Energi Holding AS.
Transaction on arm’s length terms
The transaction constitutes a related-party transaction. It was therefore considered and approved by board members without conflicts of interest and entered into on arm’s length terms.
The valuation of On Energi is confidential. The transaction value is, however, well above the carrying value of previous owners investment in the company.
