# Fortum completes Elmera squeeze-out in €482 million consolidation

> The Finnish utility now owns all of Elmera Group and expects to consolidate it from October 31 ahead of a planned Oslo delisting.

Source page: https://stoqly.net/news/fortum-elmera-100-percent-acquisition-consolidation

- **Published:** 2026-10-31T13:18:24+00:00
- **Section:** In the news

Fortum said it completed the compulsory acquisition of all remaining Elmera Group ASA shares after trading closed on **October 30, 2026**, giving the Finnish utility **100% ownership** of the company. The aggregate consideration for all Elmera shares is approximately **€482 million**.

**Transaction terms** The compulsory-acquisition redemption price is **NOK 47 per share**, matching Fortum’s voluntary cash-tender offer. Payment is due no later than **November 5**, according to Fortum’s stock-exchange release.

Fortum expects to consolidate Elmera in its financial statements from **October 31** as part of its Consumer Solutions segment. The company said it intends to pursue a delisting of Elmera’s shares from Euronext Oslo Børs, expected in early November.

The release confirms ownership, consideration and the accounting timetable but does not provide a new standalone earnings or cash-flow forecast for the combined operation. The near-term investor question is therefore how the acquired business will be integrated and reflected in Fortum’s Consumer Solutions reporting.

**Why it matters** The transaction removes the remaining minority ownership and converts Elmera into a wholly owned Fortum business. That simplifies group ownership and reporting, while the planned delisting changes the company’s public-market structure in Norway.

- [Fortum stock-exchange release: 100% ownership of Elmera Group](https://www.fortum.com/media/2026/10/fortum-carried-out-compulsory-acquisition-remaining-shares-elmera-group-asa-and-owns-100-company)

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Written by Stoqly from SEC filings and market data. For information only — not investment advice or a recommendation to buy, sell or hold any security.