Aker Horizons Announces Merger with Aker, Prepares for Major Financial Moves
Deal News | May 09, 2025 | PR Newswire Cision Aker Horizons
Aker ASA and Aker Horizons ASA announced a merger in which AKH's subsidiary, Aker Horizons Holding, will be merged into a subsidiary of Aker ASA. The transaction involves AKH shareholders receiving shares and cash in Aker ASA based on a set exchange rate determined by a 30-day average share price. Key components of the merger include distributing AKH Holding shares as a dividend and an extraordinary general meeting to discuss this strategy. Additionally, AKH is planning early repayment of a NOK 2.5 billion green bond using existing cash reserves. Other financial maneuvers include offers to repurchase NOK 1.6 billion of AKH's convertible bonds. A strategic review by Aker Horizons' Board sees this merger as crucial due to unfavorable market conditions and significant debt obligations. Post-merger, Aker plans on consolidating and maximizing value from AKH Holdings' current investments, particularly in renewable energy projects. The announcement underscores the emphasis on adapting strategies to changing market dynamics.
Sectors
- Renewable Energy
- Corporate Finance
- Environmental and Social Governance (ESG)
Geography
- Norway – Both Aker Horizons and Aker ASA are based in Norway, where the merger activities are taking place.
- South Africa, Australia, Chile – Post-merger focus includes strategic investments in South Africa, Australia, and Chile, highlighting these regions in the company's future plans.
Industry
- Renewable Energy – The merger involves Aker Horizons' investments in renewable energy projects like Aker Carbon Capture and Mainstream Renewable Power.
- Corporate Finance – Involvement in complex merger agreements, financial restructuring including bond repayments, and dividends is central to the article.
- Environmental and Social Governance (ESG) – The focus on green bonds and sustainable industry practices positions the article within the ESG industry.
Financials
- NOK 2,500,000,000 – The amount refers to the early repayment of the Aker Horizons AS Green Bond, planned to be completed using existing cash reserves.
- NOK 1.6 billion – This amount represents the convertible bond that Aker Horizons plans to repurchase as a part of the financial strategy tied to the merger.
- NOK 0.267963 – Cash consideration amount per share to be received by Aker Horizons shareholders as part of the merger agreement.
- 0.001898 shares – Share consideration ratio for each share held by Aker Horizons shareholders as part of the merger.
- NOK 2.6 billion – Refers to the shareholder loan from Aker Capital to Aker Horizons, whose debtor position will be assumed by AKH Holding post-merger.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Aker ASA | Bidding Company | Company | Aker ASA is the parent company that will merge with Aker Horizons' subsidiary, acquiring its assets and debt obligations. |
| Aker Horizons ASA | Target Company | Company | Aker Horizons ASA is the company being merged into Aker ASA's subsidiary, undergoing financial restructuring. |
| Aker Capital | Other Company | Company | Aker Capital holds significant stakes in the financial instruments and participated in the strategic decisions around the merger. |
| Mainstream Renewable Power | Other Company | Company | One of Aker Horizons' significant investments, anticipated to be affected by the merger. |
| Aker Carbon Capture ASA | Other Company | Company | A part of Aker Horizons' portfolio, involved in an asset sale before the merger. |
| Arctic Securities AS | Financial Advisor | Company | Advised Aker on the merger. |
| DNB Markets | Financial Advisor | Company | Advised Aker Horizons on the merger. |
| Advokatfirmaet BAHR AS | Legal Advisor | Company | Provided legal counsel to Aker. |
| Advokatfirmaet Haavind AS | Legal Advisor | Company | Provided legal counsel to Aker Horizons. |