Norwegian energy investment firm Aker Horizons has shared plans to merge Aker Offshore Wind (AOW) and Aker Clean Hydrogen (ACH) into its portfolio.

The company has proposed an all-stock merger with AOW, in which it holds a 51.02% indirect shareholding.

Under this proposal, Aker Horizons has agreed to offer 0.1304 merger consideration shares in Aker Horizons to other AOW shareholders for each share it holds in the business.

This offer implies a share price of Nkr3.01 ($0.34) for each share in AOW and represents a 6.9% premium on the closing price as of 29 March.

A vote on the merger is expected to take place at AOW’s annual general meeting on 4 May.

Upon completion of the deal, Aker Horizons plans to merge AOW with its portfolio company Mainstream Renewable Power to create better financing access for AOW’s projects.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

In a statement, Aker Horizons said: “The consolidation of Aker Horizons’ interests in renewable energy will provide improved access to financing for AOW’s projects and accelerate Mainstream’s transformation into a global renewable energy major with leading floating and fixed offshore wind capabilities.

“Combining AOW’s strong technical and engineering capabilities and early mover position in floating offshore wind with Mainstream’s proven project development methodology, execution track record and global presence unlocks new opportunities worldwide.”

Mainstream and AOW hold a 50% joint ownership stake in a Japanese floating wind project called Progression Energy.

AOW is also independently involved in other wind power projects in the Asian region.

In addition, it is part of a consortium developing a 1.2GW floating wind project offshore from Ulsan, South Korea.

Mainstream is currently involved with the Phu Cuong Soc Trang project in Vietnam, which has a capacity of 1.4GW.

Aker Horizons said it has similar merger plans for ACH, in which it indirectly owns a 77.25% stake.