Fasadgruppen to buy majority stake in Norwegian solar cell firm Elenta

Fasadgruppen Group AB (STO:FG), a Swedish full-service provider of sustainable facades, has agreed to acquire a 60% stake in Norwegian roofing and solar cell company Elenta AS, increasing its offering through the deal.

Fasadgruppen said on Tuesday it will also obtain an option to buy the remaining 40%.

Financial details of the deal were not disclosed. However, the seller has committed to re-investing part of the price by buying existing Fasadgruppen shares worth about SEK 700,000 (USD 67,140/EUR 62,322) in total. The re-investment should be carried out within three months after the completion of Elenta deal.

With a staff of 17 full-time employees, Elenta offers roofing, solar cell and energy storage services in the region of the Norwegian capital Oslo. The company generated revenue of about NOK 24 million (USD 2.3m/EUR 2.1m) in 2023.

Fasadgruppen expects to complete the acquisition of the 60% stake in the first half of 2024. The Swedish company will use existing cash to fund the transaction.

(SEK 1 = USD 0.096/EUR 0.089)

(NOK 1 = USD 0.095/EUR 0.088)

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