Business
Elkem announces agreement to sell majority of Silicones division to Bluestar
Elkem announces agreement to sell majority of Silicones division to Bluestar
About this update from Elkem Asa
[{"type":"text","content":"OSLO, Norway, Feb. 13, 2026 /PRNewswire/ --","length":43,"tagName":"p"},{"type":"text","content":"Transaction highlights:","length":23,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Elkem to sell majority of the Silicones division to Bluestar to create a focused, globally-leading metals and materials producer","length":128,"tagName":"p"}]},{"val":[{"type":"text","content":"Transaction will be settled through redemption of Bluestar's 338,338,536 shares (52.9%) in Elkem. No cash payments by Elkem nor Bluestar as settlement","length":154,"tagName":"p"}]},{"val":[{"type":"text","content":"Minority investors to assume 100% control of Elkem (listed)","length":59,"tagName":"p"}]},{"val":[{"type":"text","content":"Transaction solves Elkem and Bluestar's long-term strategic goals regarding operations and ownership","length":104,"tagName":"p"}]},{"val":[{"type":"text","content":"Transaction is conditional upon shareholders' approval at EGM, waivers and approvals from lenders, and other customary approvals","length":132,"tagName":"p"}]},{"val":[{"type":"text","content":"Folketrygdfondet, Must Invest, DNB Asset Management, Nordea Investment Management, and Perestroika have pre-committed their support for the transaction at the EGM, and fully underwritten a NOK 1 500 million contemplated equity capital raise subject to certain terms and conditions","length":280,"tagName":"p"}]},{"val":[{"type":"text","content":"Transaction is expected to close by May 2026","length":44,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":901,"olType":false},{"type":"text","content":"Elkem ASA ("Elkem" or the "Company") today announced an agreement to sell the majority of its Silicones division to Bluestar to be settled with all Elkem shares held by Bluestar through Bluestar Elkem International Co. Ltd. S.A. (collectively with its relevant affiliate(s), "Bluestar").","length":317,"tagName":"p"},{"type":"text","content":"Reference is made to the stock exchange announcements made by Elkem on 23 January 2025 and 18 September 2025 regarding the strategic review of the Silicones division ("Silicones") and the initiation of an exclusive sales process regarding Silicones.","length":259,"tagName":"p"},{"type":"text","content":"Elkem has entered into a final share purchase agreement ...