Elkem ASA (ELK.OL) has announced on Friday that it has agreed to sell the majority of its Silicones division to Bluestar through a transaction settled by the redemption of Bluestar's 338,338,536 shares in Elkem, representing 52.9 percent ownership.
The transaction is valued at approximately NOK 1.5 billion in contemplated new equity financing, fully underwritten by a group of Norwegian institutional investors.
The deal is expected to close by May 2026. Following the completion of the transaction, Elkem will focus on its Silicon Products and Carbon Solutions businesses, positioning itself as a streamlined metals and materials producer.
ELK.OL is currently trading at NOK 25.48, down NOK 3.40 or 11.77 percent on the Euronext Oslo Exchange.
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