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European energy giant E. ON announced on Wednesday that they have entered into a strategic cooperation agreement with Norwegian listed company Horisont Energi, a clean energy company with plans to transform gas into ammonia and hydrogen and to offer CO2 transportation and storage. E.ON will as part of this cooperation acquire a 25% stake in Horisont Energi. Arntzen de Besche is assisting E.ON as legal advisor in the transaction.
The acquisition of the ownership stake in Horisont Energi will be carried out as a private placement directed at E.ON, by which E.ON will acquire 5.7 million shares in Horisont Energi at NOK 65 per share, bringing E.ON’s total investment in the company to NOK 370.9 million. The placement is planned to be completed by the end of January 2022.
E.ON will contribute to the cooperation with its carbon capture and liquidation business, and Patrick Lammers, member of the board of E.ON, says the following about the cooperation in a joint press release on Wednesday:
- Collaborating with Horisont Energi will enable us to be a first mover in the future industrial carbon cycle business, that will be a key driver in European industrial and municipal decarbonization in the second half of the decade.
Arntzen de Besche has for some time worked closely with E.ON’s stellar M&A and commercial team on the transaction, which on the legal side is headed by experienced Senior Legal Counsel, Dr. Tobias Rösner.
We congratulate the parties with the outcome. Arntzen de Besche’s team is led by Energy Department partner Anders Rødland, and the core team consists of Henrik Braavold Johansen, Stein Ove Solberg, Tommy Dahlen, Elisabeth Eriksson, and Jostein T. Sakkestad.
Read more the full joint press release.