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Norway's Hydro in $3.2 bln deal to acquire aluminium firm Sapa
July 10, 2017 / 5:25 AM / 2 months ago

Norway's Hydro in $3.2 bln deal to acquire aluminium firm Sapa

OSLO, July 10 (Reuters) - Norwegian metals maker Norsk Hydro has agreed to take full ownership of aluminium products maker Sapa by buying a 50 percent stake from conglomerate Orkla , the companies said on Monday.

The transaction values Sapa at 27 billion Norwegian crowns ($3.24 billion) on a debt-free basis, Hydro said.

“The transaction will be financed through cash positions and issuance of bonds in Norwegian and international markets,” it added.

Orkla separately said it would pay a special dividend of 5 Norwegian crowns per share when the deal closes.

Completion of the transaction is subject to approval from relevant competition authorities, and is expected in the second half of 2017. ($1 = 8.3418 Norwegian crowns) (Reporting by Terje Solsvik; editing by Niklas Pollard)

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