Aker Horizons ASA announces merger plans with Aker Offshore Wind AS (“Aker Offshore Wind” or “AOW”) and Aker Clean Hydrogen AS:
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- Aker Horizons and Aker Offshore Wind to combine in an all-stock merger that will reposition AOW as a privately held subsidiary of AkerHorizons, with the intention to combine AOW with its portfolio company Mainstream Renewable Power (“Mainstream”). Strong industrial logic for combining AOW and Mainstream, including complementary footprint and capabilities, increased scale, and improved access to financing for AOW projects
- Shareholders in Aker Offshore Wind will receive 0.1304 merger consideration shares in AkerHorizons for each share owned in AOW. The exchange ratio is based on the 30 day volume weighted average share price for each of AOW and AkerHorizons
- AkerHorizons and Aker Clean Hydrogen to combine in an all-stock merger that will reposition ACH as a privately held subsidiary of Aker Horizons to accelerate the development of large-scale hybrid decarbonization projects, integrating hydrogen production with downstream applications such as green iron
- Shareholders in Aker Clean Hydrogen will receive 0.2381 merger consideration shares in AkerHorizons for each share owned in ACH. The exchange ratio is based on the 30 day volume weighted average share price for each of ACH and AkerHorizons
Strengthening Aker Horizons’ capacity to accelerate the energy transition
Aker Horizons today announces merger plans with Aker Offshore Wind and Aker Clean Hydrogen, repositioning both companies as privately held subsidiaries in the AkerHorizons portfolio. The mergers will strengthen Aker Horizons’ capacity to accelerate the energy transition and maximize impact and value creation.
The proposed merger with Aker Offshore Wind facilitates a combination of AOW and Mainstream Renewable Power, another subsidiary of Aker Horizons, to create an industrially and financially stronger renewable energy developer, subject to customary conditions including agreement with Mainstream’s minority shareholders. The consolidation of Aker Horizons’ interests in renewable energy will provide improved access to financing for AOW’s projects and accelerate Mainstream’s transformation into a global renewable energy major with leading floating and fixed offshore wind capabilities. Combining AOW’s strong technical and engineering capabilities and early mover position in floating offshore wind with Mainstream’s proven project development methodology, execution track record and global presence unlocks new opportunities worldwide.
The proposed merger with Aker Clean Hydrogen will accelerate the development of large-scale hybrid decarbonization projects integrating hydrogen production with downstream applications. Combining the strengths of Aker Clean Hydrogen with the financial and broader industrial skillset of AkerHorizons, the merger will facilitate partnerships across value chains, expand the opportunity set in new adjacent industries such as green iron, and improve access to competitive capital, including from Aker Asset Management.