Cirio advised Troms Kraft AS in the sale, while Castrén & Snellman acted as Finnish counsel for Fjordkraft Holding ASA.
Troms Kraft AS announced the sale its subsidiary Switch Nordic Green AB (Nordic Green Energy) to Fjordkraft.
The transaction amounted to NOK 375 million in enterprise value, and is paid in cash to Troms Kraft AS.
Nordic Green Energy is an electricity trading company with focus on green and renewable electricity and it has been active since 2000 in Sweden and since 2008 in Finland. Nordic Green Energy has approximately 167,000 electricity customers throughout Sweden and Finland.
Fjordkraft is a Norwegian power company that delivers power to end users.
Troms Kraft is a power company that operates twelve hydroelectric power plants and the power grid in fifteen municipalities in Troms, Norway. The retail division has 100,000 customers and traded 5 TWh of electricity in 2006, in addition to 40 GWh of district heating. The company operates a fiberoptic broadband service in Tromsø.
The Cirio’s team consisted of Jörgen Möller (Picture) and Nina Lannsjö.
The Castrén & Snellman team included Carola Lindholm, Tinya Tillander, Jaakko Honkala and Krista Oinonen.
Involved fees earner: Jaakko Honkala – Castrén & Snellman; Carola Lindholm – Castrén & Snellman; Krista Oinonen – Castrén & Snellman; Tinya Tillander – Castrén & Snellman; Nina Lannsjö – Cirio Law Firm; Jörgen Möller – Cirio Law Firm;