Aker ASA (OB:AKER) offered to acquire an additional 77.2% stake in NBT AS from Borgestad ASA (OB:BOR) and others for NOK 2.4 billion on July 17, 2020. Under the transaction, Aker ASA, which already owns 8.3% stake in NBT, will acquire atleast 90% stake in NBT, at a price of NOK 70 per share, implying an equity value of NOK 3.1 billion. In a related transaction, Aker increased its existing ownership in NBT from 8.3% to 12.8% for a consideration of NOK 122 million.

The transaction is subject to several conditions, including a due diligence process, parliamentary approval of a new tariff regime in Ukraine, and financing of the Zophia project. Borgestad ASA, which owns 2.8% stake in NBT, has committed to accept the offer.