Solar A/S acquired 42.5% stake in Thermonova A/S on March 1, 2023.The acquisition price of 42.5% of the shares of ThermoNova is made up of a fixed amount of DKK 114 million and a variable amount of DKK 10 million at the most, equal to a valuation of DKK 292 million on a net debt-free basis. The acquisition is financed via withdrawals from Solar's cash resources. Horten Law Firm acted as legal advisor to sellers of ThermoNova A/S. Lasse Fredborg of BDO Corporate Finance acted as financial advisor to Thermonova A/S.
Solar A/S completed the acquisition of 42.5% stake in Thermonova A/S on March 1, 2023.
Solar A/S is a Denmark-based company engaged in the distribution of electrical, heating, plumbing and ventilation components. The Companyâs sales are divided into industry segment and contractor segment. The Company offers, among others, lightning, boilers and radiators, water heaters, heat pumps, switches and socket outlets, detection and push buttons, fans and air handling units, solar heating units, fire alarm systems, contactors, and cables for building, marine and offshore, and telecommunications industries. The products are distributed through a network of centrally located branches, drive-ins supporting the central warehouses and through an online channel. Apart from this, it sells accessories for consumer electronics through Aurora Group A/S. Solar A/S operates a number of subsidiaries in Denmark, Faroe Islands, Sweden, Norway, the Netherlands, Belgium, Poland and Austria. It operates, among others, through MAG45, an integrated supply company.
SOLAR A/S 
