4 September 2002 – Norwegian retail company Forbrukerkraft announced Friday its purchase of Meganor AS, for c.30mNOK, ($4m) further strengthening its position in the Nordic region with the addition of another 38 000 customers to its retail portfolio.
Oslo-based Forbrukerkraft, one of Norway’s leading organic growth retail energy suppliers, was purchased by TXU Nordic Energy Oy in July this year. This latest retail acquisition brings Forbrukerkraft’s retail base to more than 80 000 customers and adds an annual load of just under 1TWh to TXU’s Norwegian retail portfolio.
Managing Director of TXU Nordic Energy, Mr Evan Edwards, said that Forbrukerkraft would take over the operational responsibility for Meganor’s customers from 7 October 2002. Meganor’s shares will be transferred from Statoil, Meganor’s current owner, to Forbrukerkraft by 30 June 2003.
He said that combining the customer activity of both Norwegian retail companies provided TXU with increased opportunity for organic growth. “This structure brings significant synergies to the Forbrukerkraft business and allows the combined companies to be very competitive, which in turn will be good for customers with sustainable competitive prices in the long term. Our main priority is to ensure that service to Meganor’s customers is not affected.”
He said that today’s announcement provided a valuable addition to the portfolio and underlined TXU’s long-term commitment and involvement in the Nordic region. “We are committed to growing our retail business across Europe and expanding our merchant energy model into both Europe and the Nordic Region. The acquisition of Meganor enhances TXU’s position within the Nordic market, and one of the largest suppliers in Norway this is another step in our growth in this region.”