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Statkraft buys Trondheim Energiverk

Norway's state utility Statkraft said on Friday it had bought regional utility Trondheim Energiverk (TEV) for NOK 4.25 billion ($477 million) in cash, adding that it had reached its goals for domestic market share. Under Statkraft's bid for TEV, owned by the City of Trondheim, the state utility would pay a lump sum of NOK 4.25 billion to municipality coffers as well as 50 million to a development fund and 10 million to assess multi-utility concepts in the area. The deal would see Statkraft rise to the second-largest utility in the deregulated Nordic power market behind Swedish Vattenfall.