FJORDKRAFT HOLDING ASA HAS COMPLETED THE ACQUISITION OF INNLANDSKRAFT AS

FJORDKRAFT HOLDING ASA HAS COMPLETED THE ACQUISITION OF INNLANDSKRAFT AS

Reference is made to the announcement made by Fjordkraft Holding ASA (the "Company" or "Fjordkraft") on 17 July 2020, regarding the Company's entry into an agreement for the acquisition of 100% of the shares in Innlandskraft AS ("Innlandskraft"), with Gudbrandsdal Energi Holding AS ("GEH") and Eidsiva Energi AS ("EE") as the sellers.

Fjordkraft has completed the acquisition of Innlandskraft today.

The Company`s board of directors has resolved to issue 9,695,584 new shares in the Company at a price of NOK 74.50 per share, pursuant to an authorization granted by the extraordinary general meeting of the Company held on 22 April 2020. The shares are issued to GEH as consideration for 50% of the purchase price of Innlandskraft. The remaining 50% of the purchase for Innlandskraft has been settled to EE by way of cash settlement.

Fjordkraft's new share capital, following registration of the share capital increase with the Norwegian Register of Business Enterprises, will be NOK 34,284,540 divided into 114,281,800 shares, each with a nominal value of NOK 0.30. Following receipt of the new shares, GEH will own a total of 9,695,584 shares in the Company, equal to 8.48 % of the shares in the Company.

This information is subject of the disclosure requirements pursuant to sections 5-12 and 4-3 of the Norwegian Securities Trading Act.

For queries, please contact:
Morten A. W. Opdal, Head of Controlling and Investor Relations, +47 970 62 526