On September 6, Altor, a private equity fund, exercised its put option, obligating Hydro to acquire an additional 20 per cent stake in Vianode. This transaction results in both Altor and Hydro holding equal 50/50 ownership stakes.
Why the put option
A put option is a financial contract that grants the buyer the right, but not the obligation, to sell a specified quantity of an asset at a set price, known as the strike price, within a predetermined time frame before the option's expiration date.
After Elkem's exit from Vianode in March 2024, Altor and Hydro became the remaining shareholders, holding 70 per cent and 30 per cent stakes, respectively. Their shareholder agreement includes a put-and-call option, allowing either party to adjust ownership to an equal 50/50 split and share associated costs.
The transaction is currently awaiting competition clearance, expected within six to eight weeks, with no additional costs incurred by Hydro for this acquisition. As part of Hydro's updated 2030 strategy, the Batteries unit remains focused on ensuring the successful execution of its current investments, with further capital allocation contingent on the attractiveness of new opportunities.
About Vianode
Vianode, a manufacturer of synthetic graphite for the battery industry, has been operating an industrial pilot plant in Kristiansand, Norway, since 2021. The company is on track to complete an industrial-scale production facility at Herøya Industripark in Norway by the end of 2024.
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