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Hydro reduces ownership in Vianode

October 24, 2024 at 01:02 AM EDT

ⓘ This article is third-party content and does not represent the views of this site. We make no guarantees regarding its accuracy or completeness.

Hydro has decided to reduce its ownership in synthetic graphite producer Vianode, based in Norway, from 30 to 19.9 percent.

On September 6, the private equity fund Altor exercised a put option requiring Hydro to acquire an additional 20 percent of Vianode. This transaction has not been executed.

Hydro has agreed with Altor to cancel the put option and has further sold 10.1 percent of Vianode to Altor. Hydro's remaining shareholding is 19.9 percent and Hydro will step down from the Board of Directors of Vianode.

As part of the agreement, Hydro and Altor have a mutual put/call option for the remaining 19.9 percent of shares, which will be exercised no later than February 28, 2025.

Vianode is on a growth journey to supply the battery industry with much needed low-carbon graphite. However, Hydro has decided to allocate its capital towards projects supporting its strategic priorities towards 2030 and will therefore no longer provide further capital to Vianode.

Impairments of NOK 956 million of investments in Vianode are taken in the third quarter, with NOK 581 million impacting reported EBITDA and shareholder loan in Vianode of NOK 375 million is impacting Finance expense.

Investor contact:
Martine Rambøl Hagen
+47 91708918
Martine.Rambol.Hagen@hydro.com

Media contact:
Halvor Molland
+47 92979797
Halvor.Molland@hydro.com