Solar (SOLAR) M&A Announcement summary

Deal rationale and strategic fit

• Acquisition creates a leading distributor in Norway for electrical, ventilation, and climate/energy solutions, expanding product offerings and market presence.

• The combined entity will offer 25,000 SKUs and generate annual revenue of approximately DKK 2.5 billion.

• Both companies share similar business models, cultural values, and a sustainability focus, supporting operational integration.

• Sonepar Norge brings a loyal customer base, extensive product portfolio, and strong B2B market presence.

• The deal is seen as a transformative step, opening new growth opportunities and enhancing earnings.

Financial terms and conditions

• Transaction values Sonepar Norge at DKK 315m enterprise value and DKK 225m equity value.

• Deal financed by 1/3 equity via accelerated bookbuilding and 2/3 debt from Danske Bank and Nordea.

• Sonepar Norway contributes NOK 700 million in revenue, while the acquirer’s Norwegian business brings NOK 1.8 billion.

• Majority shareholder will participate pro rata and guarantee the transaction.

• Expected acquisition costs of DKK 5m in 2025; transition costs estimated at DKK 60m.

Synergies and expected cost savings

• DKK 60 million in synergies expected, mainly from scale efficiencies in IT, operations, and distribution.

• Future normalized annual EBITDA estimated at DKK 60m including synergies.

• Additional revenue will leverage existing distribution infrastructure with minimal incremental cost.

• AlphaStore warehouse can handle 10–20% more volume without extra staff.

• Consolidation of operations, administration, logistics, and IT infrastructure to drive efficiencies.