Regional energy supplier Lyse has entered into a Heads of Terms agreement to acquire Ice Group Scandinavia Holdings (IGSH) from Ice Group and its subsidiary AINMT. In an announcement regarding the deal, it was noted that the proposed transaction includes the acquisition by Lyse of all issued and outstanding shares of IGSH and such additional assets and shares, including 100% of the shares of Ice Communication Norge (ice), Phonepartner Norge Holding and Ice Retail Holding. With it noted that deal implies an enterprise value of approximately NOK5.56 billion (USD618 million), Ice Group has said it expects to receive cash proceed of approximately NOK3 billion.

Completion of the transaction will be subject to ‘entering into final transaction documents, limited customary confirmatory due diligence, regulatory approvals and approval by relevant Ice stakeholders, including the shareholders of the Company in an extraordinary general meeting’. However, Ice notes it has already received preapprovals for the deal from shareholders representing approximately 80% of the shares, as well as from relevant creditors. As such, closing of the transaction is expected by the end of March 2022.

In its own press release regarding the development, Lyse said that it viewed Ice as a ‘good match’ for its existing telecoms operation, fibre broadband provider Altibox. Commenting on the acquisition plan, Lyse’s executive vice president Toril Nag noted: ‘The acquisition of Ice will establish Lyse as a full-fledged telecom operator in line with Telenor and provide a reinforcement of the overall telecom infrastructure in Norway. By getting Lyse [as its new owner], Ice will be able to become a more solid mobile operator that will be able to compete even stronger in the Norwegian telecommunications market. This will give greater freedom of choice, better customer experiences and more satisfied customers.’