Hydro reduces ownership in Vianode
Hydro has announced a reduction in its ownership stake in Vianode, a Norwegian synthetic graphite producer, from 30% to 19.9%. The company canceled a put option with private equity fund Altor and sold 10.1% of its shares. A mutual put/call option for the remaining 19.9% stake will be exercised by February 28, 2025. Hydro will step down from Vianode's Board of Directors and has decided not to provide further capital to support Vianode's growth, instead focusing on its own strategic priorities. The company reports impairments of NOK 956 million related to Vianode investments in Q3, with NOK 581 million impacting reported EBITDA and NOK 375 million affecting Finance expense.
Hydro ha annunciato una riduzione della sua partecipazione in Vianode, produttore norvegese di grafite sintetica, dal 30% al 19,9%. L'azienda ha annullato un'opzione di vendita con il fondo di private equity Altor e ha venduto il 10,1% delle sue azioni. Un'opzione di vendita/acquisto reciproca per il restante 19,9% sarà esercitata entro il 28 febbraio 2025. Hydro si dimetterà dal Consiglio di Amministrazione di Vianode e ha deciso di non fornire ulteriore capitale per sostenere la crescita di Vianode, focalizzandosi invece sulle proprie priorità strategiche. L'azienda riporta svalutazioni di 956 milioni di NOK relative agli investimenti in Vianode nel terzo trimestre, con 581 milioni di NOK che impattano sull'EBITDA riportato e 375 milioni di NOK che influenzano le spese finanziarie.
Hydro ha anunciado una reducción en su participación en Vianode, un productor noruego de grafito sintético, del 30% al 19,9%. La empresa canceló una opción de venta con el fondo de capital privado Altor y vendió el 10,1% de sus acciones. Se ejercerá una opción de venta/compra mutua para el restante 19,9% antes del 28 de febrero de 2025. Hydro renunciará a su puesto en la Junta Directiva de Vianode y ha decidido no proporcionar más capital para apoyar el crecimiento de Vianode, centrándose en cambio en sus propias prioridades estratégicas. La empresa informa sobre una pérdida de valor de 956 millones de NOK relacionada con las inversiones en Vianode en el tercer trimestre, con 581 millones de NOK afectando al EBITDA reportado y 375 millones de NOK impactando en los gastos financieros.
Hydro는 노르웨이의 합성 흑연 제조업체 Vianode에 대한 소유 지분을 30%에서 19.9%로 줄이겠다고 발표했습니다. 이 회사는 사모펀드 Altor와의 풋옵션을 취소하고, 10.1%의 주식을 매각했습니다. 남은 19.9% 지분에 대한 상호 풋/콜 옵션은 2025년 2월 28일까지 행사될 것입니다. Hydro는 Vianode의 이사회에서 물러나고, Vianode의 성장을 지원하기 위한 추가 자본을 제공하지 않기로 결정했으며, 대신 자사의 전략적 우선사항에 집중할 것입니다. 이 회사는 3분기 Vianode 투자와 관련하여 956백만 NOK의 손실을 보고하며, 그 중 581백만 NOK가 보고된 EBITDA에 영향을 미치고 375백만 NOK가 금융 비용에 영향을 미쳤습니다.
Hydro a annoncé une réduction de sa participation dans Vianode, un producteur norvégien de graphite synthétique, passant de 30 % à 19,9 %. L'entreprise a annulé une option de vente avec le fonds de capital-investissement Altor et a vendu 10,1 % de ses actions. Une option mutuelle de vente/achat pour le reste de la participation de 19,9 % sera exercée d'ici le 28 février 2025. Hydro quittera le conseil d'administration de Vianode et a décidé de ne pas fournir de capital supplémentaire pour soutenir la croissance de Vianode, se concentrant plutôt sur ses propres priorités stratégiques. L'entreprise fait état d'une dépréciation de 956 millions de NOK liée aux investissements dans Vianode au troisième trimestre, dont 581 millions de NOK ayant un impact sur l'EBITDA déclaré et 375 millions de NOK affectant les frais financiers.
Hydro hat eine Reduzierung seines Anteils an Vianode, einem norwegischen Produzenten von synthetischem Graphit, von 30% auf 19,9% angekündigt. Das Unternehmen hat eine Verkaufsoption mit dem Private-Equity-Fonds Altor storniert und 10,1% seiner Anteile verkauft. Eine gegenseitige Verkaufs-/Kaufoption für den verbleibenden Anteil von 19,9% wird bis zum 28. Februar 2025 ausgeübt. Hydro wird aus dem Vorstand von Vianode ausscheiden und hat beschlossen, kein weiteres Kapital zur Unterstützung des Wachstums von Vianode bereitzustellen, sondern sich stattdessen auf die eigenen strategischen Prioritäten zu konzentrieren. Das Unternehmen berichtet im dritten Quartal von Wertminderungen in Höhe von 956 Millionen NOK, die die Investitionen in Vianode betreffen, wobei 581 Millionen NOK das gemeldete EBITDA und 375 Millionen NOK die Finanzierungskosten beeinflussen.
- None.
- Reduction in strategic investment ownership from 30% to 19.9%
- NOK 956 million in impairments taken in Q3
- NOK 581 million negative impact on reported EBITDA
- NOK 375 million impact on Finance expense
- Loss of board representation in Vianode
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
FAQ
What is Hydro's new ownership percentage in Vianode?
When will the mutual put/call option for Hydro's remaining Vianode shares be exercised?
How much is the total impairment Hydro is taking on Vianode investments in Q3?
Why is Hydro reducing its stake in Vianode?
