Top News > Solar – Solar A/S: No. 9 2025 Solar signs agreement to acquire Sonepar in Norway

Solar – Solar A/S: No. 9 2025 Solar signs agreement to acquire Sonepar in Norway

October 22, 2025
Solar

Today, Solar Norge AS has signed an agreement with Sonepar Sverige AB to acquire 100% of Sonepar Norge AS. 

 

The transaction values Sonepar Norge at DKK 315m on an Enterprise Value basis. The transaction is not expected to have an impact on the Solar Group results in 2025 except for the expected acquisition costs of DKK 5m. The transaction will be financed through a combination of 1/3 equity financing via an accelerated bookbuilding and 2/3 debt financing.

CEO Jens Andersen says:
“The combination of Solar and Sonepar in Norway will be transformative for our Norwegian business by creating economies of scale in addition to improving our physical distribution channels with a strong network of branches. The strong operational and commercial synergies between the companies are expected to unlock significant opportunities to develop the combined business, drive growth and enhance earnings over the coming years.”

 

Sonepar Norge is a trusted player in the market for B2B distribution of electrical material having a strong foothold in the installation segment and to a lesser extent in the industry segment. Sonepar has a loyal base of almost 4,000 customers, including many longstanding relationships spanning over 10 years, a central warehouse in Drammen, a comprehensive portfolio of 12,000+ stock keeping units (SKU) with focus on ESG-compliant sourcing, 13 locations powered by highly skilled teams, an annual revenue of approx. DKKK 700m and 115 highly skilled employees.

The acquisition of Sonepar Norge is a bolt-on acquisition, positioning the combined businesses as one of the leading distributors offering efficient sourcing and services mainly within electrical, ventilation and climate and energy solutions. Together, the two companies will offer a portfolio of 25,000 SKUs and generate an annual revenue of approx. DKK 2.5bn.

 

Transaction overview

  • Enterprise value of DKK 315m and equity value of DKK 225m.
  • At completion, Solar Norge will acquire 100% of Sonepar Norge.
  • Reported EBITDA of DKK 0m while future estimated normalised annual EBITDA amounts to approx. DKK 60m incl. synergies.
  • Estimated transition costs of approx. DKK 60m.
  • Estimated DKK 30m in freed up capital from reduction of net working capital.
  • Solar expects to finance the transaction during the next two months through a combination of 1/3 equity via an accelerated bookbuilding without pre-emption rights for existing shareholders and 2/3 debt financing provided by Danske Bank and Nordea.
  • Solar’s majority shareholder Fonden af 20. December, holding 17% of the share capital of Solar, will participate pro rata in the accelerated bookbuilding and will guarantee the entire transaction.
  • The acquisition is subject to customary regulatory approvals and is expected to be completed early December 2025. Until the closing of the transaction, Solar Norge and Sonepar Norge remain two separate companies conducting business as usual.

 

Strategic and financial rationale
Solar remains actively open to pursuing business opportunities and acquisitions that offer strategic value and long-term growth potential. The combination with Sonepar in Norway is a unique opportunity to create and develop Solar as one of the leading Norwegian distributors offering efficient sourcing and services mainly within electrical, ventilation and climate and energy solutions in a very competitive industry.

Solar and Sonepar in Norway are an excellent match based on similarities not only in terms of business models but also with common cultural values, which will provide several benefits, including:

  • Strong customer relationships.
  • Commercial synergies and stronger network.
  • Operational synergies from consolidation of operations, administration and logistics facilities and IT infrastructure.
  • Strong focus on sustainability.

Following the closing of the transaction, updated details on the impact of the acquisition will be disclosed, including estimates and timing of synergies and integration costs. The transaction is not expected to have an impact on the Solar Group results in 2025 except for the expected acquisition costs of DKK 5m.

The integration is expected to be completed before the end of H1 2026.

 

Teleconference today
Solar will host a teleconference today at 11:00 CET. To participate and thus have the possibility to ask questions, register in advance by using the link below. When you have registered, you will receive a dial-in number and a unique personal pin:
https://register-conf.media-server.com/register/BI082d57a4fdde4dd28623b68ab23507c5

 

Access to the webcast
https://edge.media-server.com/mmc/p/xbcz6kj6

 

Disclaimer
This announcement was published in Danish and English today via Nasdaq Copenhagen. In the event of any inconsistency between the two versions, the Danish version shall prevail.

 

SourceSolar

EMR Analysis

More information on Solar: See the full profile on EMR Executive Services

More information on Jens Andersen (Chief Executive Officer, Solar): See the full profile on EMR Executive Services

More information on Michael H. Jeppesen (Chief Financial Officer, Solar): See the full profile on EMR Executive Services

 

More information on Thomas Skovli (Group Management – Senior Vice President, Managing Director, Solar Norway, Solar): See the full profile on EMR Executive Services

 

 

 

More information on Sonepar: See the full profile on EMR Executive Services

More information on Philippe Delpech (Permanent Representative of Colam Entreprendre and President, Sonepar): See the full profile on EMR Executive Services

More information on Jérôme Baniol (Chief Financial Officer and M&A, Sonepar + Member of the Sonepar Executive Committee (SEC), Sonepar): See the full profile on EMR Executive Services

 

More information on Sonepar Sweden (formerly Elektroskandia) by Sonepar Nordics by Sonepar: We market and sell electrical equipment and systems in the power, automation, telecommunications, data, safety, lighting, household appliances, and industrial supplies segments.

  • Sonepar Sweden (formerly Elektroskandia) by Sonepar Nordics by Sonepar:: https://www.elektroskandia.se + Elektroskandia – Sweden’s leading electrical technology wholesaler today has more than a hundred years of experience to lean on.
    • We market and sell electrical equipment and systems within power/automation, telecommunications/data/security, lighting and industrial supplies.
    • We work with sole proprietors as well as with global groups. In both cases, the level of service should exceed expectations. We always strive to use the best suppliers in the world – and we stock more than 40,000 items that we guarantee will arrive the day after ordering.
    • Our employees bring together 1,700 suppliers with 14,500 customers. Every day we handle 600 tons of electrical equipment in our logistics center in Örebro – that means we dispatch an order line every three seconds!
    • Elektroskandia used to owned the Cylinda brand till 2024. Cylinda offers the Swedish market a complete range of white goods.
    • Elektroskandia has been operating as an electrical wholesaler in Sweden since 1904. The company is headquartered in Sollentuna, north of Stockholm and has stores in 50 locations around Sweden.
  • CARDI by Sonepar Sweden by Sonepar Nordics by Sonepar: http://www.cardi.se + Cardi is a lighting specialist and an Elektroskandia company. Its showroom is in Stockholm, Sweden, and our expert designers will help you realize your lighting project.
    • With over 40 years in the industry, Cardi Lighting is a nationwide sales organization within Sonepar with lighting salespeople and lighting designers who can help you with your lighting project. Our showroom on Valhallavägen in Stockholm is the organization’s sales office.
    • Cardi has an exclusivity agreement for Sweden with Molto Luce from Austria. Molto Luce is an innovative luminaire manufacturer where the main driving force is the passion for light and the feeling for every detail. Close collaboration with internationally recognized designers has enabled Molto Luce to create a fantastic range of both decorative and functional lighting of the highest quality. 
    • Cardi is also the main supplier for Lival in Sweden. Lival is a Finnish family business that primarily manufactures and develops luminaires for the retail trade but also for the home and public environment. Lival is a leading manufacturer of shop lighting in Europe and a world leader in ceramic lighting.
    • In 2021, Cardi Belysningsspecialisten has been merged into Elektroskandia Sweden. In connection with this, Cardi Belysning has been created, a merger of the organizations of Cardi and Cebe Belysning.
    • Our brands
      • Cardi: Cardi Lighting’s own brand , Cardi offers a very large range of functional and designed luminaires for all kinds of environments, both interior and exterior.
      • Molto Luce: Cardi Lighting has an exclusivity agreement for Sweden with Molto Luce from Austria. Molto Luce is an innovative luminaire manufacturer where the main driving force is the passion for light and the feeling for every detail. Close collaboration with internationally recognized designers has enabled Molto Luce to create a fantastic range of both decorative and functional lighting of the highest quality. 
      • Panzeri: is a private family-owned company with over 70 years in the lighting industry. Cardi Lighting is the exclusive supplier of Panzeri on the Swedish lighting market. They are perhaps best known for their decorative pendant rings – signed Enzo Panzeri which can be seen in many public environments in Europe. Their core values ​​are based on quality, tradition and innovation.
  • APRILICE by Sonepar Sweden by Sonepar Nordics by Sonepar:: https://b2b.aprilice.com/ + Aprilice is one of the leading solar distributors in Scandinavia and operates in the B2B sector, supplying solar cells, inverters, batteries, mounting systems and technical support services.
    • As Scandinavia’s largest solar distributor, Aprilice supplies solar panels, inverters, batteries, mounting systems, and technical support to the B2B sector. Our digital platform gives installers easy access to the latest PV products.
    • The company was founded in 2012 as a pioneer in the industry. With a commitment to sustainability, growth, innovation, reliability and transparent access we use our high level of technical know-how to deliver to installers. 
    • Headquartered in Stockholm with branches in Gothenburg, Jönköping, Kalmar and Landskrona, the company had around 160 associates and served around 1,300 customers with posted revenues of approximately €100 million in 2022.
    • Sonepar Sverige AB signed an agreement to acquire 70% of Aprilice on August 16, 2023.

More information on Anders Nordlöw (President, Sonepar Nordic, Sonepar + Managing Director, Sonepar Sverige, Sonepar): See the full profile on EMR Executive Services

 

More information on Sonepar Norway (OTRA) by Sonepar Nordics by Sonepar: https://www.sonepar.no/nb-no + Sonepar Norway offers its customers the most efficient and effective service in the country’s electrical market.

Sonepar has 13 branches and 150 associates in Norway, as well as a high-tech automated warehouse. Our main goal is to enable our customers to meet their electrical power needs, provide the best possible services, and gain excellent knowledge. Through quality products and digital services, we strive to help our customers better satisfy their own customers’ needs.

Sonepar Norway has a loyal base of almost 4,000 customers, including many longstanding relationships spanning over 10 years, a central warehouse in Drammen, a comprehensive portfolio of 12,000+ stock keeping units (SKU) with focus on ESG-compliant sourcing, 13 locations powered by highly skilled teams, an annual revenue of approx. DKKK 700m and 115 highly skilled employees.

More information on Lars Hamborg (Managing Director, Sonepar Norway (OTRA), Sonepar Nordic, Sonepar): See the full profile on EMR Executive Services

 

 

 

More information on Danske Bank A/S: https://danskebank.com/ + For more than 150 years, Danske Bank has helped enable growth and development in society. We have developed in tandem with the societies we are part of, and our advisory services, expertise and financial solutions have helped individuals, families, businesses and organisations to realise their ambitions and potential.

  • Helping more than 2.2 million personal customers in 8  countries
  • More than 200.000 small and medium-sized business customers
  • More than 35 percent of large corporates in the Nordics
  • More than 20,000 employees

More information on Carsten Ergeriis (Chief Executive Officer, Danske Bank A/S): https://danskebank.com/about-us/management + https://www.linkedin.com/in/carsten-egeriis/ 

 

 

 

More information on Nordea Bank: https://www.nordea.com/en + We are a universal bank with a 200-year history of supporting and growing the Nordic economies – enabling dreams and aspirations for a greater good. Every day, we work to support our customers’ financial development, delivering best-in-class omnichannel customer experiences and driving sustainable change. The Nordea share is listed on the Nasdaq Helsinki, Nasdaq Copenhagen and Nasdaq Stockholm exchanges.

More information on Frank Vang-Jensen (President and Group Chief Executive Officer, Nordea Bank): https://www.nordea.com/en/about-us/corporate-governance/ceo-and-leadership-team + https://www.linkedin.com/in/frank-vang-jensen/ 

 

 

 

 

 

 

 

 

 

 

EMR Additional Notes:

  • EBITA:
    • Earnings before interest, taxes, and amortization (EBITA) is a measure of company profitability used by investors. It is helpful for comparing one company to another in the same line of business.
    • EBITA = Net income + Interest + Taxes + Amortization
  • EBITDA: 
    • Earnings before interest, taxes, depreciation, and amortization (EBITDA) is an alternate measure of profitability to net income. By including depreciation and amortization as well as taxes and debt payment costs, EBITDA attempts to represent the cash profit generated by the company’s operations.
    • EBITDA and EBITA are both measures of profitability. The difference is that EBITDA also excludes depreciation.
    • EBITDA is the more commonly used measure because it adds depreciation—the accounting practice of recording the reduced value of a company’s tangible assets over time—to the list of factors.
  • EV/EBITDA (Enterprise Multiple):
    • Enterprise multiple, also known as the EV-to-EBITDA multiple, is a ratio used to determine the value of a company.
    • It is computed by dividing enterprise value by EBITDA.
    • The enterprise multiple takes into account a company’s debt and cash levels in addition to its stock price and relates that value to the firm’s cash profitability.
    • Enterprise multiples can vary depending on the industry.
    • Higher enterprise multiples are expected in high-growth industries and lower multiples in industries with slow growth.