Voluntary cash offer to the shareholders of Volue ASA (NO)

Carnegie acted as financial adviser to Advent and Generation Investment Management (GIM) in their voluntary cash offer for Volue. Advent, GIM, and Arendals Fossekompani ASA (AFK), acting through Edison Bidco AS, an indirect subsidiary of funds managed by Advent and funds advised by GIM (which, on completion of the Offer, will be controlled by Advent, GIM and AFK) announced its intention to launch a voluntary tender offer to acquire all of the outstanding shares in Volue at a price of NOK 42.00 per share corresponding to a market cap. of approx. NOK 6.1 bn. AFK currently holds 60 per cent of the shares of Volue.