Gjelsten Holding is the new owner of the 2nd largest private forest owning company in Norway.
Storebrand has conducted a strategic review of its ownership in AS Værdalsbruket and has entered into an agreement to sell 100% of the shares in the company to Fabritius Gruppen AS, a subsidiary of Gjelsten Holding AS.
Værdalsbruket is located in the Trøndelag region and manages significant limestone resources and holds an ownership in Inntre Holding AS, a large exporter of building timber. The company has been owned by Storebrand since 1935.
Haavind acted as legal advisor to Storebrand, while Danske Bank acted as financial advisor. Completion of the transaction is expected to take place ultimo May 2021.