The European funds “DIF Capital Partners” and “EDF Invest” have bought Fjord1, write the owners in a press release. They have established a strategic partnership through a consortium, “Effra BidCo AS”, and have bought Fjord1 from Havila Holding and Vision Ridge Partner, both of whom have had 50 percent ownership since 2021, it says. – The management is satisfied that the sale process has been completed, and looks forward to developing Fjord1 further together with the new owners, says managing director Dagfinn Neteland in the press release. These are the new owners of Fjord1 About DIF Capital Partners: DIF Capital Partners is an infrastructure fund manager with around 16 billion euros in assets under management. DIF was founded in 2005 and has a leading position in the management of medium-sized investments, mainly in Europe, North America and Australia. DIF has two strategies: The traditional DIF funds invest in medium-sized infrastructure projects with lower risk, medium-sized infrastructure projects, and companies within the energy transition (incl. renewable energy) and the supply sector, the energy and supply sector, in addition to PPPs and concessions. The company’s CIF fund invests in small and medium-sized companies that will thrive in the new economy. These companies are usually within digital infrastructure, energy transition and sustainable transport. With a team of over 225 employees spread over 11 offices, DIF can offer a unique market approach, combined with a global presence with the advantages of strong local networks and investment capacity. DIF has offices in Amsterdam, Frankfurt, Helsinki, London, Luxembourg, Madrid, New York, Paris, Santiago de Compostela, Santiago de Cuba, Madrid, New York, Paris, Santiago, Sydney, Toronto and Madrid. About EDF Invest: EDF Invest, which is EDF’s investment department for unlisted dedicated assets, currently manages around 9 billion euros in equity capital and is aiming for around 12 billion euros in the next few years. EDF Invest contributed to the financing of the closure of EDF’s power plant in France. The aim is to diversify EDF’s portfolio of dedicated assets and extend the investment horizon by investing in three non-listed asset classes in France and abroad: Infrastructure, property and funds The parties have agreed not to state the sale price. With the Fjord1 sale, the four largest ferry companies in the country (Fjord1, Norled, Torghatten AS and Boreal) have been sold to foreign owners. Debts due to increased wealth tax – The structure of Norwegian tax means that we need to release money steadily, says Vegard Sævik about the reason for the sale. He has also been chairman of Fjord1, and says they have seen that the company has had weakened competitiveness with Havila Holding as owners. – One of the main factors for us to start the process is wealth tax, he says. Next year, Fjord1 will be owned by foreign investment funds. The deal is expected to be approved in early 2024. Photo: Fjord1 Sævik believes Norway has a major handicap compared to foreign owners. – Norwegian owners have to withdraw money on an ongoing basis to pay a tax that our competitors do not need to consider, he says. Thinks Norway is no worse than other countries Per Vidar Kjølmoen from the Labor Party believes Havila has no reason to blame Norwegian tax policy for the fact that they have now chosen to sell. He confirms that the wealth tax itself is higher than in other countries, but believes that the total wealth taxation is not particularly high in Norway compared to other countries in the OECD. – If Sævik had lived in the US or the UK, for example, he would have had to pay 40 per cent inheritance tax when he transferred assets between generations, says Kjølmoen. Fjord1 operates four of the ten largest connections in Norway. The association is spread across the country in six different counties: Vestland, Rogaland, Nordland, Trøndelag, Møre and Romsdal and Viken. With Fjord1 sold, the four largest ferry companies are in foreign hands. Photo: Tore Lyngvær / news Leader in battery ferries Havila Holding has been the owner since 2011 and in that period Fjord1 has grown to have almost half of the Norwegian ferry market with its approximately 80 vessels. Fjord1 also has over half of the battery ferries in the country. – We have been part of a groundbreaking technological development with battery ferries that have made the Norwegian fjords green. It was also particularly gratifying that we won the contract for autonomous ferries across the Sognefjord and take the step into a new chapter for ferries-Norway, says chairman of Fjord1 Vegard Sævik. The operation of the ferries is linked to contracts with the state and will therefore not be affected by new owners. – We hope for stability, that we can continue as we are today, participate in tenders and be competitive, says Egil Kirkebø, head trustee at Negotia in Fjord1. The transaction is expected to be approved in early 2024.
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Wealth tax was decisive for the Fjord1 salet – news Vestland
