Elkem announces agreement to sell majority of Silicones division to Bluestar

On February 13, Elkem announced an agreement to sell the majority of its Silicones division to Bluestar. Transaction is expected to close by May 2026.

The transaction will be settled through redemption of Bluestar’s 338,338,536 shares (52.9%) in Elkem. No cash payments by Elkem nor Bluestar as settlement. Following completion of the Contemplated Transaction, Bluestar will no longer hold any Elkem shares.

As Elkem’s largest shareholder and former owner of parts of the Silicones assets, Bluestar possesses deep knowledge of Elkem’s Silicones division and is strategically focused on developing its position in the silicones value chain.

“This transaction is the result of a thorough strategic review initiated in early 2025 and reflects the Board’s clear ambition to create the strongest possible foundation for long‑term value creation. We are confident that the agreement with Bluestar delivers a favourable outcome for Elkem’s employees, shareholders and other stakeholders, while positioning both Elkem’s metals and materials divisions, and the Silicones division for future growth,” said Elkem Deputy Chair of the Board of Directors Dag J Opedal.

With respect to the share redemption, Bluestar is entitled to vote and has undertaken to vote in favour. Shareholders holding in total 67% of the share capital eligible to vote on that item have accordingly undertaken to vote in favour of the share redemption at the EGM.

Subject to being approved by the EGM and the other Closing Conditions being satisfied or waived, the Contemplated Transaction is expected to close by May 2026.