Elkem announces agreement to sell majority of Silicones division to Bluestar

OSLO, Norway, Feb. 13, 2026 /PRNewswire/ --

Transaction highlights:

• Elkem to sell majority of the Silicones division to Bluestar to create a focused, globally-leading metals and materials producer
• 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
• Minority investors to assume 100% control of Elkem (listed)
• Transaction solves Elkem and Bluestar's long-term strategic goals regarding operations and ownership
• Transaction is conditional upon shareholders' approval at EGM, waivers and approvals from lenders, and other customary approvals
• Folketrygdfondet, Must Invest, DNB Asset Management, Nordea Investment Management, and Perestroika have pre-committed their support for the transaction at the EGM, and fully underwritten a NOK 1 500 million contemplated equity capital raise subject to certain terms and conditions
• Transaction is expected to close by May 2026

Elkem ASA ("Elkem" or the "Company") today announced an agreement to sell the majority of its Silicones division to Bluestar to be settled with all Elkem shares held by Bluestar through Bluestar Elkem International Co. Ltd. S.A. (collectively with its relevant affiliate(s), "Bluestar").

Reference is made to the stock exchange announcements made by Elkem on 23 January 2025 and 18 September 2025 regarding the strategic review of the Silicones division ("Silicones") and the initiation of an exclusive sales process regarding Silicones.

Elkem has entered into a final share purchase agreement regarding the sale of the majority of the Silicones division assets (the "Sold Silicones Assets") to Bluestar in a transaction where the full consideration payable by Bluestar will be settled through the redemption of all of Bluestar's 338,338,536 shares in Elkem (the "Contemplated Transaction"). Following completion of the Contemplated Transaction, Bluestar will no longer hold any Elkem shares.

After a comprehensive assessment of all available options, Elkem firmly believes that entering into the share purchase agreement delivers the most favourable outcome for both the Silicones division and the Company, ultimately benefitting all shareholders.

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.