Elkem to sell majority of Silicones division to Bluestar

On 13 February 2026, Elkem ASA announced an agreement to sell the majority of the Silicones division to Bluestar to create a focused, globally-leading metals and materials producer.

"Since its founding more than 120 years ago, Elkem has consistently optimised its portfolio to adapt to changing market dynamics and capitalise on emerging growth opportunities. By divesting the majority of the Silicones division, we are simplifying our business, sharpening our strategic focus and allocating capital where we see strong long‑term growth opportunities. We are confident that the agreement also delivers the most favourable outcome for the Silicones division positioning the business for accelerated specialisation and growth," says CEO Helge Aasen.

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 AS, 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