ICELAND - A group of Icelandic pension funds will buy a 25% stake in geothermal power company HS Orka for ISK8.06bn ($71.5m) from Magma Energy, the firm said.
The investors have also been given "significant minority shareholder rights to appoint Board members and participate in the major decisions of HS Orka as long as they continue to hold at least a 22.5% interest," the firm said in a release. Magma did not name the pension funds.
The pension funds will also hold an option until 10 February 2012 that will allow them to increase their stake to 33.4% for an additional ISK4.7bn.
The energy company's subsidiary, Magma Energy Sweden, currently owns 98.5% of the geothermal company, but has agreed to sell a quarter of its interest. The deal is expected to close in May. Calls to the company for more details were not immediately returned.
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