Cirio has advised Aneo in connection with its successful public takeover bid to the shareholders of Arise

On 26 November 2025, Aneo Holding AS (“Aneo”), through Aneo BidCo 1 AB (“Aneo BidCo”), announced a recommended public offer to the shareholders of Arise AB (publ) (“Arise”), an energy company listed on Nasdaq Stockholm, Mid Cap, to transfer all shares in Arise to Aneo BidCo at a price of SEK 45 in cash per share (the “Offer”).

At the end of the acceptance period for the Offer that ended on 15 January 2026, Aneo BidCo owns and controls approximately 97 percent of the outstanding shares and votes in Arise.

Cirio would like to thank both Aneo and Arise and wish the companies the best of luck with the merger.

Cirio’s team is led by Annika Andersson (Head of Equity Capital Markets and Public M&A), Jörgen Möller (Head of Energy) and Fredrik Morfeldt (Head of Infrastructure) together with Maria Arnoldsson, Rikard Kåresen, Julia Alander, Selma Didriksson Fröjd and Frida Meiby (Equity Capital Markets and Public M&A), Zacharias Thyrén (Energy), Ulrica Salomon, Johanna Elveland, Miranda Hermansson Varli, Hanna Yan Karlsson and Matteus Romare (Competition Law and FDI), Carl Axel Morvay and Fredrik Billing (Banking & Finance and DCM) and Lisa Ericsson (Employment Law).