Overview

• LG and OSO have formally signed the acquisition agreement under which LG will acquire all shares of OSO Group AS, with the transaction set to close in September 2025.
• Industry sources estimate the deal is worth several hundred billion won, though LG Electronics has declined to disclose the exact amount.
• OSO Group AS, founded in 1932, is Europe’s leading manufacturer of stainless steel water heaters with annual revenue of NOK 942 million and around 260 employees.
• LG has begun integration planning to merge OSO’s hot water tank designs with its air-to-water heat pump systems to deliver comprehensive heating and hot water packages.
• The acquisition supports LG’s growth strategy in a European heat pump market projected to double to 2.4 million units by 2030 as countries aim to cut emissions and strengthen energy security.