OSLO, July 10 (Reuters) - Norwegian metals maker Norsk Hydro has agreed to take full ownership of aluminium products maker Sapa by buying a 50 percent stake from conglomerate Orkla , the companies said on Monday.
The transaction values Sapa at 27 billion Norwegian crowns ($3.24 billion) on a debt-free basis, Hydro said.
"The transaction will be financed through cash positions and issuance of bonds in Norwegian and international markets," it added.
Orkla separately said it would pay a special dividend of 5 Norwegian crowns per share when the deal closes.
Completion of the transaction is subject to approval from relevant competition authorities, and is expected in the second half of 2017. ($1 = 8.3418 Norwegian crowns) (Reporting by Terje Solsvik; editing by Niklas Pollard)