Multiconsult ASA (Multiconsult) signs letter of intent to acquire the
multidisciplinary engineering consultant company Hjellnes group, comprising of
Hjellnes Consult AS and Johs Holt AS
Multiconsult has signed a letter of intent with the board of directors in
Hjellnes Holding AS for the acquisition of 100% of the shares in Hjellnes
Consulting AS and Johs Holt AS. The settlement will be a combination of cash and
Multiconsult shares. The closing date is planned by September 2017.
Multiconsult ASA and the Hjellnes group have operated in the same industry for
many years. The companies are familiar with each other through cooperation in
many projects and the parties share a common view that they will have a strong
strategic and cultural fit. Through the acquisition, Multiconsult will increase
the multidisciplinary capacity and expertise within the core competencies in
Buildings & Properties, Transportation and Water & Environment. The acquisition
will also strengthen Multiconsult's market position in the Greater Oslo area as
well as within bridge construction, where Johs Holt AS is considered a market
leader. Further, Multiconsult will increase its competitive advantage within
health buildings and urban development in Norway, in line with its 3-2-1 GO
strategy.
Hjellnes Consult AS provides multidisciplinary engineering consulting services.
The company has a solid expertise within buildings and properties, construction,
infrastructure and environment. Johs Holt AS provides advisory services within
all types of bridges and heavier structures. At year-end 2016, the two
companies had a combined total of 229 employees. For 2015, operating revenues
were NOK 307.0 million, NOK 14.3 million in EBIT and NOK 117.2 million in
assets. The acquisition is subject to approval by Hjellnes Holding AS's ordinary
general meeting on 30. May 2017. A final agreement is subject to a successful
due diligence process and approvals from the board of directors in Multiconsult,
board of directors in Hjellnes Holding AS and the Norwegian Competition
Authority.
Multiconsult will provide an update with further details once a share purchase
agreement has been signed.
For further information, please contact:
Investor relations:
Mirza Koristovic, Head of Investor Relations
Phone: +47 93 87 05 25
E-mail: ir@multiconsult.no
Media:
Gaute Christensen, VP Communications
Phone: +47 911 70 188
E-mail: gaute.christensen@multiconsult.no
ABOUT MULTICONSULT ASA
Multiconsult is a leading Norwegian multidisciplinary engineering consulting
company, with more than 2 300 employees and 45 offices in Norway and abroad. The
Company focuses on seven market areas: Buildings & Properties, Transport &
Infrastructure, Energy, Oil & Gas, Industry, Environment & Natural resources and
Architecture. The Company has an operating history that spans more than a
century, with the inception of Norsk Vandbygningskontor in 1908. In 2015
Multiconsult completed more than 9 000 projects for approx. 4 000 different
customers