Inin Group AS’ subsidiary Nordic Infrastructure Group AS has agreed to the principal terms of an agreement to acquire 100 percent of the shares in Thuve’n Anlegg & Bane AS – a company that specialises in construction and installation of fibre optic infrastructure and other communication equipment for the railway- and other industries.
“In Norway alone, we expect several billions to be invested in coming years in the building of new signalling systems. Fiber optic equipment is a significant part of this, but several disciplines must collaborate to be able to deliver complete service offering to our customers. The combination of Nordic Infrastructure Group and Thuve’n Anlegg & Bane AS is perfectly positioned to do so,” says Gjermund Sogn, CEO of Nordic Infrastructure Group.
With Thuve’n Anlegg & Bane AS part of the Nordic Infrastructure Group, the group and its subsidiaries will become an even more complete railway contractor and allow them to qualify for larger projects.
About Thuve’n Anlegg & Bane AS
Thuve`n Anlegg & Bane AS was established just a few years ago, but its management team has more than 20 years’ experience from construction services related to fiber optic equipment and cable infrastructure.
The company also provides construction services related to ERMTS (European Rail Traffic Management System) signalling equipment. ERMTS is a single European signalling and speed control system that ensures interoperability at European railroads.
In addition, Thuve`n Anlegg & Bane AS provides construction services on behalf of broadband companies related to installation of fibre cables to business customers as well as consumers.
Thuve’n Anlegg & Bane AS expects to generate revenue of approximately NOK 20 million in 2023.
Transaction Terms
Thuve’n Anlegg & Bane AS is valued at NOK 25 million in the transaction, which will be settled by NOK 20 million in shares in Nordic Infrastructure Group, which is valued at NOK 255 million (pre-money) in the transaction, and NOK 5 million in cash. The cash consideration will be settled in two tranches: one at closing and the second after delivery of audited accounts for 2023. The owners and key personnel have agreed to a three-year lock-up agreement as well as a non-compete clause after expiry of the lock-up agreement.
Signing of the final share purchase agreement and completion of the transaction is expected to occur during the second quarter of 2023.
