ININ Power AS, a subsidiary of ININ Group, has today signed the share purchase agreement to acquire 100 percent of the shares in Skyttermoen Anlegg AS – a profitable and growing contractor that specialises in site preparation work, which is complementary to several of ININ Group’s other businesses.
Skyttermoen Anlegg will become part of ININ Group’s Power Distribution platform.
Laje AS, which is a focused infrastructure construction and service company within the energy infrastructure, telecom and electrification sector, is currently the biggest company on this platform. “Laje relies on reliable excavation contractors to support its power infrastructure work, so we will be looking to capitalize on the obvious synergies between the two companies. Skyttermoen Anlegg is already a well-run and highly profitable company on its own, so this is an opportunity for both businesses to create even more value together,” says Øivind Horpestad, CEO of ININ Group.
ABOUT SKYTTERMOEN ANLEGG
Skyttermoen Anlegg is a specialist site preparation contractor which provides services within excavation work, drainage, cable trenches, High-voltage networks, land development and project development. The company is based in Hamar, Innlandet county, Norway, which is the same geographical region as Laje and other ININ Group subsidiaries are located.
Skyttermoen Anlegg was established in 2006 and the company has delivered revenue growth and positive operating results every year since inception. In 2023, the company delivered revenue of NOK 69 million and an operating profit (EBIT) of NOK 15 million. “Skyttermoen Anlegg has over several years proven that it is capable of delivering operating profit margins between 15 and 25 percent. We look forward to bringing them into ININ Group,” adds Øivind Horpestad.
TRANSACTION DETAILS
As part of the share purchase agreement, ININ Power AS, which is the holding company of ININ Group’s Power Distribution platform, acquires 100 percent of the shares of Skyttermoen Anlegg AS for a total consideration of NOK 83 million on a cash and debt free and fully diluted basis.
The consideration will be settled 60 percent in cash and 20 percent in shares in ININ Power AS and 20 percent in shares in ININ Group. Half of the cash-based consideration will be settled at closing of the transaction, and the other half after Skyttermoen Anlegg’s annual accounts for 2024 have been approved. The second part of the cash settlement is based on Skyttermoen Anlegg achieving a guaranteed EBIT of NOK 16 million in 2024
The transaction is expected to be completed in the third quarter of 2024.
