Nordic Infrastructure Group AS, a subsidiary of ININ Group AS, has today signed the share purchase agreement (SPA) to acquire 100 percent of the shares in North Norway-based railway contractor Nordnes Narvik AS.
Reference is made to the stock exchange announcement dated 29 May 2024 regarding the potential transaction.
Nordnes Narvik AS is a key player in the railway construction industry in Northern Norway, with a strong focus on delivering high-quality infrastructure solutions. The company is headquartered in Narvik in Nordland county, Norway.
According to Norwegian state-owned railway operator BaneNor’s latest InfraStatus report, the upgrade requirements for Norwegian railways are estimated at NOK 123.3 billion over the next 12 years.
“The acquisition of Nordnet Narvik will provide Nordic Infrastructure Group with a valuable, complementary geographical foothold in North Norway, says Gjermund Sogn, CEO of Nordic Infrastructure Group.
Nordnes Narvik AS is valued at 17.8 million NOK in the transaction. The consideration will be settled in cash in two tranches: the first at closing of the transaction and the second by 31 July 2025. Completion of the transaction is expected in January 2025.
