Veidekke

M&A Activity • May 2, 2023

Veidekke: To acquire contractor in Østfold

Veidekke: To acquire contractor in Østfold

Veidekke has concluded an agreement to purchase all of the shares of contractor

Haugerud Vikeby AS in Mysen. "This is a really good match, and we're very

pleased that we together will be able to take a larger share of the building

market south of Oslo," says district manager Ketil Gunde Andersen of Veidekke.

"We have been looking for the right opportunity to strengthen our position in

the region along with our subsidiary Øst AS in Halden. We are therefore very

pleased to join forces with a strong contractor with its own skilled workers,

and not least a corporate culture that aligns with our own. That is after all an

assumption for such acquisitions to succeed," says Veidekke's district manager

Ketil Gunde Andersen.

The building and construction market in Østfold and Akershus south is large, not

least due to the new railway Follobanen and E18 motorway that reduces travel

time to Oslo significantly. With the building businesses Øst AS in Halden with a

branch in Spydeberg and Haugerud Vikeby in Mysen, Veidekke will have a good

starting point for greater implementation capacity, competence and

competitiveness in the region.

"We wanted to develop further and become a part of a larger contractor, and

Veidekke was at the top of our list. We are bringing both our values and

corporate culture into a group with great capacity, and I'm looking forward to

becoming part of the Veidekke team along with our craftsmen and officials," says

general manager Jørn Haugerud of Haugerud Vikeby.

The letter of intent was made public on 4 January. Takeover will take place with

effect from 11 May 2023.

For further information, please contact:

District manager Ketil Gunde Andersen, tel. +47 90 79 15 60,

Ketil.Gunde.Andersen@veidekke.no

CFO Jørgen Wiese Porsmyr, tel +47 907 59 058, jorgen.wiese-porsmyr@veidekke.no

Communications Manager Helge Dieset, tel. +47 90 55 33 22,

helge.dieset@veidekke.no

General Manager Jørn Haugerud with i Haugerud Vikeby, tel. +47 95 83 80 09,

jorn@haugerud-vikeby.no

Veidekke's press photos (https://veidekke.fotoware.cloud/fotoweb/archives/5028

-Pressebilder-Veidekke/)

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Haugerud Vikeby AS (https://www.haugerud-vikeby.no/) is a building contractor in

Mysen that carries out large and medium-sized projects such as commercial

buildings and housing for public and private clients, primarily in central

Østfold. Carpentry, masonry and concrete works are carried out with own

employees, and local subcontractors are additionally used. The company currently

has 36 employees, and revenues totalled just over NOK 200 million in 2022 with a

profit margin in recent years of around 4%.

Veidekke (https://www.veidekke.no/) is one of Scandinavia's largest contractors.

In addition to undertaking all types of building and civil engineering

assignments, the group also maintains roads and produces asphalt and aggregates.

Veidekke emphasises stakeholder involvement and local experience. Its annual

turnover is approximately NOK 39 billion, and half of its 8,000 employees own

shares in the company. Veidekke is listed on the Oslo Stock Exchange and has

posted a profit every year since its inception in 1936.