AF Gruppen - M&A Activity 2014 | FinancialReports.eu

AF Gruppen is targeting Bergen

AF Gruppen (AFG) has entered into a Letter of Intent

with LAB AS with intention to buy 70 per cent of the

company's shares. The acquisition comprises LAB AS'

shares in subsidiaries LAB Entreprenør AS, Åsane

Byggmesterforretning AS, Fundamentering AS as well

as the properties in LAB Eiendom AS.

LAB Entreprenør AS is the largest building

contractor in the Bergen area. The company is

headquartered in Bergen and carries out assignments

along the west coast of Norway. The company had a

turnover of NOK 1 016 million in 2013 and has

approximately 140 employees.

Åsane Byggmesterforretning AS is a leading builder

in Bergen with a turnover of close to NOK 400

million in 2013 and approximately 100 employees.

Fundamentering AS carries out assignments throughout

Norway within piling, sheet piling, drilling and

anchoring. The company's headquarters is at Heimdal

outside Trondheim and the company had a turnover of

NOK 220 million in 2013. Fundamentering AS has

approximately 70 employees.

LAB Eiendom AS develops properties centrally

situated near the main roads to Bergen.

The companies in LAB AS are expected to have a total

turnover in 2014 of approximately NOK 1.7 billion.

The agreed purchase price for 70 per cent of the

shares in LAB AS is estimated at approximately NOK

700 million. The settlement is expected to consist

of shares in AF Gruppen ASA and cash.

The transaction is conditioned by a due diligence

and the board's approval. The transaction is

expected to be completed in Q1 2015.

For further information:

CEO, Pål Egil Rønn, tel. +47 90 95 77 13

EVP/CFO, Sverre Hærem, tel. +47 95 24 51 67

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