AF Gruppen — M&A Activity 2016

Oct 21, 2016

AF Gruppen strengthens focus on Sweden

AF Gruppen strengthens focus on Sweden

AF Gruppen (AFG) has signed a letter of intent with

Kanonaden Entreprenad AB to acquire 70 per cent of the

shares in the company.

Kanonaden Entrepenad AB is a Swedish civil engineering

company established in 1983 with headquarters in

Nässjö in Jönköping county. In 2015 the company and

its subsidiaries saw turnover of SEK 654 million, and

the company has approx. 170 employees.

Kanonaden Entrepenad AB takes on assignments in

groundworks, water and drainage, concrete works,

district heating, cable laying, windpower and road

construction. The company operates in southern Sweden,

including Stockholm and Gothenburg.

The agreed enterprise value for 100 per cent of

Kanonaden Entrepenad AB on a cash and debt free basis

is SEK 260 million. Settlement is expected to consist

of shares in AF Gruppen ASA and cash.

The transaction is subject to due diligence and

approval by the Board of Directors. It is expected

that the transaction will completed by 31 January

For further information:

CEO Morten Grongstad, tel. +47 99 15 39 05

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