AF Gruppen

M&A Activity • May 14, 2024

AF Gruppen acquires majority stake in ETA Norge

AF Gruppen acquires majority stake in ETA Norge

AF Energi og Miljø AS has completed the acquisition of 70 percent of the shares in ETA Norge AS. ETA Norge is a highly competent contractor in bioenergy. The company was established in 2023 and has 13 employees. In 2023, the company had a turnover of NOK 97 million with an operating margin of 18.5 percent. The company delivers heating systems to agriculture and industry, and assists with project planning, installation, and service.

"Norway has very ambitious goals for reducing energy use by 2030, and AF Gruppen is developing energy efficient and sustainable solutions that reduce energy use and strain on the power grid. We are now expanding our commitment to renewable energy through the acquisition of ETA Norge. Bioenergy is a preferred renewable energy source and a central part of future energy solutions when fossil fuels are phased out", says Eirik Wraal, EVP Energy and Environment.

The enterprise value on a 100 percent-basis for ETA Norge is up to NOK 110 million. The consideration consists of cash. A significant part of the settlement is contingent on the results in the period 2024-2026 and will be paid out in 2027 if the result target is achieved. ETA Norge will remain as a separate company and will be part of the Energy and Environment business area in AF Gruppen.

For further details, please contact:

EVP Energy and Environment, AF Gruppen: Eirik Wraal, tel. +47 905 73 975

CEO of AF Gruppen ASA: Amund Tøftum, tel. +47 920 26 712