Inin Group AS — M&A Activity 2023

Jun 21, 2023

Inin Group AS: Subsidiary signs SPA for acquisition of fibre optics contractor

Inin Group AS: Subsidiary signs SPA for acquisition of fibre optics contractor

21 June 2023 – Reference is made to the stock exchange dated 18 April 2023 regarding Nordic Infrastructure Group’s potential acquisition of 100 percent of the shares in Thuve’n Anlegg & Bane AS. The two companies have today signed the final share purchase agreement (SPA).

Thuve’n Anlegg & Bane AS becomes part of Inin Group’s Rail Infrastructure investment platform, which is headed up by Nordic Infrastructure Group.

“We are delighted to have reached agreement with Thuve’n Anlegg & Bane. We expect the team’s competence within construction and installation of fibre optic infrastructure and other communication equipment to be in strong demand in the coming years, as new signalling systems are being built for Norwegian railways,” says Gjermund Sogn, CEO of Nordic Infrastructure Group.

ABOUT THUVE’N ANLEGG & BANE AS

Thuve`n Anlegg & Bane’s team has more than 20 years’ experience from construction services related to fibre optic equipment and cable infrastructure. The company also provides construction services related to ERMTS (European Rail Traffic Management System) signalling equipment.

In addition, Thuve`n Anlegg & Bane AS provides construction services on behalf of broadband companies related to installation of fibre cables to business customers as well as consumers.

Thuve’n Anlegg & Bane AS expects to generate revenue of approximately NOK 20 million in 2023.

TRANSACTION TERMS

Thuve’n Anlegg & Bane AS is valued at NOK 25 million in the transaction, which will be settled by NOK 20 million in shares in Nordic Infrastructure Group and NOK 5 million in cash. The cash consideration will be settled in two tranches: one at closing and the second after delivery of audited accounts for 2023. The owners have agreed to a lock-up agreement as well as a non-compete clause after expiry of the lock-up agreement. Closing of the transaction is expected by the end of June 2023.

(ENDS)

For further information, please contact:

Øivind Horpestad, CEO of Inin Group, Tel: +47 910 00 626

About Inin Group AS

Inin Group is an industrial owner that invests into companies within infrastructure and industry services niches in the Nordics. The group aims to create value by identifying investment opportunities within profitable niches with potential for development, consolidation and growth, working in collaboration with portfolio companies to deliver sustainable growth and superior profitability. For more information, please visit: www.inin.no