Inin Group AS — M&A Activity 2024

Jan 25, 2024

Inin Group AS acquires remaining 35 percent of Hadeland Elektro AS

Inin Group AS acquires remaining 35 percent of Hadeland Elektro AS

25 January 2024 – Inin Group AS has exercised an option to acquire the remaining 35 percent of the shares of electrical contractor Hadeland Elektro AS, thereby increasing its ownership share to 100 percent.

Reference is made to the stock exchange announcement 3 August 2022 regarding the acquisition of an initial 65 percent ownership share in Hadeland Elektro, including an option to acquire the remaining 35 percent at an average of the tree last financial years performance.

Hadeland Elektro is an electrical contractor that delivers complete electrotechnical solutions for construction and infrastructure projects, including the energy, rail and road sectors. The company possesses all necessary approvals for high and low voltage work for the rail industry, and also performs inspection work of high-voltage grids. Hadeland Elektro’s customers are mainly private construction contractors and public infrastructure owners and operators. The company is headquartered at Gran at Hadeland, Innlandet county. It serves customers nationwide in Norway.

Hadeland Elektro is part of Inin Group’s Rail Infrastructure investment platform, which is headed up by Nordic Infrastructure Group. Hadeland Elektro’s revenue has grown by approximately 60 percent from 2022 to 2023 while keeping excellent margins.

“We are delighted to increase our ownership share in this well-performing business, and we are equally pleased that the owners of Hadeland Elektro increase their shareholding in Inin Group as a result. Hadeland Elektro’s specialist electrical competence is highly sought after in the industries it operates within, so we see substantial growth opportunities for this business going forward,” says Øivind Horpestad, CEO of Inin Group.

TRANSACTION TERMS

Inin Group acquires the remaining 35 percent of the shares in Hadeland Elektro for a total consideration of NOK 18.9 million, equivalent to a total equity value NOK 54 million. The consideration will be settled by NOK 9.7 million in Inin Group shares valued at NOK 3.30 per share, and cash NOK 9.2 million. The share consideration will be settled by transfer of treasury shares.

(ENDS)

For further information, please contact:

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

About Inin Group AS

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