Inin Group AS — M&A Activity 2025

Mar 7, 2025

ININ Group AS: SPA signed to acquire public transport infrastructure specialist

ININ Group AS: SPA signed to acquire public transport infrastructure specialist

7 March 2025 – Inin Group’s subsidiary Nordic Infrastructure Group AS has today signed a share purchase agreement to acquire 100 percent of the shares in Norway-based Trasé AS – a specialist within construction and maintenance of public transport infrastructure.

Reference is made to the stock exchange announcement dated 28 May 2024 regarding the transaction.

The planned acquisition will further strengthen Nordic Infrastructure Group’s position in the railway and tramway segments and widen its offering to also cover public road infrastructure.

ABOUT TRASÉ AS

Trasé counts approximately 30 employees that specialize in construction, maintenance and upgrades of railways, tramways and road infrastructure related to public transport. It provides services within groundwork, water and wastewater, cable systems, concrete work and track construction. The company is headquartered at Østerås in Bærum municipality, just outside Oslo.

The majority of Trasé’s projects are located in the greater Oslo region. The company’s largest clients include public infrastructure owners such as the Norwegian Public Roads Administration, Oslo Municipality and municipality-owned public transport operator Sporveien.

In 2024, Trasé delivered revenue of approximately NOK 63 million, and EBIT of NOK 20 million. The company has delivered positive financial results every year since its inception in 2015.

“Trasé is a well-run business with a highly competent team that will strengthen our position within public road infrastructure plus enable us to jointly bid for even larger railway maintenance projects,” says Gjermund Sogn, CEO of Nordic Infrastructure Group.

TRANSACTION DETAILS

Trasé AS is valued at NOK 60.5 million in the transaction. The valuation is based on expected average EBIT for 2024-2026. The transaction will be settled 58% in Qben Infra shares valued at SEK 15 per share and 42% in cash. The final purchase price may be adjusted upwards/downwards of maximum NOK 20 million based on deviation in expected average EBIT for 2024-2026.

The transaction is expected to be completed by the end of the first quarter 2025.

ININ Group AS is listed on Euronext Growth Oslo. The company’s majority shareholder, Qben Infra AB, is listed on Nasdaq First North Premier Growth Market in Stockholm, Sweden. Nordic Infrastructure Group heads up Qben Infra’s Rail platform.

(ENDS)

For further information, please contact:

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

About ININ Group AS

ININ Group is a listed investment company with investments in companies within infrastructure 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 close collaboration with the platform companies to deliver sustainable growth and profitability. For more information, please visit: www.inin.no