Multiconsult

M&A Activity • May 23, 2017

Multiconsult ASA - Agreement with Hjellnes group

Multiconsult ASA - Agreement with Hjellnes group

Multiconsult ASA (Multiconsult) signs letter of intent to acquire the

multidisciplinary engineering consultant company Hjellnes group, comprising of

Hjellnes Consult AS and Johs Holt AS

Multiconsult has signed a letter of intent with the board of directors in

Hjellnes Holding AS for the acquisition of 100% of the shares in Hjellnes

Consulting AS and Johs Holt AS. The settlement will be a combination of cash and

Multiconsult shares. The closing date is planned by September 2017.

Multiconsult ASA and the Hjellnes group have operated in the same industry for

many years. The companies are familiar with each other through cooperation in

many projects and the parties share a common view that they will have a strong

strategic and cultural fit. Through the acquisition, Multiconsult will increase

the multidisciplinary capacity and expertise within the core competencies in

Buildings & Properties, Transportation and Water & Environment. The acquisition

will also strengthen Multiconsult's market position in the Greater Oslo area as

well as within bridge construction, where Johs Holt AS is considered a market

leader. Further, Multiconsult will increase its competitive advantage within

health buildings and urban development in Norway, in line with its 3-2-1 GO

strategy.

Hjellnes Consult AS provides multidisciplinary engineering consulting services.

The company has a solid expertise within buildings and properties, construction,

infrastructure and environment. Johs Holt AS provides advisory services within

all types of bridges and heavier structures.  At year-end 2016, the two

companies had a combined total of 229 employees. For 2015, operating revenues

were NOK 307.0 million, NOK 14.3 million in EBIT and NOK 117.2 million in

assets. The acquisition is subject to approval by Hjellnes Holding AS's ordinary

general meeting on 30. May 2017. A final agreement is subject to a successful

due diligence process and approvals from the board of directors in Multiconsult,

board of directors in Hjellnes Holding AS and the Norwegian Competition

Authority.

Multiconsult will provide an update with further details once a share purchase

agreement has been signed.

For further information, please contact:

Investor relations:

Mirza Koristovic, Head of Investor Relations

Phone: +47 93 87 05 25

E-mail: ir@multiconsult.no

Media:

Gaute Christensen, VP Communications

Phone: +47 911 70 188

E-mail: gaute.christensen@multiconsult.no

ABOUT MULTICONSULT ASA

Multiconsult is a leading Norwegian multidisciplinary engineering consulting

company, with more than 2 300 employees and 45 offices in Norway and abroad. The

Company focuses on seven market areas: Buildings & Properties, Transport &

Infrastructure, Energy, Oil & Gas, Industry, Environment & Natural resources and

Architecture. The Company has an operating history that spans more than a

century, with the inception of Norsk Vandbygningskontor in 1908. In 2015

Multiconsult completed more than 9 000 projects for approx. 4 000 different

customers