Multiconsult

M&A Activity • Jul 9, 2021

Multiconsult acquires Erichsen & Horgen

Multiconsult acquires Erichsen & Horgen

Multiconsult ASA (OSE: MULTI) has entered into an agreement to purchase 100% of

the shares of Erichsen & Horgen AS, a leading Norwegian engineering consultancy

with a strong market position within buildings construction, HVAC, WWT, energy,

environment and sustainability.

"This strategic acquisition is a milestone in Multiconsult's mission to provide

solutions to our clients for the most complex projects and constructions in line

with tomorrow's demands regarding environmental and innovative sustainable

solutions. Erichsen & Horgen has leading expertise and a culture that fits very

well with ours. We have a long history of successful collaboration projects

based on trust and mutual respect. Together we will be able to offer solid,

interdisciplinary expertise and experience - and bring our leading solutions to

the next level", says Grethe Bergly, CEO of Multiconsult.

The enterprise value (EV) of Erichsen & Horgen is agreed at NOK 410 million - on

a cash and debt free basis. The consideration will be settled with 80% cash and

20% shares to the sellers. The share price will be based on the volume weighted

average share price of Multiconsult five days prior to closing. The cash portion

of the consideration will be funded from existing cash and increase in the

existing revolving credit facility.

"We are extremely happy that the owners of Erichsen & Horgen have accepted

shares as part of the consideration. As managers and previous owners, it shows

strong support and commitment to the success of this business combination", says

Grethe Bergly.

Erichsen & Horgen AS, including its subsidiary Ingeniørfirmaet Malnes og

Endresen AS, has about 235 employees with headquarter in Oslo. The company also

has offices in Trondheim, Skien, Drammen and Lillehammer. For 2020, the company

recorded operating revenues of NOK 331.3 million, EBIT of NOK 31.3 million and

net profit (after tax) of NOK 24.3 million.

"Ever since the beginning, more than 95 years ago, we have had a mission to

create space where people thrive. Our purpose and role in society is to help

define tomorrow's buildings - and no one embodies that more than Multiconsult",

says Arne Jorde, CEO Erichsen & Horgen. "Becoming a part of the Multiconsult

family will give us the opportunity to not only to continue our mission, but to

accelerate our plans. We are inspired to become a part of Multiconsult and

excited to work with Grethe and the team to unlock the opportunities ahead."

For further information, please contact:

Investor relations:

Hans-Jørgen Wibstad, CFO & EVP

Phone: +47 916 89 661

E-mail: hans-jorgen.wibstad@multiconsult.no

Media:

Gaute Christensen, VP Communications

Phone: +47 911 70 188

E-mail: gaute.christensen@multiconsult.no

The transaction is subject to approval from the Norwegian Competition

Authorities.

This information is subject to the disclosure requirements pursuant to section 5

-12 of the Norwegian Securities Trading Act.