Veidekke — M&A Activity 2015

Dec 22, 2015

Veidekke ASA: Has acquired Tore Løkke AS

Veidekke ASA: Has acquired Tore Løkke AS

Veidekke Entreprenør AS has entered into a final agreement to acquire 80% of the

shares of civil engineering contractor Tore Løkke AS in Åfjord at Fosen in Sør-

Trøndelag. This strengthens our competitive ability, particularly in the

transport and hydropower development sectors," says district manager Stein Bjøru

of Veidekke Entreprenør.

Civil engineering contractor Tore Løkke AS has 78 employees, turnover of NOK

200 million (2014) and undertakes contracts all over the country.

"Tore Løkke AS is a sound and well-run contractor. The company has delivered

good results for a long time, and has operated for 48 years without losses. The

company has good expertise in operation with own employees and a large and

modern fleet of machinery. In terms of corporate culture and values we also see

that the company and employees will make an excellent match for Veidekke. Now we

are looking forward to welcoming Løkke's skilled workers and officials to

becoming a part of our civil engineering operations," district manager Bjøru

said when the acquisition process was announced on 26 October.

"We are pleased to now have become a part of the Veidekke group. We needed the

backing of a robust and competent contractor in order to take on the constantly

larger contracts in the Norwegian civil engineering market. I am also concerned

that we continue to develop, and I am confident that we will achieve this with

Veidekke as owners," says Tore Løkke, who will stay on as general manager of

Tore Løkke AS.

Takeover will take place with effect from 11 January. The purchase price is NOK

68 million.

Caption: District manager Stein Bjøru (left) and general manager Tore Løkke are

now on the same team.

For press photos, see www.flickr.com/photos/veidekke, for more information,

contact:

District manager Stein Bjøru of Veidekke Entreprenør, tel +47 95 02 05 60,

stein.bjoru@veidekke.no

General manager Tore Løkke of Tore Løkke AS, tel. +47 90 92 10 55,

tore@lokke.com

Communications Manager Helge Dieset, tel. +47 90 55 33 22,

helge.dieset@veidekke.no

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Veidekke is one of Scandinavia's largest construction and property development

companies. The company undertakes all types of building and construction

contracts, maintains roads and produces asphalt, crushed stone and gravel. The

company is characterised by involvement and local knowledge. Revenue is NOK 24

billion (2014), and half of the 7,000 employees own shares in the company.

Veidekke is listed on the Oslo Stock Exchange and has always posted a profit

since it was founded in 1936.

This information is subject of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

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