Veidekke — M&A Activity 2017

Nov 15, 2017

Veidekke has acquired Båsum Boring AS

Veidekke has acquired Båsum Boring AS

Veidekkes wholly-owned subsidiary Kynningsrud Fundamentering has entered into a final agreement to aquire 70% of the shares of Båsum Boring AS and Båsum Boring Trøndelag AS, Norway's largest player in well and geothermal drilling. "This acquisition will strengthen us in energy and environmental solutions and supplement us with new services in the construction market," says Managing Director Dag Andresen with Veidekke Entreprenør.

Since being established in 1952, Båsum Boring has developed into a Norwegian leader in drilling services for geothermal/water wells, laying foundations, tunnelling and unblocking and the rehabilitation of pipes without digging. The company's annual turnover is around NOK 150 million and it has 52 employees at Krøderen and 8 in Trondheim.

"As Båsum Boring now becomes part of Kynningsrud Fundamentering and Veidekke, we will get the strength to compete for larger and larger contracts in the Norwegian construction market. This is also important in order to further develop our business," says general manager Trond Båsum with Båsum Boring AS.

"Båsum Boring will provide us with new business areas and strengthen our ability to perform and our competitiveness. It is a very healthy company with a good reputation that we are looking forward to bringing on board," general manager Erling Omre of Kynningsrud Fundamentering AS said when the acquisition process was announced on 16 June.

Takeover will take place with effect from 15 November. The purchase price is NOK 73,5 million.

For more information, contact:

General manager Erling Omre of Kynningsrud Fundamentering, tel. +47 90 54 08 69, erling.omre@kynningsrud.no

General manager Trond Båsum of Båsum Boring, tel. +47 913 75 100, trond@basum.no

General manager Hilde Anita Grandetrø of Båsum Boring Trøndelag, tel. +47 918 53 661, hilde-anita@basum.no

CEO and President Dag Andresen with Veidekke Entreprenør, tel. +47 91 55 14 10, dag.andresen@veidekke.no

Communications Manager Helge Dieset of Veidekke Entreprenør, 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 construction and civil engineering contracts, develops residential projects, maintains roads, and produces asphalt and aggregates. The company is known for its involvement and local knowledge. Its annual turnover is NOK 30 billion, and around half of its 7,400 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.