22 March 2024 -ININ Group's subsidiary Nordic Infrastructure Group AS has today signed the share purchase agreement to acquire 100 percent of the shares in railway contractor Banefjell AS. Reference is made to the stock exchange announcement dated4 July 2023 regarding the planned acquisition. "The acquisition of Banefjell strengthensNordic Infrastructure Group's position in south-westNorway , and will enable us to jointly take on larger project scopes together. We look forward to combining our capacity and specialist railway competence to win more work together," says Gjermund Sogn, CEO ofNordic Infrastructure Group . Banefjell is an experienced railway contractor that delivers a wide range of services including operations and maintenance, track and sleeper replacement, concrete rehabilitation, signalling and electrical work, and salvage operations. Its main clients are Bane NOR and VY Gruppen, who Banefjell supports on the southern railway line (Norwegian: "Sørlandsbanen) inNorway . The company was established in 2013 and has generated steady revenue growth since inception. In 2023, the company delivered revenue ofNOK 125 million with an operating profit (EBIT) ofNOK 14 million . The company has a healthy balance sheet with close to zero debt. Banefjell has delivered positive financial results every year it has been in operation. Banefjell is valued atNOK 77 million in the transaction. The acquisition will be settled 45 percent inNordic Infrastructure Group shares and 55 percent in cash in three different tranches. Banefjell becomes part ofININ Group's Rail Infrastructure investment platform, which is headed up byNordic Infrastructure Group . Closing of the transaction is expected by the end ofMarch 2024 . (ENDS) For further information, please contact: Øivind Horpestad, CEO ofININ Group , Tel: +47 910 00 626 AboutININ Group AS ININ Group is a listed investment company operating as an industrial owner with investments in companies within infrastructure and industry 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 collaboration with the platform companies to deliver sustainable growth and superior profitability. For more information, please visit: www.inin.no
Click here for more information
© Oslo Bors ASA, source