Aarsleff acquires 51% of Olimb Rørfornying AS
Per Aarsleff Holding A/S has entered into an agreement to acquire 51% of the Norwegian company Olimb Group’s pipe renewal activities. The structure of the transaction is that Aarsleff acquires 51% of the shares in a newly established company to which the current pipe renewal activities of Olimb Group will be transferred prior to the completion of the transaction. Also, it has been agreed that Aarsleff will get an option to buy the remaining shares at book value at the latest in 2022. The total price for 100% of the company is fixed at DKK 103 million.
Olimb has about 100 employees and generates revenue of approx. DKK 165 million. In 2016, the company had an operating profit (EBIT) of approx. DKK 13 million. Olimb has a leading position on the Norwegian market for trenchless pipe renewal, and the company is respected for being an innovative and serious specialist contractor working for public, industrial and private customers.
The company will be included in the total activities of the Aarsleff Pipe Technologies segment, and the intention is to further develop Olimb’s leading position in Norway achieved after more than 40 years within trenchless pipe renewal.
In recent years, Aarsleff has carried out similar activities in Norway on a small scale. These activities have been organised from Denmark.
The acquisition of Olimb Group’s pipe renewal activities will allow us to increasingly make use of Aarsleff’s internally developed methods and products internationally and generally exploit synergies and efficiency potential.
The transaction will be completed in the first half of September 2017.
The acquisition does not affect Aarsleff’s earnings expectations for the financial year 2016/2017.