The two parties have been working towards a takeover agreement after signing a letter of intent in January 2021.
The reasoning behind a divestment of Veidekke’s Rogaland asphalt and aggregates operation, is the group’s assessment of its total asphalt and aggregates positions in Norway, and its inability to achieve satisfactory profitability from the Rogaland asphalt operation.
The divested operation achieved revenue of NOK 125 million in 2020, with an associated negative result.
The transaction, which will be recognised in the accounts in Q1 2021, will generate an accounting profit (EBT) of approximately NOK 50 million and have a liquidity effect of NOK 135 million for Veidekke’s infrastructure operations in Norway.
For more information, contact:
Jørgen Wiese Porsmyr, CFO, ph. +47 907 59 058
Øivind Larsen, EVP, ph. +47 905 82 351
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Veidekke is one of Scandinavia's largest contractors. In addition to undertaking all types of building and civil engineering assignments, the group also maintains roads and produces asphalt and aggregates. Veidekke emphasises stakeholder involvement and local experience. Its annual turnover is approximately NOK 38 billion, and half of its 8,100 employees own shares in the company. Veidekke is listed on the Oslo Stock Exchange, and has posted a profit every year since its inception in 1936.