Havyard Group ASA and HG Group AS merge to create a leading service provider
Havyard Group ASA has entered into an agreement with the owners of HG Group AS on a merger, where Havyard will formally buy all outstanding shares in HG Group AS. As part of the transaction, an agreement has also been made to take over the shares in BKS Holding AS, to the extent not already owned by HG Group, according to the company's release.
Following the completion of the transaction, Havyard will become a 100% owner of BKS Holding AS and Fossberg Kraft AS. The transaction is a milestone in the work of developing Havyard as a leading service provider for the maritime, offshore, and onshore industries, and adds revenue streams that are complementary to the company's existing business.
The purchase price in the transaction has been agreed at NOK 285 million, of which NOK 245 million will be settled in new Havyard shares, NOK 25 million in a seller credit and NOK 15 million in cash. Through the transaction, the sellers will own a significant part of Havyard after completion of the transaction. The sellers will be represented in Havyard's board of directors, hereunder by Even Matre Ellingsen being suggested as the new chairman of the board.
BKS Holding consists of BKS Industri (Sunde), BKS VVS (Bergen), Zenit Engineering (Sunde), Marine Support (Storebø) and BKS Power and Automation (Sunde)
The BKS Group provides technical installations, electrical and automation services to power-intensive industries, fish farming, ships, land-based industry, the offshore industry and to building and construction projects onshore.
