Peab has signed a contract to acquire 90% of the shares in civil engineering company HGT AS in Bergen to broaden its regional capabilities.
HGT is a family-owned company operating as a general contractor in civil engineering since 1979. The company is domiciled in Kokstad in Bergen and in 2020 had net sales of NOK 150m (£12m).
“The acquisition of HGT is part of our investment in Vestlandet. Within civil engineering we’re currently strong in ports and sea as well as concrete in this region and this acquisition strengthens our position in groundwork and traditional civil engineering projects. We’ll acquire local knowledge and roots, which is important for us as local community builders,” said Peab regional manager Johan Hansson.
The transaction is conditional on approval from competition authorities. Takeover is expected to occur during the second half of 2021.