The total purchase price for the shares to be acquired is approximately NOK 109 million, based on a total equity value of NOK 160 million on a 100 per cent basis. The acquisition will be settled in cash and financed through Multiconsult’s existing cash holding.
LINK is one of the leading architect offices in Scandinavia, with a pan-Nordic presence in major cities and regions in Norway, Sweden and Denmark. The company has a strong track record on returns, driven by steady growth on the basis of a solid financial position. LINK represents an excellent strategic fit for Multiconsult, offering the potential for significant value creation through operational synergies as well as further strengthened value proposition to customers. Stronger ties and enhanced cooperation will enable Multiconsult and LINK to jointly meet the growing demand from both the public and private sector for integrated engineering and architect consultancy services.
“Having been the largest owner since 2008, we are very pleased to be able to increase our ownership stake in the strong brand and high quality expertise represented in LINK. We have a strong belief in the collective strength and joint efforts of our companies, and we see the collaboration between the early phase architecture and engineering disciplines being one of the key drivers of sustainable urbanisation” says Mr Christian Nørgaard Madsen, CEO of Multiconsult.
“I am very pleased to see that after several years of cooperation and part ownership, Multiconsult has decided to include architecture as an important part of its service offering. The market for architect services in the Nordic countries is changing rapidly with growing demand for quality, competence and capacity. Several companies in this business have established presence across the region, including Norway, Sweden and Denmark, considering the Nordic region as their home market. We see great opportunities to continue and further strengthen LINK as one of the leading architect offices in the Nordic region, driven by a single owner with strong impact” says Rolf Maurseth, acting managing director of LINK.
Multiconsult intends to maintain LINK as a separate brand within the Multiconsult group, organized as a wholly owned subsidiary, fully consolidated in group financials.
LINK recorded total revenues of NOK 361.2 million and net profit of NOK 14.7 million in 2014. Further financial figures are included in the attachment. LINK has approximately 200 employees in Norway and 150 employees in a fully owned subsidiary in Sweden. The board of directors of LINK AS currently consists of Trond Dahle (chair), Christian N. Madsen, Geir Odd Målsnes, Svein K. Halleraker, Magnus Meyer, Liv-Kristine Rud (employee elected), Erlend Rudjord (employee elected). The acting managing director of LINK is Rolf Maurseth.
The transactions are subject to certain conditions including approval under the Norwegian Competition Act. Subject to the satisfaction or waiver of these conditions, the closing of the transactions are expected to occur on 15 September 2015.
For further information, please contact:
Christian Nørgaard Madsen, CEO
Phone: +47 901 16 697
Gaute Christensen, VP Communications
Phone: +47 911 70 188
Mitra Hagen Negård, Head of Investor Relations
Phone: +47 95 79 36 31
ABOUT MULTICONSULT ASA
Multiconsult is a leading Norwegian multidisciplinary engineering consulting firm, with more than 1 700 employees and 30 offices in Norway and abroad. Multiconsult’s home market is Norway, representing 92 per cent of 2014 operating revenues. The Company focuses on six market areas: Buildings and Properties, Transport and Infrastructure, Energy, Oil and Gas, Industry and Environment and Natural resources. The Company has an operating history that spans more than a
century, with the inception of Norsk Vandbygningskontor in 1908. In 2014, Multiconsult completed more than 8 000 projects for approx. 3 700 different customers.