Multiconsult ASA – Agreement with Hjellnes group

Multiconsult ASA (Multiconsult) signs letter of intent to acquire the multidisciplinary engineering consultant company Hjellnes group, comprising of Hjellnes Consult AS and Johs Holt AS

Multiconsult has signed a letter of intent with the board of directors in Hjellnes Holding AS for the acquisition of 100% of the shares in Hjellnes Consulting AS and Johs Holt AS. The settlement will be a combination of cash and Multiconsult shares. The closing date is planned by September 2017.

Multiconsult ASA and the Hjellnes group have operated in the same industry for many years. The companies are familiar with each other through cooperation in many projects and the parties share a common view that they will have a strong strategic and cultural fit. Through the acquisition, Multiconsult will increase the multidisciplinary capacity and expertise within the core competencies in Buildings & Properties, Transportation and Water & Environment. The acquisition will also strengthen Multiconsult’s market position in the Greater Oslo area as well as within bridge construction, where Johs Holt AS is considered a market leader. Further, Multiconsult will increase its competitive advantage within health buildings and urban development in Norway, in line with its 3-2-1 GO strategy.

Hjellnes Consult AS provides multidisciplinary engineering consulting services. The company has a solid expertise within buildings and properties, construction, infrastructure and environment. Johs Holt AS provides advisory services within all types of bridges and heavier structures.  At year-end 2016, the two companies had a combined total of 229 employees. For 2015, operating revenues were NOK 307.0 million, NOK 14.3 million in EBIT and NOK 117.2 million in assets. The acquisition is subject to approval by Hjellnes Holding AS’s ordinary general meeting on 30. May 2017. A final agreement is subject to a successful due diligence process and approvals from the board of directors in Multiconsult, board of directors in Hjellnes Holding AS and the Norwegian Competition Authority.

Multiconsult will provide an update with further details once a share purchase agreement has been signed.

For further information, please contact:

Investor relations:               
Mirza Koristovic, Head of Investor Relations               
Phone: +47 93 87 05 25               
E-mail: ir@multiconsult.no 

Media:              
Gaute Christensen, VP Communications              
Phone: +47 911 70 188              
E-mail: gaute.christensen@multiconsult.no  

ABOUT MULTICONSULT ASA
Multiconsult is a leading Norwegian multidisciplinary engineering consulting company, with more than 2 300 employees and 45 offices in Norway and abroad. The Company focuses on seven market areas: Buildings & Properties, Transport & Infrastructure, Energy, Oil & Gas, Industry, Environment & Natural resources and Architecture. The Company has an operating history that spans more than a century, with the inception of Norsk Vandbygningskontor in 1908. In 2015 Multiconsult completed more than 9 000 projects for approx. 4 000 different customers