AFRY press release generic image

ÅF expands further in Norway with the acquisition of Kåre Hagen

Mon, 09/16/2013 - 09:37
 For further information:

 Mats Påhlsson, Divisional President, Infrastructure Division +46 70 534 64 00

 Viktor Svensson, Director, Corporate Information             +46 70 657 20 26

ÅF has acquired 100 percent of the shares in Kåre Hagen AS, which is based in
Oslo, Norway. The company was established in 1961 and focuses on project
management and construction management activities for public sector clients
(hospitals, schools, airports, etc.) in the Oslo region.

Kåre Hagen has 75 employees and sales for the current year is estimated to total
approximately NOK 100 million with good profit levels.

The acquisition of Kåre Hagen further reinforces the strengths of the ÅF
Infrastructure Division and the business area for Project Management which is
one of the leading players in its field in Norway with 200 highly qualified
specialists after the merger. ÅF Advansia and Kåre Hagen are already well
acquainted as a result of 10 years' collaboration, including the current project
management activities for the rebuilds and extension work taking place at Oslo
Airport in Gardermoen.

Agreement has been reached on a purchase price of NOK 60 million and an
additional consideration of a maximum of NOK 56 million, based on earnings
trends over the period 2013-2015. The acquisition will be completed after a
review by the Norwegian Competition Authority which is expected to take
approximately three weeks.

Corporate Information


The ÅF Group is a leader in technical consulting, with expertise founded on more
than a century of experience. We offer highly qualified services and solutions
for industrial processes, infrastructure projects and the development of
products and IT systems. Today the ÅF Group has 7,000 employees. Our base is in
Europe, but our business and our clients are found all over the world.

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