NRC Group ASA (NRC Group) has entered into a definitive agreement for the acquisition of NSS Holding AS, the sole shareholder of Norsk Saneringsservice AS (NSS) and the owner of 70% of the issued and outstanding shares in Miljøvakta AS, for an enterprise value of NOK 103 million on a cash and debt free basis.
NRC Group will acquire 100% of the shares in NSS Holding AS. The enterprise value is NOK 103 million on a cash and debt free basis and assuming a normalized working capital. The enterprise value is based on a consolidated estimated average EBIT for 2018 and 2019 of NOK 20 million. The purchase price will be settled in a combination of cash and new shares in NRC Group.
The acquisition of NSS and Miljøvakta strengthens NRC Group's Norwegian operations and broadens the company's overall capabilities as a turnkey contractor. "Infrastructure development projects are increasingly subject to environmental regulations, requirements and expectations. We are committed to operate in the most sustainable manner with the competence and capacity needed to provide a full range of services, from planning and project management to the actual physical work of decommissioning, remediation and waste logistics, says Øivind Horpestad, CEO of NRC Group.
NSS is one of Norway's largest companies within demolition and environmental remediation, and Miljøvakta offers environmental consultancy and remediation services.
Aabø-Evensen & Co has acted as legal advisor to NRC Group in connection with the acquisition.
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