Eqva to merge with Kvinnherad Elektro and Vassnes Solutions

OSLO,NORWAY: Eqva ASA has signed a letter of intent for a business combination agreement with Kvinnherad Elektro AS, a full-service power and automation company, and its subsidiary Vassnes Solutions AS, a group of engineering, welding, power and automation services companies.

The merger, which is expected to be completed in Q3 2023, will create a prominent and fully integrated system supplier within the piping, power and automation disciplines, with more than 600 highly qualified employees.

The agreement will also boost Eqva’s turnover, order book and access to attractive markets in Western Norway, such as the smelting industry, maritime industry, and power and automation industry.

Under the current plan, Eqva will acquire all shares of Kvinnherad Elektro AS in exchange for shares in Eqva’s wholly owned subsidiary, BKS Holding AS, along with a cash component. The subsidiary of Eqva will be listed on the Oslo stock exchange in the next 12-24 months.

Erik Høyvik, CEO of Eqva, said: “With this move, Eqva continues to deliver on its strategy for growth and broadening of its service offering. This combination enhances Eqva’s access to attractive markets in Western Norway such as the smelting industry, maritime industry, and power and automation industry. We look forward to working with our new colleagues in both Ølen and Rosendal and will strive to further enhance our service offering for our valued customers.”

Kjetil Helvik, general manager of Kvinnherad Elektro, said: “We are excited to become part of Eqva. We have a history of close collaboration with Eqva’s subsidiary, BKS, and we operate in the same region and markets. This merger gives us an opportunity to increase our market share and strengthen the competence and quality of our services to both existing and new customers. We also see potential to undertake larger multidisciplinary projects in the future.”

Following the transaction, both Kvinnherad Elektro and Vassnes Solutions will continue to operate under their current brand and management, ensuring a seamless continuation of their operations.

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