Inin Group acquires Laje AS, boosts its revenue and earnings outlook
OSLO, NORWAY: Inin Group AS, a leading Nordic provider of infrastructure services, announced today that it has signed a share purchase agreement (SPA) to acquire 100 percent of the shares in Laje AS, a large, regional infrastructure construction and service company based in Norway.
The acquisition will strengthen Inin Group’s position in the central eastern Norway region, where Laje has a strong presence and expertise in energy infrastructure, telecom and electrification projects.
Laje has a workforce of 275 employees with a strong mix of electricians, energy and telecom installers and engineers, led by an experienced management team headed up by CEO Anders Granheim. Laje has a strong backlog, and 2023 revenue is expected to reach NOK 700 million.
“This acquisition makes us a major player within energy infrastructure, telecom and electrification in the central eastern Norway region, including Oslo, Lier, Ringerike, Maura, Hamar, Lillehammer, Raufoss, Sandefjord and Kongsvinger. We are delighted to add Laje to our rapidly growing portfolio of infrastructure services companies in the Nordics, and to include Laje as a core company within our Power Distribution business vertical,” says Øivind Horpestad, CEO of Inin Group.
As a result of the acquisition, Inin Group will raise its 2023 full-year pro-forma revenue and EBIT guidance. The company now expects to generate revenue of NOK 6.5 billion and EBIT of NOK 450 million in 2023, up from NOK 6 billion and NOK 400 million previously.
The acquisition is expected to be accretive to Inin Group’s earnings per share from 2024 onwards.
The transaction is subject to customary closing conditions and regulatory approvals, and is expected to be completed by the end of the third quarter of 2023. The purchase price was not disclosed.
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