BUNNIK: Royal BAM Group N.V. has agreed to acquire A.Hak, a leading Dutch specialist in underground infrastructure, in a transaction valued at €504 million, the company announced Wednesday.

The acquisition significantly strengthens BAM’s position in the fast-growing Dutch market for energy and water infrastructure, the company said.

Deal Highlights

A.Hak is expected to generate revenues of approximately €425 million in 2026, with an adjusted EBITDA margin of about 10%. The company has an order backlog of €1 billion for the 2027-2031 period.

The transaction values A.Hak at an enterprise value of €504 million. BAM said it has fully secured financing through a combination of existing cash resources and a committed bridge loan facility provided by Rabobank, ING Bank and ABN AMRO.

The acquisition is expected to be immediately accretive to free cash flow, with A.Hak’s adjusted EBITDA projected to increase to €65-75 million in the medium term.

The deal is expected to close in the first quarter of 2027, subject to customary closing conditions, including regulatory approvals and employee consultation.

Strategic Rationale

With the acquisition, BAM’s exposure to the energy transition market will exceed 20% of group revenues. A.Hak generates approximately 85% of its revenue in the Netherlands and also operates in the United Kingdom and Belgium.

A.Hak serves utility companies and transport and distribution network operators through long-term framework agreements, which account for more than half of its current revenue. More than 75% of expected revenue for 2027 to 2031 is supported by existing contracts and anticipated renewals.

“A.Hak complements our existing capabilities with specialist expertise in transport pipelines and trenchless techniques, while BAM brings strong energy transmission and distribution activities, civil engineering capabilities, and experience delivering integrated solutions,” said Ruud Joosten, CEO of Royal BAM Group.

The companies said their geographic complementarity will create strong nationwide coverage in the Netherlands and enable a broader, integrated range of services.

UK Growth Opportunities

BAM said A.Hak’s specialist capabilities will support its growth in the United Kingdom, where energy transition and water infrastructure investment are accelerating.

“BAM’s established UK position offers opportunities to scale A.Hak’s existing activities and deploy its specialist expertise across a broader range of customers and projects,” Joosten said.

A.Hak Profile

With more than 60 years of experience, A.Hak has built a strong position in critical underground infrastructure for electricity, water, gas and heat networks. Its capabilities span distribution networks, transmission pipelines, high-voltage and medium-voltage cable infrastructure, and in-house trenchless technique capabilities.

The company employs approximately 900 full-time workers.

Market Outlook

Demand for underground infrastructure is growing strongly. Dutch electricity and gas network operators plan to invest €235 billion between 2026 and 2040, alongside rising investment in water infrastructure. Investment in electricity, water and gas infrastructure is also increasing in the UK.

Leadership Perspectives

“The acquisition of A.Hak is a major step in BAM’s growth strategy and significantly strengthens our position in the fast-growing market for energy and water infrastructure in the Netherlands,” Joosten said.

Henk Herremans, CEO of A.Hak, said: “In BAM, we have found a strong and committed long-term partner that shares our focus on safety, quality and the energy and water transition. The combination gives us the scale, expertise and investment capacity to accelerate our ambitions, while preserving what makes A.Hak successful: our people, specialist expertise and customer focus.”

A.Hak will continue to operate independently under its own name and existing leadership, retaining its established market identity and customer-facing brand.

Company Background

Royal BAM Group nv is a leading construction and property development company listed on Euronext Amsterdam with over 150 years of experience. With approximately 13,500 employees, BAM realized revenue of €7.0 billion in 2025. The company operates in the Netherlands, the United Kingdom, Ireland and Belgium.