Veidekke: Acquisition of Constructa completed

23 Nov 2022 14:00 CET

The parties have agreed to Veidekke's acquisition of 100% of shares in
Constructa Entreprenør AS. This further strengthens Veidekke's position in the
attractive Bergen market.

"This is an important step - and the right step - for both Veidekke and
Constructa. We complement each other in a number of fields, and share cultural
values, including our commitment to permanently employed craftsmen and skilled
workers. We will now be able to expand the services we offer to our customers
together with our partners," says Hans Olav Sørlie, Executive Vice President of
Veidekke Bygg.

The parties' letter of intent was first announced in August 2022. Due diligence
has been completed and the acquisition has been approved by the Norwegian
Competition Authority.

"Bringing together these two strong units under a single umbrella at Veidekke
will enhance competitiveness and execution throughout the Bergen region.
Veidekke was our preferred choice for a new home for our company, and we are
excited about what the future holds," says Thor Småbrekke, CEO of Constructa
Entreprenør AS.

Work to integrate the companies and their employees will constitute the next
step of the process. Thor Småbrekke and Kari Saarisilta, as well as the other
owners of the company, will become key employees in the Veidekke Bygg Bergen
operation.

"We have long been familiar with Constructa, and we know they are strong in a
number of market segments. They complement our business well, and we have been
able to confirm this during a smooth and orderly process over the course of this
autumn. We are now looking forward to embarking on the integration process and
bolstering our position in Bergen. Ongoing projects and development projects
will continue as before, and we will continue our well-functioning cooperation
with our customers and partners," says Hans Olav Sørlie.

Constructa Entreprenør AS was founded in 2006 by Thor Småbrekke, Kari Saarisilta
and Bjørn Heimdal. The company has around 140 employees, of which 85 are skilled
workers, and has annual revenues of around NOK 750 million.

The merger means that the Veidekke Bygg unit in Bergen will now have some 350
employees and a turnover of approximately NOK 1.8 billion.

The agreed purchase price for 100% of the shares is NOK 365 million. In 2021
Constructa Entreprenør had revenues of NOK 726 million, an operating profit
(EBIT) of NOK 49 million and a positive interest-bearing position of NOK 184
million as of 31 December 2021. Settlement will be in the form of cash and
shares in Veidekke ASA.

For more information, please contact:
CFO Jørgen Wiese Porsmyr, +47?907 59 058
Executive Vice President, Building Construction Norway, Hans Olav Sørlie, +47
917 44 923
Communications Manager Helge Dieset, +47 90 55 33 22

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