NRC Group ASA enters into agreement to sell its subsidiaries NRC Gravco and Septik Tank Co to Norva24

12 Jan 2023 07:00 CET

NRC Norge Holding AS, a wholly owned subsidiary of NRC Group ASA ("NRC Group")
has today entered into a share purchase agreement (the "Agreement") to sell 100%
of the shares in its wholly owned subsidiaries NRC Gravco AS and Septik Tank Co
AS (collectively the "Companies") to Norva24 AS ("Norva24"), the Northern
European market leader within underground infrastructure maintenance services
(UIM).

The Companies have expected annual revenue of approximately NOK 90 million for
2022. The transaction is made in accordance with NRC Group's strategy to focus
on its core business, and the net proceeds will further improve the financial
and strategic flexibility and be used according to NRC Group's capital
allocation priorities. The net gain to be recognised is estimated to be
approximately NOK 45 million and will be reported as part of "other income and
expenses" at completion.

The transaction is subject to customary closing conditions. The transaction is
not expected to require any antitrust approvals, and the parties expect
completion of the transaction to occur during January 2023.

"The sale of the shares in the Companies enables us to focus on developing our
core business of rail construction, civil construction, rail maintenance and
environmental services. We have a leading position in the Nordics, and we will
continue to capitalise on our competitive advantages.  I would like to use this
opportunity to thank Arne Clausen, CEO of NRC Gravco, and his team for all their
efforts, and we wish them all the best for the future in Norva24. NRC Group
regards Norva24 with its key focus on UIM services as a very suitable owner of
Gravco, both for its employees and customers." said Henning Olsen, CEO of NRC
Group.

"We are very pleased to welcome Gravco to Norva24. Expanding our footprint in
Norway further is a key element on the Norva24 journey towards our vision of
becoming a European lighthouse in Underground Infrastructure Maintenance. Gravco
is a reputable company with highly skilled employees. Gravco will fit perfectly
into the existing setup of Norva24 companies and will improve our network
density in the Greater Oslo area, but will be kept as a separate entity, in line
with our decentralized local branch-based business model", says Henrik Damgaard,
CEO, Norva24 Group.

For further information, please contact Henning Olsen, CEO of NRC Group, + 47 91
74 15 92.

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to Section 5-12 of the Norwegian Securities Trading Act.

This stock exchange announcement was published by Siri McKellar Nilsen,
Administration, NRC Group ASA at 07.00 CET on 12 January 2023.

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