ININ Group AS: Power business to acquire specialist contractor

03 Mar 2026 16:11 CET

03 Mars 2026 – ININ Power AS, a subsidiary of ININ Group AS, has signed a letter
of intent (LOI) to acquire 100 percent of the shares in fast-growing South
Norway-based contractor B45 Anlegg AS.

B45 Anlegg is specialist contractor that focuses on concrete works for critical
infrastructure such as power plants, dams, transmission lines, substations and
other infrastructure that require a solid concrete foundation.
B45 Anlegg delivers services all over Norway, but its geographical stronghold is
in the Southern part of Norway. The company’s headquarter is based in Kragerø in
Telemark county, Norway.

“This is a geographically complementary acquisition. Today, we have operations
all over the Eastern part of Norway. With B45 Anlegg on board we will also cover
the entire coastline from Oslo to Kristiansand on the South coast of Norway.
This is an attractive market with significant activity and growth opportunities
within infrastructure, energy, and electrification.” says Anders Olav
Granshagen, CEO of ININ Power AS.

In 2025, B45 Anlegg AS delivered revenue of approximately NOK 90 million, up
from NOK 42 million in 2024, and EBIT of approximately NOK 10 million. The
company has a solid order backlog for 2026 and a strong tender pipeline.

“ININ Power’s strategy to grow within infrastructure construction for energy
infrastructure, telecommunication and electrification is a perfect match for how
we view the market. We see a clear benefit of becoming part of a larger group,
which will allow us to take on more work around Norway and deliver even larger
and more complex projects,” says Kim Vøllestad, managing director of B45 Anlegg.


POWER STRATEGY
ININ Group AS is listed on Euronext Growth Oslo. The company’s majority
shareholder, Qben Infra AB, is listed on Nasdaq First North Premier Growth
Market in Stockholm, Sweden.
As announced in Qben Infra’s Q4 presentation on Friday 27 February 2026,
following the recent divestments of Qben Rail and Kvalitetsbygg, Qben Infra’s
future lies in infrastructure construction for power supply, energy storage and
electrification.

“We already hold a strong position within these sectors. More importantly, we
have the right expertise, focus and momentum to grow rapidly and profitably.
Both Norway and Sweden are facing an investment wave in the energy sector unlike
anything seen in modern times. We intend to play a key role in this
development,” says CEO of Qben Infra, Øivind Horpestad.

TRANSACTION DETAILS
B45 Anlegg is valued at NOK 66,5 million in the transaction, which will be
settled by 60 percent in cash and 40 percent in shares in ININ Power AS.

Completion of the transaction is expected in the second quarter of 2026.

(ENDS)

For further information, please contact:
Anders Granshagen, CEO of ININ Power AS, Tel: +47 911 98 444

About ININ Group AS
ININ Group is a listed investment company operating as an industrial owner with
investments in companies within infrastructure and industry services niches in
the Nordics. The group create value by identifying investment opportunities
within profitable niches with potential for development, consolidation and
growth, working in collaboration with the platform companies to deliver
sustainable growth and superior profitability. For more information, please
visit: www.inin.no

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