OSLO, NORWAY: NRC Norge Holding AS, a wholly owned subsidiary of NRC Group ASA, has entered right into a share buy settlement to promote 100% of the shares in its wholly owned subsidiaries NRC Gravco AS and Septik Tank Co AS to Norva24 AS, the Northern European market chief inside underground infrastructure maintenance services (UIM).
NRC Gravco AS and Septik Tank Co AS have anticipated annual income of roughly NOK ninety million for 2022. The transaction is made in accordance with NRC Group’s technique to focus on its core business, and the net proceeds will additional enhance the monetary and strategic flexibility and be used in accordance to NRC Group’s capital allocation priorities.
The net gain to be recognised is estimated to be roughly NOK forty five million and can be reported as a half of “other income and expenses” at completion.
The transaction is topic to customary closing conditions. The transaction is not anticipated to require any antitrust approvals, and the events expect completion of the transaction to happen throughout January 2023.
“The sale of the shares inside the businesses enables us to focus on developing our core enterprise of rail construction, civil construction, rail upkeep and environmental services. We have a number one place inside the Nordics, and we will proceed to capitalise on our aggressive advantages.
I would like to make use of this chance to thank Arne Clausen, CEO of NRC Gravco, and his team for all their efforts, and we want all of them the best for the future in Norva24. NRC Group regards Norva24 with its key focus on UIM services as a really appropriate proprietor of Gravco, each for its employees and customers,” said Henning Olsen, CEO of NRC Group.
“We are very happy to welcome Gravco to Norva24. Expanding our footprint in Norway additional is a key element on the Norva24 journey towards our imaginative and prescient of becoming a European lighthouse in Underground Infrastructure Maintenance.
Gravco is a good firm with extremely expert employees. Gravco will match completely into the existing setup of Norva24 companies and can enhance our community density inside the Greater Oslo area, however will be kept as a separate entity, in line with our decentralized native branch-based enterprise model”, says Henrik Damgaard, CEO, Norva24 Group.