NCC has reached an agreement to divest its Industry business area for an enterprise value of Skr8.2bn ($820m), with the transaction proceeding as a single sale to two buyers, Heidelberg Materials and CRH.
Under the terms announced, Heidelberg Materials will acquire the business’s operations in Sweden and Norway, while CRH will take over the units in Finland and Denmark. The sale is subject to regulatory approvals.
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The decision to sell follows NCC’s strategic review of the Industry division, which specialises in stone materials and asphalt production.
According to the company, Industry’s business model differs from NCC’s other operations, as it focuses on manufacturing standardised products at fixed facilities, unlike NCC’s project-based, capital-light contracting segments.
The review, initiated in 2025 and concluding in early 2026, resulted in a move to separate Industry from the rest of the organisation.
The purchase price will be paid in cash at the completion of the transaction and is anticipated to result in positive cash flow of about Skr7bn.
NCC intends to share further details of the financial impact once the deal is finalised.
Until the sale is completed, expected in the second half of 2027, NCC will continue to consolidate the Industry business’s earnings.
From the third quarter of 2026, the division will be reported as discontinued operations, in line with IFRS 5 requirements.
NCC president and CEO Tomas Carlsson said: “This transaction marks an important milestone for both NCC and Industry.
“For NCC, the transaction creates a more focused contracting company with greater opportunities to deliver long-term value for customers, shareholders and employees.
“The divestment reduces NCC’s capital intensity, unlocks significant capital and strengthens our financial flexibility. I am also confident that the divested operations will continue to develop strongly with new owners.”
In 2025, the Industry business area recorded sales of Skr12.6bn and an operating profit of Skr879m.
SEB Corporate Finance served as financial advisor for the transaction, while Schjødt Law Firm provided legal counsel.
KPMG was engaged as advisor for matters relating to financial, carve-out, tax, pension and HR due diligence.
Last month, NCC agreed with Svenska kraftnät to build 70km of 400kV overhead power lines as part of the Horred-Breared project in Sweden.
