The acquisition of Haugerud Vikeby will be effective on 11 May. Credit: Veidekke/Cision PR Newswire.

Scandinavian contractor Veidekke has announced the acquisition of building contractor Haugerud Vikeby in Mysen, Norway.

As part of the acquisition, the company agreed to buy all the shares of Haugerud Vikeby.

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A letter of intent was signed by Veidekke in January this year. The latest development is also the final purchase agreement.

The acquisition will be effective from 11 May.

Haugerud Vikeby general manager Jørn Haugerud said: “We wanted to develop further and become a part of a larger contractor, and Veidekke was at the top of our list. We are bringing both our values and corporate culture into a group with great capacity, and I’m looking forward to becoming part of the Veidekke team along with our craftsmen and officials.”

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The acquisition will allow Veidekke to strengthen its implementation capacity, expertise, and competitiveness in the region.

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Its building operations include Øst in Halden with a unit in Spydeberg and now Haugerud Vikeby.

Last year, Haugerud Vikeby recorded revenues of NKr200m.

Veidekke district manager Ketil Gunde Andersen said: “This is a really good match, and we’re very pleased that we together will be able to take a larger share of the building market south of Oslo.

“We have been looking for the right opportunity to strengthen our position in the region along with our subsidiary Øst AS in Halden. We are therefore very pleased to join forces with a strong contractor with its own skilled workers, and not least a corporate culture that aligns with our own. That is after all an assumption for such acquisitions to succeed.”