Construction company Royal BAM Group has agreed to acquire the Dutch underground infrastructure specialist A.Hak for an enterprise value of €504m ($565.9m).
The deal is expected to close in the first quarter of 2027, subject to customary closing conditions such as regulatory approvals and employee consultation.
A.Hak operates primarily in the Netherlands, with activities in the UK and Belgium. The company focuses on constructing and maintaining underground pipelines and cable infrastructure for customers including utility providers and network operators.
The company is forecast to generate revenues of approximately €425m and achieve an adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) margin of roughly 10% by 2026.
According to information provided by BAM, A.Hak has secured an order backlog of €1bn for the period from 2027 to 2031, much of which is underpinned by long-term framework agreements.
BAM, which has secured financing for the acquisition through existing cash resources and a bridge loan facility provided by ING Bank, Rabobank and ABN AMRO, expects the transaction to be immediately accretive to free cash flow.
A.Hak’s adjusted EBITDA is projected to increase to between €65m and €75m in the medium term.
Royal BAM Group CEO Ruud Joosten said: “The acquisition of A.Hak is a major step in BAM’s growth strategy and significantly strengthens our position in the fast-growing market for energy and water infrastructure in the Netherlands.
“A.Hak’s specialist capabilities will also support BAM’s growth in the UK, where the energy transition and investment in essential water infrastructure are taking place on an even larger scale.
“By joining forces with A.Hak, we can help customers deliver the critical infrastructure that society needs and accelerate the group's growth.”
A.Hak employs around 900 people and has operated for over 60 years in critical infrastructure for electricity, water, gas and heat networks.
The company will continue to operate independently under its own name and management following completion of the deal.
Planned investment in electricity and gas networks in the Netherlands is projected to reach €235bn between 2026 and 2040, with similar trends supporting increased activity in the UK energy and water sectors.
In July 2026, BAM was selected to carry out a sustainable, mixed-use expansion of Rabobank’s headquarters campus in Utrecht, the Netherlands.
