NRC Group Holding AS, a wholly owned subsidiary of NRC Group ASA (“NRC Group”), has entered into an agreement with Sweco AB (“Sweco”) for the sale of all issued and outstanding shares in NRC Holding Design Oy (“NRC Design” or the “Design Business”), an entity to be formed prior to closing resulting from a planned demerger of NRC Holding Finland Oy and NRC Group Finland Oy, for an enterprise value of EUR 42.5 million on a cash and debt free basis with normalised working capital.
Completion of the transaction is subject to certain customary conditions being satisfied or waived, such as inter alia the required competition clearance(s) being obtained, and the demerger being duly completed.
The Design Business is the market leader in railway and light rail related design and consultancy work in Finland with a growing presence in Sweden. The Design Business has comprehensive railway and light rail competences covering the entire transport infrastructure value chain, and strong experience from transport infrastructure alliance projects in Finland. The Design Business had 315 employees as of December 2018. NRC Group has owned the Design Business since its acquisition of VR Track Oy in January 2019.
Carnegie acted as sole financial adviser to NRC Group.