AF Gruppen has entered into a Letter of Intent with LAB AS with intention to buy 70 per cent of the company's shares.

The acquisition comprises LAB AS' shares in subsidiaries LAB Entreprenør AS, Åsane Byggmesterforretning AS, Fundamentering AS as well 
as the properties in LAB Eiendom AS.

LAB Entreprenør AS is the largest building contractor in the Bergen area. The company is headquartered in Bergen and carries out assignments along the west coast of Norway. The company had a  turnover of NOK 1 016 million in 2013 and has approximately 140 employees. 

Åsane Byggmesterforretning AS is a leading builder in Bergen with a turnover of close to NOK 400 million in 2013 and approximately 100 employees. 

Fundamentering AS carries out assignments throughout Norway within piling, sheet piling, drilling and anchoring. The company's headquarters is at Heimdal 
outside Trondheim and the company had a turnover of NOK 220 million in 2013. Fundamentering AS has approximately 70 employees. 

LAB Eiendom AS develops properties centrally situated near the main roads to Bergen. 

The companies in LAB AS are expected to have a total  turnover in 2014 of approximately NOK 1.7 billion. 

The agreed purchase price for 70 per cent of the shares in LAB AS is estimated at approximately NOK 700 million. The settlement is expected to consist of shares in AF Gruppen ASA and cash.  

The transaction is conditioned by a due diligence and the board's approval. The transaction is expected to be completed in Q1 2015. 

For further information:  
CEO, Pål Egil Rønn, tel. +47 90 95 77 13  
EVP/CFO, Sverre Hærem, tel. +47 95 24 51 67

Published: 12/18/2014
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