Havyard merges with HG Group

Norwegian ship technology group Havyard has agreed to merge with HG Group in a deal that will see it take over all outstanding shares in HG Group and its subsidiary BKS Holding for NOK285m ($26.3m).

Following the completion of the transaction, Havyard will become a 100% owner of BKS Holding and Fossberg Kraft. BKS Holding provides technical installations, electrical and automation services to power-intensive industries, fish farming, vessels, land-based industries, the offshore industry, and building and construction projects onshore. Fossberg Kraft is a developer of small power plants.

The purchase price will be settled by NOK245m in new Havyard shares, NOK25m in a seller credit and NOK15m in cash, giving the sellers around 65% Havyard shares after completion of the transaction. Tore Thorkildsen, Gudmund vrehus, Even Matre Ellingsen, and the Skarveland family are the current owners of HG Group and BKS Holding. Even Matre Ellingsen will be proposed as the new chairman of the board.

Erik Høyvik, CEO of Havyard, said: “This will give us the opportunity to enter new markets, be able to utilise synergies across companies, and provide us with a group of skilled and experienced employees. We are already in the process of integration.”

It is currently expected that the extraordinary general meeting of the company will be held in mid-June 2022 and that the closing of the agreement will take place in late June or early July 2022.

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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