BAM buys underground infrastructure firm A.Hak for €504 million
Construction company BAM is taking over A.Hak, a specialist in heat networks and energy pipelines, for 504 million euros.
BAM, a listed construction company, is acquiring A.Hak, a contractor specialised in underground infrastructure. BAM is paying 504 million euros.
A.Hak is based in Geldermalsen. It is a major player in laying heat networks, installing pipelines that run for kilometres and bringing energy generated at sea onto land. It works mainly in the Netherlands, and also in Belgium and the United Kingdom.
A.Hak made almost 18 million euros in profit last year. It has 900 full-time employees and will keep operating under its own name for now.
What the two companies say
BAM chief executive Ruud Joosten calls the deal a major step in the company's growth strategy. He says it will help BAM spread its work better across the whole country. He also expects strong growth in the United Kingdom, where water and energy infrastructure is being built.
A.Hak chief executive Henk Herremans says the company will keep a central role in BAM's work on energy and underground infrastructure. He speaks of new opportunities for customers and employees. What the takeover means for the 900 staff is not yet known.
Last year BAM earned more than 7 billion euros in construction contracts. Its profit almost tripled to 211 million euros.