Oslo-listed Havyard Group completes corporate restructuring

Havyard Group ASA has completed a three-way corporate reorganisation by purchasing all of the outstanding shares in HG Group and taking over the shares in BKS Holding AS not already held by HG Group.

The deal is worth NOK 285 million, of which NOK 245 million will be settled in new Havyard shares. Sellers will provide credit of NOK 25 million, and NOK 15 million will be paid in cash. As a result, the sellers will become significant shareholders in Havyard and have board representation.

The transaction means that Havyard is now the full owner of BKS Holding AS, an electrical and automation company supplying energy-intensive industries, and Fossberg Kraft AS, a hydropower technology specialist.

Havyard said that the transaction represents a milestone in its corporate development as a service provider for maritime, offshore, and onshore industries, and adds revenue streams that are complementary to the company’s existing business.

Commenting on the deal, Erik Høyvik, Havyard CEO, said: “We are proud to have reached an agreement with the owners of BKS Holding and Fossberg Kraft, to integrate the companies in Havyard. Among other things, 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.”

Companies & People
Article Editorial staff Ship&Offshore
Article Editorial staff Ship&Offshore