Peab has announced the sale of its foundations business in Norway, Nordiska Fundamentering, to NCC.
NCC has said that the acquisition is a strategic move to position itself as a “central player” in the Norwegian market and it plans to combine Nordiska Fundamentering with its Hercules foundation business.
The takeover of the NOK252M (£25M) business will make NCC one of the largest players in the Norwegian foundation market and the deal has been referred to the Norwegian Competition Authority.
Commenting on the buyout, NCC Industry head of Hercules division Mats Norberg said: “With new employees from Nordisk Fundamentering and our current employees in Hercules, we create a competitive unit based on the business culture we have in NCC. We form a solid, strong unit that will offer our customers reliable and efficient services.”
The acquisition is not expected to be completed until late 2017.
Peab has said that it is retaining its foundation business in Sweden.