Norwegian construction company Veidekke Group has announced that it is acquiring 80% stake in Norway-based Hammerfest Entreprenør AS.
Hammerfest is engaged in construction business and has operations concentrated in and around Hammerfest. The company was established in 2004 by means of collaboration between several local entities.
The acquisition of Hammerfest Entreprenør will enable Veidekke to strengthen its position in the northern part of the country. The acquired company has an employee base of 27 and has reported an annual turnover of approximately NOK80 million ($13.96 million).
The merger with Veidekke will enable Hammerfest to benefit from resources and expertise of Veidekke in project management and project development and strengthen the company's development prospects. The takeover of Hammerfest is subjected to the approval of the Norwegian Competition Authority.