Norconsult ASA has entered into an agreement to acquire the Aas-Jakobsen Group, a Norwegian engineering consultancy known for its work on complex infrastructure and building projects. The deal marks the largest acquisition in Norconsult’s history.
The Aas-Jakobsen Group includes Dr. Ing. A. Aas-Jakobsen AS, Dr. Ing. A. Aas-Jakobsen Trondheim AS, and Geovita AS. In 2024, the group reported net revenue of NOK 470 million and an adjusted EBITA of NOK 103 million. The company has consistently delivered EBITA margins above 20% over the past decade and achieved an organic net revenue CAGR of over 5%. It employs 230 people, primarily in Oslo and Trondheim, and serves the public infrastructure sector.
Norconsult CEO Egil Hogna said the acquisition aligns with the company’s strategic goal of becoming a top three player in the Nordic region.
“We are honoured to welcome Aas-Jakobsen’s employees and customers into Norconsult. We have a long-standing relationship with Aas-Jakobsen and through years of collaboration, we know we share a passion for expertise, performance, responsibility and employee ownership. Our companies are highly complementary, and the addition of Aas-Jakobsen’s capabilities will further improve our service offering and strengthen our strategic position in key markets,” Hogna said.
Aas-Jakobsen CEO Trond Hagen said the move allows the company to expand its capabilities within a broader organisation.
“For Aas-Jakobsen, it is important to become part of a larger interdisciplinary organisation operating in multiple markets. Joining forces with Norconsult marks an exciting new chapter – one that builds on our shared history, common values and strong cultural alignment. This combination offers our employees the opportunity to work with best-in-class experts while remaining invested in the future as shareholders,” Hagen said.
The deal values Aas-Jakobsen at NOK 1.43 billion, equivalent to 13.9 times its 2024 adjusted EBITA. The purchase price will be paid 80% in cash and 20% in newly issued Norconsult shares, based on the volume-weighted average share price in the five trading days prior to closing. The cash portion will be partially financed through a NOK 900 million term loan facility. Pro forma net debt to LTM EBITDA (including IFRS 16) is expected to be around 1x.
Norconsult expects the transaction to generate annual pre-tax cost synergies of NOK 25 million, mainly from co-location of operations, with full impact expected by 2028.
The acquisition is subject to approval by the Norwegian Competition Authority and is expected to close in August 2025. The sellers are employees and the founding family of Aas-Jakobsen.
Following closing, integration will be carried out in collaboration with Aas-Jakobsen, with a phased approach focusing on alignment across units and teams.
Norconsult was advised by ABG Sundal Collier ASA (financial) and Advokatfirmaet Arntzen AS (legal).
