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Swedish Regulator Clears Cramo´s Acquisition of Nordic Modular
Thursday 11 October 2018

11 October 2018 - The Swedish Competition Authority has approved Danish construction machinery and equipment rental firm Cramo Group's acquisition of the Swedish-based Nordic Modular Group Holding AB, which entails that the transaction can be completed, the group said.

As announced on 26 June 2018, Cramo has signed an agreement to acquire Nordic Modular Group from Strukturfonden HC11 AB, a subsidiary of Nalka Invest AB, and certain minority shareholders.

The price is SEK 2.275bn (USD 303m).

Nordic Modular Group, which develops and builds modular sulutions, operates mainly in Sweden, with other positions in Norway, Denmark and Finland. The company has 230 employees.

The transaction was subject to merger control clearance from the Swedish Competition Authority. Cramo expects the transaction to close at the end of October 2018.

Cramo said the acquisition of Nordic Modular Group is fully in line with its Shape and Share strategy. It will strengthen Cramo's Modular Space business (Cramo Adapteo) on the overall Nordic modular space market by bringing inhouse development and production capabilities and therefore supports Cramo's ambitions to grow profitably and increases latitude in exploring strategic alternatives for the Modular Space business.

In addition, the transaction expands company's business model and enables the development of new products and customer solutions.

Cramo is Europe's second largest rental services company specialising in construction machinery and equipment rental and rental-related services as well as the rental of modular space. Cramo operates in about 300 depots in fourteen countries.

With a group staff around 2,500, Cramo's consolidated sales in 2017 was EUR 729.5m.
Date Published: 11/10/2018
Target: Nordic Modular Group Holding
Country: Sweden
Deal Size: 303m (USD)
Sector: Construction/Real Estate
Type: Corporate acquisition
Financing: Cash
Status: Agreed
Buyer: Cramo Group