12. September 2022

Elop acquires majority of Hadeland Elektro AS

12 September 2022 – Reference is made to the stock exchange announcement dated 3 August 2022 regarding Elop AS (Elop) agreeing the terms to acquire 65 percent of Hadeland Elektro AS. Elop has today signed the final share purchase agreement for the shares, thereby further strengthening its specialist infrastructure service offering.

“This transaction is another step to expand Elop’s service offering, furthering our strategy to make Elop a cash positive and profitable business,” says Øivind Horpestad, CEO of Elop.

The purchase strengthens the company’s specialist service offering towards construction, maintenance and inspection in the Nordic infrastructure market, including the energy sector, road and rail infrastructure.

“Profitable growth is at the core of Elop’s strategy, where we are targeting cash positive operations in 2023. We are delivering on our strategy to grow Elop and we are well equipped to fund further growth as well as capitalize on new acquisition opportunities,” says Øivind Horpestad.


The purchase price for 65 percent of the shares in Hadeland Elektro AS is NOK 24.7 million, of which 60 percent will be settled in Elop shares. The price is based on an enterprise value of NOK 38 million of Hadeland Elektro on a 100 percent basis. NOK 14.05 million of the purchase price will be settled in Elop shares valued at NOK 2.80 per share and NOK 10.64 million will be settled in cash. The consideration shares will consist of a combination of treasury shares and new shares issued in Elop. The share consideration will be reduced if Hadeland Elektro delivers a profit before tax that is lower than NOK 6 million for 2022.

All shareholders in Hadeland Elektro have agreed to a 12-36 month lock-up period for their shares in Elop. Further, Elop has an option to acquire the remaining 35 percent of Hadeland Elektro within five years from the closing date.

Closing of the transaction is expected to be within September 2022.

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