Royal Bam Group has agreed a €504m (£435m) takeover of Dutch infrastructure specialist A.Hak, with plans to expand the acquired company’s operations in the UK.
The Netherlands-based conglomerate said A.Hak’s expertise in underground energy and water infrastructure would support its growth in Britain, where it already has an established construction business.
A.Hak operates in the UK, Netherlands and Belgium, specialising in electricity, water, gas and heat networks. Around 85 per cent of its revenue comes from the Netherlands.
Bam chief executive Ruud Joosten said the acquisition would allow the group to expand A.Hak’s UK activities and introduce its specialist construction techniques to more British customers.
He added that “the energy transition and investment in essential water infrastructure are taking place on an even larger scale”, he added.
“Bam’s established UK position offers opportunities to scale A.Hak’s existing activities and deploy its specialist expertise across a broader range of customers and projects.”
The acquisition would combine Bam’s existing energy transmission and distribution operations with A.Hak’s pipeline construction and trenchless installation capabilities, Royal Bam said in a statement.
A.Hak specialises in transmission pipelines, high-voltage and medium-voltage cable infrastructure, distribution networks and trenchless techniques, which allow underground infrastructure to be installed without continuous open-cut excavation.
The business employs around 900 full-time staff and is expected to generate revenue of approximately €425m in 2026, according to Bam. The contractor also forecast an adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) margin of around 10 per cent.
Bam said A.Hak had a €1bn order backlog covering the 2027-31 period, supported by long-term framework agreements with utility companies and electricity transmission and distribution network operators.
According to Bam, more than half of A.Hak’s current revenue comes from framework agreements. The group said more than 75 per cent of the specialist’s expected revenue between 2027 and 2031 was supported by existing contracts and anticipated renewals.
Bam said the acquisition would increase its exposure to the energy transition market to more than 20 per cent of group revenue.
The contractor also forecast that A.Hak’s adjusted EBITDA would increase to between €65m and €75m in the medium term.
Bam said it had secured financing for the transaction through existing cash resources and a committed bridge loan facility provided by Rabobank, ING Bank and ABN AMRO.
A.Hak would continue operating under its existing name and management following the takeover, the contractor said.
A.Hak chief executive Henk Herremans said the transaction would provide the business with additional scale and investment capacity while retaining its existing workforce and specialist expertise.
The transaction is expected to complete in the first quarter of 2027, subject to regulatory approval, employee consultation and other closing conditions.
