As previously announced, on 24 September Wästbygg concluded an agreement to acquire all shares in Rekab Entreprenad AB from its holding company, Trekcyd AB. The acquisition was conditional on approval by the Swedish Competition Authority, while financing of the acquisition was subject to approval by the General Meeting of the Wästbygg Group regarding the repurchase and transfer of its shares.
The Swedish Competition Authority notified its approval on 7 October, and the requisite decision concerning the financing was taken at an extraordinary general meeting of the Wästbygg Group AB on 21 October. The acquisition was completed today, 28 October, which means that Rekab Entreprenad and its 175 employees are now part of the Wästbygg Group. The purchase price totals SEK 230 million.
“We warmly welcome the employees from Rekab Entreprenad to the Wästbygg Group. Together, we are now a significant actor within both construction and project development with over 500 employees and an operation that extends throughout large parts of Sweden. A strong joint organisation and the clear customer focus that pervades our companies deliver major potential to strengthen our market position. In parallel with the acquisition of Rekab, our group company, Logistic Contractor, is consolidating its presence in northern Sweden by opening an office in Luleå, paving the way for interesting synergy effects between the two companies”, says Jörgen Andersson, CEO of the Wästbygg Group.
“Now that we are owned by a listed company, it provides a sense of security. It creates beneficial conditions for our business to grow, as well as extending our offering in Northern Sweden. I am really looking forward to becoming an even stronger business partner for all our customers together with both Wästbygg and Logistic Contractor”, says Anton Johansson, CEO of Rekab Entreprenad.
Completion of the deal means that Anton Johansson will now join the Wästbygg Group’s group management team.
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For more information, please contact:
Jörgen Andersson, CEO Wästbygg Group AB
Tel +46 (0)703-23 32 02, e-mail jorgen.andersson@wastbygg.se,
Jonas Jönehall, CFO
Tel +46 (0)739-20 19 01, e-mail jonas.jonehall@wastbygg.se
Marie Lindebäck, Head of Investor Relations and Deputy Head of Sustainability
Tel +46 (0)734-67 20 12, e-mail marie.lindeback@wastbygg.se
wastbygg.se
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About Wästbygg:
The Wästbygg Group is a listed construction and project development company that builds and develops residential, commercial buildings and community service properties, as well as logistics and industrial facilities – always with a strong focus on sustainability. With 500 employees, it comprises Wästbygg AB, Rekab Entreprenad AB, Logistic Contractor AB and Inwita Fastigheter AB.
In 2020 the Wästbygg Group’s turnover amounted to approx. SEK 3.8 billion and Rekab Entreprenad’s to SEK 900 million. The group operates in the most rapidly expanding markets in Sweden, with Logistic Contractor also providing services in Denmark, Norway and Finland.
