Oslo, 23 April 2015 - Blom ASA ("Blom") has entered into
an agreement to combine its business with Team Bane AS
("Team Bane") (the "Transaction"). Team Bane is a leading
contractor within railway infrastructure in Norway. Team
Bane operates within all fields related to subways,
tramways and railroads and is a fully integrated
contractor within development and maintenance. Team Bane
delivered revenues in 2014 of NOK 323 million and EBITDA
of NOK 20 million.
The markets for geospatial information and infrastructure
construction, and in particular the railway segment, are
expected to grow significantly over the coming years. In
June 2013, the Norwegian Parliament approved a NOK 173
billion national transportation plan for the Norwegian
railway for the 2014 - 2023 period.
According to Blom's financial budget for 2015, close to 28
per cent of Blom's revenues is expected to originate from
the Infrastructure segment in 2015, up from 20 per cent in
2014, making it the fastest growing segment in Blom. Blom
has a strong track-record from railway projects in the UK,
but Blom has not equally succeeded in the Scandinavian
railway markets. Team Bane has firm and long-term
established client relationships, all required
certifications, track-record and construction capabilities
in Norway within the railway sector, and thus brings a
platform for successfully distributing Blom's offerings
into the Norwegian market. Blom and Team Bane has also
identified and is in dialogue with additional targets in
the sector to complement Blom and Team Bane.
In aggregate Blom and Team Bane delivered unaudited
combined revenues in 2014 of NOK 557 million and EBITDA of
NOK 35 million. Following completion of the Transaction,
the balance sheet of Blom will be strong with zero net
interest bearing debt.
The Transaction will be completed as a share transaction
with an exchange ratio of 50-50, where Blom as the
acquiring entity will issue new shares to the shareholders
of Team Bane (through acquisition of the holding company
of Team Bane). Following completion of the Transaction,
the current shareholders of Blom and Team Bane will each
hold 50 per cent of the total number of outstanding shares
in Blom.
Completion of the Transaction is subject to approval from
the general meeting in Blom, scheduled to be held on 28
May 2015. Shareholders holding ca 74 per cent of the
issued shares in Blom have irrevocably committed to vote
in favor of the Transaction. The new shares to be issued
on completion of the Transaction to the shareholders of
Team Bane will be listed on Oslo Børs after the
publication of a prospectus or similar listing document in
accordance with the Norwegian Securities Trading Act and
applicable rules of Oslo Børs, expected to take place
shortly after the general meeting.
Completion of the Transaction is expected to take place on
or about 28 May 2015.
Advokatfirmaet Schjødt AS is acting as legal advisors to
Blom and Advokatfirmaet Aabø-Evensen & Co is acting as
legal advisors to Team Bane.
Further information:
For further information, please contact:
Trygve Bruland, Chairman of the Board of Directors of Blom
ASA, +47 41146000
About Blom
Blom is one of Europe's largest aerial survey companies.
It has approx. 400 employees out of which 250 are in the
company's production units in Romania and Indonesia. Blom
delivered revenues in 2014 of NOK 234 million and EBITDA
of NOK 15 million.
About Team Bane
Team Bane is a fully integrated rail infrastructure
contractor in Norway, and was established in 2011. Team
Bane has established itself as a leading player in the
Norwegian market with a number 2 position based on
revenues. Team Bane has 128 employees and delivered
revenues in 2014 of NOK 323 million and EBITDA of NOK 20
million.