Nordic Engineering Merger: Multiconsult & Rejlers Unite

In a significant consolidation move within the Nordic engineering and consulting sector, Multiconsult and Rejlers have agreed to merge, creating a formidable pan-Nordic entity valued at approximately SEK 8 billion. This strategic combination, structured as a merger of equals, aims to leverage complementary strengths and expand market reach across key European territories and beyond.

The newly formed group, to be named Multiconsult Rejlers, will boast a combined workforce of nearly 8,000 professionals. Under the terms of the agreement, Multiconsult shareholders will receive 0.9725 new Rejlers Class B shares for each of their existing holdings. Post-completion, Multiconsult shareholders are projected to hold a 54% stake in the enlarged company, with Rejlers shareholders retaining approximately 46%. The combined entity is slated for dual listing on both Nasdaq Stockholm and Euronext Oslo Børs, underscoring its cross-border ambition.

This merger is particularly noteworthy for its strategic geographic alignment. Multiconsult brings a robust presence in Norway, complemented by operations in Denmark, Poland, and the UK, with expertise spanning buildings, energy, mobility, and environmental sectors. Rejlers, conversely, has a strong foothold in Sweden, Finland, and Norway, alongside operations in the UAE, offering specialized knowledge in energy, industry, infrastructure, and defense projects. The union is expected to unlock opportunities for undertaking larger, more complex projects and enhance service offerings in high-growth areas like renewable energy and sustainable infrastructure.

Financially, the combined entity is projected to be a powerhouse. For the twelve months concluding June 30, 2026, the two firms generated combined revenues of roughly SEK 11.66 billion and adjusted EBITA of SEK 795 million, yielding a margin of approximately 6.7%. Multiconsult contributed SEK 6.77 billion in revenue and SEK 428 million in adjusted EBITA, while Rejlers added SEK 4.90 billion in revenue and SEK 367 million in adjusted EBITA. The merged company has set ambitious long-term financial objectives, targeting 10% annual revenue growth and a 10% EBITA margin.

Significant cost synergies are anticipated, with estimates ranging from SEK 100 million to SEK 120 million annually within three years, stemming from efficiencies in IT, procurement, administration, and office network optimization. While integration costs are projected at approximately SEK 40 million, management emphasizes that the primary driver for this merger is accelerated growth and expanded capabilities, rather than substantial headcount reduction. Both companies intend to preserve their existing local brands and leadership structures to a considerable extent.

The leadership structure for Multiconsult Rejlers is taking shape, with Viktor Svensson, currently CEO of Rejlers, slated to assume the CEO role. Kristin O. Augestad, interim CEO of Multiconsult, will serve as Deputy CEO and Head of Norway. Key executive appointments include Jenny Edfast (Head of Sweden), Mikko Vaahersalo (Head of Finland & International), and Geir Juterud (Head of Digital & AI). The corporate headquarters will be established in Stockholm, with a significant operational hub in Oslo. Long-term ownership will continue to be anchored by the Rejler family and Stiftelsen Multiconsult, who are expected to hold substantial stakes in the combined entity.

The transaction is subject to shareholder approval at extraordinary general meetings scheduled for October 19, 2026, requiring a two-thirds majority. Significant shareholder support has already been indicated, with commitments from approximately 37% of Multiconsult's capital and 18% of Rejlers' capital (representing 51% of its votes). Major institutional investors like Nordea Fonder, Lannebo Fonder, and Carnegie Fonder have also signaled their backing. The deal is anticipated to close by late 2026 or early 2027, pending regulatory approvals.