Nordic Engineering Giants Multiconsult, Rejlers Merge

In a significant consolidation move within the Nordic engineering and consultancy sector, Multiconsult ASA and Rejlers AB have agreed to combine operations in a merger of equals. This strategic union is set to create a formidable pan-Nordic multidisciplinary group, poised to leverage combined expertise across a broad spectrum of industries including energy, industry, and infrastructure.

The newly formed entity, to be christened Multiconsult Rejlers, will boast a workforce of nearly 8,000 professionals. This integration aims to enhance service delivery capabilities and foster innovation by pooling complementary strengths. Multiconsult, with its robust presence in Norway and established footholds in Denmark, Poland, and the UK, brings extensive experience in building and properties, energy, mobility, and environmental services. Rejlers complements this with its strong Swedish base and expertise in energy, industry, building, and infrastructure, alongside operations in Finland, Norway, and the UAE.

This merger is strategically designed to bolster the group's competitive edge, particularly in the energy and industrial markets, and to enhance its appeal for large-scale, transformative Nordic projects. The combined entity anticipates generating annual cost synergies estimated between SEK 100 million and SEK 120 million within three years. With an approximate market capitalization nearing SEK 8 billion, Multiconsult Rejlers will be dual-listed on Nasdaq Stockholm and Euronext Oslo Børs, signaling its enhanced standing in capital markets.

The leadership structure for the combined group will see Viktor Svensson assume the role of President and CEO, with Kristin O. Augestad serving as Deputy CEO. The group's headquarters will be established in Stockholm, complemented by a main office in Oslo. This arrangement underscores the collaborative nature of the merger and the commitment to integrating operations seamlessly.

A key driver for this combination is the shared vision of creating a more attractive employer. By fostering cross-border collaboration and investing in professional development, Multiconsult Rejlers aims to provide its nearly 8,000 employees with enhanced opportunities to engage in complex, technically demanding projects. This focus on talent development is crucial in the competitive engineering consultancy market, where specialized skills are in high demand.

The merger is expected to unlock significant growth opportunities by expanding the group's geographic reach and deepening its service offerings. The transaction structure outlines that Multiconsult shareholders will receive 0.9725 Rejlers class B shares for each Multiconsult share they hold. This exchange ratio results in Multiconsult shareholders holding approximately 54% of the combined entity, while Rejlers shareholders will hold the remaining 46%. The long-term commitment of existing major shareholders, including Stiftelsen Multiconsult and the Rejler family, provides a stable foundation for the new group's strategic direction and future expansion.