BAM concludes agreement to acquire A.Hak, valued at €504 million
The Dutch construction group has agreed to value this specialist in underground networks at €504 million in enterprise value, with financing presented as fully secured. The transaction is expected to be completed in the first quarter of 2027.
A.Hak expected to generate €425 million in revenue in 2026
Royal BAM Group announced on 8 October 2026 that it had concluded an agreement to acquire A.Hak, a Dutch company specializing in underground infrastructure. The transaction has not yet been completed: its closing remains subject to customary conditions, including regulatory approvals and consultation with employee representatives. The group expects completion during the first quarter of 2027.
For the 2026 fiscal year, A.Hak is expected to achieve revenue of approximately €425 million, with an adjusted EBITDA margin of approximately 10%. BAM anticipates growth in this adjusted EBITDA towards a range of €65 to €75 million in the medium term. These amounts refer to the target's activity and not the transaction price.
The company, which claims more than 60 years of experience, operates in electricity, water, gas and heating networks. Its expertise covers distribution networks, transport pipelines, high and medium voltage cables as well as trenchless installation techniques, carried out internally. It employs approximately 900 employees in full-time equivalent.
Approximately 85% of its revenue is generated in the Netherlands, with the remainder coming from the United Kingdom and Belgium. Its customers are mainly public utility companies and transport and distribution network operators. For BAM, the interest in the transaction lies in the weight that activity related to the energy transition will gain within the entire group, a market that management describes as experiencing strong growth.
A €1.0 billion order book for 2027-2031 and secured financing
The financing is based on two sources: BAM's existing cash and a committed bridge loan facility provided by Rabobank, ING Bank and ABN AMRO. According to the group, the acquisition will have an immediately accretive effect on free cash flow. This indication relates to cash flows and does not constitute published earnings data.
The commercial visibility of the target is the other argument put forward. A.Hak has an order book of €1.0 billion for the period 2027-2031. Its long-term framework agreements represent more than half of its current revenue.
Ruud Joosten, Chief Executive Officer of BAM, clarified that more than 75% of expected revenue from 2027 to 2031 is backed by existing contracts and anticipated renewals. This share therefore also includes renewals that remain to be concluded.
To put this in perspective, BAM achieved revenue of €7.0 billion in 2025, with approximately 13,500 employees. The group is listed on Euronext Amsterdam and operates in the Netherlands, the United Kingdom and Ireland, with activities in Belgium. Ruud Joosten and Chief Financial Officer Henri de Pater were to present the transaction to analysts on 8 October 2026, at 9:30 a.m.
A.Hak will retain its name and management after closing
BAM has indicated that A.Hak will continue to operate autonomously, under its own name and with its current management. The group intends to combine A.Hak's expertise in transport pipelines and trenchless installation with its own energy transport and distribution and civil engineering activities.
The press release cites an investment plan of €235 billion planned between 2026 and 2040 by Dutch electricity and gas network operators. Investments in water infrastructure are also increasing, particularly for managing droughts and water surpluses.
In the United Kingdom, where BAM is already established, the group intends to leverage its presence to expand A.Hak's existing activities. Henk Herremans, Chief Executive Officer of A.Hak, indicated that the merger will provide the company with the size and investment capacity necessary for its development.
