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Norwegian Competition Authority Approves Calviks Acquisition of Subshore

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CALVIKSEK 67.80 −4.78%

Calviks AB (OMXSTO:CALVIK) has received regulatory approval from the Norwegian Competition Authority to proceed with its planned purchase of a 70 percent stake in Subshore.no AS. The transaction values Subshore at roughly NOK 255 million on a cash- and debt-free basis, with an initial purchase price of NOK 178.5 million for the controlling stake.

The deal represents the largest acquisition in the history of Calviks AB and serves as a major component of its strategy to build out Norvika, its Norwegian investment platform focused on workforce solutions and industrial services. Subshore provides staffing and industrial support to offshore, process, and energy sectors, and is projected to generate approximately NOK 910 million in revenue and NOK 55 million in operating profit for 2026. The purchase also establishes a new business area in product sales and industrial services through Subshore subsidiary OneSource.

Calviks expects to complete the acquisition by late October 2026, with financial closing effective July 1, 2026. The cash portion of the purchase, totaling NOK 125 million at closing, is being funded through proceeds from a SEK 650 million senior secured bond issue completed earlier in October. Investors will be monitoring the integration into the Norvika platform and performance towards prospective earn-out targets.

Key points

  • Norway's competition authority cleared Calviks AB's purchase of 70% of Subshore.no AS.
  • Subshore is valued at NOK 255 million on a cash- and debt-free basis, with an initial price of NOK 178.5 million for the 70% stake.
  • Subshore is projected to generate roughly NOK 910 million in revenue and NOK 55 million in EBIT for 2026.
  • Calviks is funding the NOK 125 million cash component using proceeds from a SEK 650 million bond issue.
  • Completion is targeted for the end of October 2026, with financial closing effective July 1, 2026.

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Questions and answers

What approval did Calviks receive for its Subshore purchase?

The Norwegian Competition Authority approved Calviks' acquisition of a 70 percent stake in Subshore.no AS.

How much is Calviks paying to acquire Subshore?

The transaction values Subshore at NOK 255 million on a cash- and debt-free basis. Calviks is paying NOK 178.5 million initially for its 70 percent stake, including NOK 125 million in cash at closing alongside potential earn-outs.

When is the Subshore acquisition expected to close?

The acquisition is expected to complete at the end of October 2026, with an effective financial closing date of July 1, 2026.