Finnish rental company Cramo has confirmed its acquisition of Sweden-based Nordic Modular Group has been approved by the Swedish Competition Authority.
Cramo struck the deal to acquire the Nalka Invest subsidiary in June this year, along with a number of minority shareholders. The transaction was subject to merger control clearance from the Swedish Competition Authority and, now the deal has been cleared, the company expects financial close by the end of October.
The purchase price was agreed at €263 million.
Cramo said the acquisition was in line with its Shape and Share strategy, which sees the company aim to grow its modular space offerings through acquisitions. The latest acquisition will see its presence strengthened further.
Leif Gustafsson, CEO and President of Cramo Group, said, “By bringing in-house development and production capabilities, the acquisition of NMG further strengthens Cramo’s Modular Space business on the overall Nordic modular space market and is therefore expected to increase Cramo’s latitude in exploring strategic alternatives for the Modular Space business.
“In addition, the transaction expands our business model and enables the development of new products and customer solutions.”