Norwegian-based Veidekke Entreprenør has agreed to acquire 80% of the shares in civil engineering contractor Tore Løkke based in Sør-Trøndelag, Norway.

The company said the acquisition strengthens its competitive ability in the transport and hydropower development sectors.

Tore Løkke has 78 employees, and recorded revenues of NOK200 million (€20.7 million) in 2014. The takeover will take place this month, costing NOK68 million (€7.06 million)

Veidekke said, “Tore Løkke has delivered good results for a long time, and has operated for 48 years without losses. The company has good expertise in a large fleet of machinery.

“In terms of corporate culture and values, we also see that the company will make an excellent match for Veidekke.”