Renaissance Construction acquired 19.99% of all outstanding shares of Ballast Nedam NV becoming its largest shareholder
Founded in St. Petersburg in 1993, Renaissance Construction is expanding its operations in Europe. Ranked 53rd in ENR’s 2014 International Contractor’s List, Renaissance acquired 19.9% of Ballast Nedam’s outstanding shares for a consideration of slightly more than 6 million Euros and became the largest shareholder of Ballast Nedam which is experienced in transport and social infrastructure projects, general buildings and complex structures.
Renaissance Construction and Ballast Nedam jointly announced that they have reached conditional agreement in connection with a public offer by Renaissance Construction for all of the issued and outstanding shares of Ballast Nedam. Public offer period is expected to start in October 2015 after all permits, approvals and filings have been completed.
CEO of Ballast Nedam, Erik van der Noordaa said: “We are delighted with the intended Offer of Renaissance Construction. Renaissance Construction will be a strong, strategic partner, who will enable us to accelerate implementation of our strategic agenda for the years ahead and providing us with new opportunities for exporting our rich expertise gained from integrated complex projects. We believe this Offer to be in the best interests of Ballast Nedam and all its stakeholders, including our shareholders. Both the Management Board and the Supervisory Board fully support and unanimously recommend the Offer, for what we consider to be a fair offer price."
President of Rönesans Group Dr. Erman Ilıcak said: “We believe in the proven strengths of Ballast Nedam in engineering and specialized construction methods and Ballast Nedam’s potential to competitively leverage these in the international markets. This will enable Ballast Nedam to diversify its operations, reach operational performance targets, and strengthen its cash position while maintaining its focus on quality as a key part of its long-lasting brand, identity and values.”
About Ballast Nedam
Ballast Nedam targets its strategic focus at successfully acquiring and carrying out integrated projects in the working areas of housing and mobility in the Netherlands and internationally. Ballast Nedam also works on projects where it can make a difference for the client with its expert knowledge and skills. Ballast Nedam applies a differentiated market approach for its three divisions.
With further industrialization of the building process through the use of innovative modular concepts and standardization Ballast Nedam creates enduring quality at the lowest possible life cycle costs for its clients and society. The Ballast Nedam share is included in the Amsterdam Small Cap Index (AScX) of Euronext.
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