Royal BAM Group Acquires A.Hak for €504 Million to Boost Infrastructure

Royal BAM Group nv has agreed to acquire A.Hak, a prominent Dutch company specializing in underground infrastructure, for an enterprise value of €504 million. The transaction, announced on October 8, 2026, aims to significantly expand BAM’s presence in the fast-growing energy and water infrastructure markets in the Netherlands and beyond.

A.Hak is expected to generate revenues of approximately €425 million in 2026, with an adjusted EBITDA margin near 10%. The company serves utility providers and network operators primarily through long-term framework agreements, securing a robust order backlog of €1.0 billion for the 2027-2031 period. BAM has arranged full financing for the acquisition through existing cash reserves and a committed bridge loan facility provided by Rabobank, ING Bank, and ABN AMRO.

Founded over 60 years ago, A.Hak has developed expertise in underground infrastructure for electricity, water, gas, and heat networks. Its capabilities include distribution networks, transmission pipelines, and advanced trenchless construction techniques. The company employs around 900 full-time staff and operates mainly in the Netherlands, with additional activities in the United Kingdom and Belgium.

The acquisition complements BAM’s existing energy transmission and distribution operations, enhancing its service offering with A.Hak’s specialist trenchless techniques and pipeline expertise. BAM’s CEO highlighted that the deal will increase the group’s exposure to the energy transition market to over 20% of total revenues. The combined entity will offer integrated infrastructure solutions with nationwide coverage, leveraging complementary geographic footprints and customer portfolios.

Market demand for underground infrastructure is rising sharply, driven by planned investments of €235 billion in Dutch electricity and gas networks between 2026 and 2040, alongside growing water infrastructure needs. Similar investment trends in the UK further support the long-term growth outlook for BAM and A.Hak.

Financially, the acquisition is expected to be immediately accretive to BAM’s free cash flow, with A.Hak’s adjusted EBITDA projected to increase to between €65 million and €75 million in the medium term. The transaction is subject to customary closing conditions, including regulatory approvals and employee consultations. A.Hak will continue to operate under its own name and leadership, maintaining its established market identity.

Integration plans focus on combining BAM’s civil engineering and energy distribution strengths with A.Hak’s underground infrastructure expertise to optimize project delivery and operational efficiency. The companies anticipate synergies through cross-selling, procurement optimization, and shared technology resources. Challenges include aligning corporate cultures, integrating IT systems, and retaining key talent.

Overall, the acquisition positions Royal BAM Group to capitalize on accelerating infrastructure investments driven by the energy transition and water management imperatives. BAM’s strategy emphasizes sustainable growth, digital innovation, and expanding its integrated infrastructure capabilities across its core markets.