Royal BAM Group said on 8 October 2026 that it had agreed to acquire A.Hak, a Dutch specialist in underground infrastructure, at an enterprise value of €504m.
Why Royal BAM Group nv is buying A.Hak
BAM said the deal significantly strengthens its position in the fast-growing Dutch energy and water infrastructure market and adds expertise in transport pipelines and trenchless techniques. Chief executive Ruud Joosten called it a major step in BAM's growth strategy, and A.Hak's capabilities will also support BAM's growth in the UK.
Deal terms and financing
A.Hak expects revenue of about €425m in 2026, around 85% of it from the Netherlands, with an adjusted EBITDA margin of about 10%. Adjusted EBITDA is forecast to rise to €65m–75m in the medium term. The company employs about 900 full-time staff. BAM is funding the deal with existing cash and a committed bridge loan from Rabobank, ING Bank and ABN AMRO.
Regulatory approvals and timing
Completion is expected in the first quarter of 2027, subject to regulatory approvals, employee consultation and other customary conditions.
Market context
Geldermalsen-based A.Hak also operates in Belgium and the United Kingdom and has an order backlog of €1.0bn for 2027 to 2031.
