NV Bekaert has agreed to acquire Dextra, a Bangkok-based supplier of reinforcement solutions for construction, for an enterprise value of €140m plus potential earn-outs, the Belgian group said on 5 November 2026.
Why NV Bekaert SA is buying Dextra (Dextra Group, headquartered in Bangkok, from founder Jean-Marie Pithon and Lakeshore Capital)
Bekaert said the deal strengthens its Sustainable Construction offering. Dextra makes rebar couplers (mechanical splices) and glass-fibre reinforced polymer (GFRP) products and provides engineering services, with long experience in major infrastructure projects including airports, tunnels, power plants and ports. Bekaert expects the acquisition to be immediately accretive to earnings per share.
Deal terms and financing
The €140m enterprise value, on a cash-free, debt-free basis, equals 6.8 times Dextra's estimated 2026 EBITDA, with additional earn-outs payable if EBITDA improves substantially in 2027-2029. Bekaert will fund the purchase from existing cash and credit facilities, with limited impact on leverage. Dextra reported 2025 revenue of €118m and EBITDA of €20m, converted from US dollars.
Regulatory approvals and timing
Closing is expected in the first half of 2027, subject to regulatory approvals and customary conditions.
Market context
Dextra has more than 1,000 employees, three production sites in Thailand, India and China, and its own subsidiaries and long-term partners. Chairman and CEO Jean-Marie Pithon founded and built the company over 43 years and had partnered with Lakeshore Capital for several years. Bekaert shares rose just over 3% at the open, De Aandeelhouder reported.
