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BAM agrees to acquire Dutch infrastructure specialist A.Hak for €504 million

BAM agrees to acquire Dutch infrastructure specialist A.Hak for €504 million

Money Moves

The €504 million deal is now with Dutch competition regulator ACM, with closing still targeted for early 2027

October 20th, 2026: BAM adds 40% stake in trenchless driller VLST

Overview

Updated Oct 28

Royal BAM Group agreed in October 2026 to buy A.Hak, a Dutch builder of underground power, water and gas lines, for €504 million (about $566 million). The two companies asked the Dutch Authority for Consumers and Markets for permission on 15 October 2026, and the regulator published the notification on 21 October under case number ACM/26/204676. Closing is targeted for the first quarter of 2027, subject to that clearance and consultation with A.Hak's works council.

A.Hak expects about €425 million of revenue in 2026 and roughly €43 million of adjusted EBITDA, with BAM guiding that to €65-75 million in the medium term. It has about 900 employees and a €1 billion order backlog for 2027-2031. Dutch electricity and gas network operators plan to spend €235 billion between 2026 and 2040, and BAM says the purchase lifts its energy-transition exposure above 20% of group revenue.

Why it matters

Dutch electricity and gas network operators plan to invest €235 billion through 2040, and A.Hak builds the underground cables and pipelines that spending pays for.

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Key Indicators

€504M ($566M)
Enterprise value of the acquisition
The agreed price BAM is paying for A.Hak, excluding assumed debt.
€1.0B
Order backlog 2027-2031
Contracted work A.Hak has secured for the five years after closing.
~900
Full-time employees
A.Hak's operational workforce, largely working under long-term framework contracts.
€65-75M
Medium-term adjusted EBITDA target
Up from an expected €43 million in 2026, BAM has said.

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People Involved

RJ
Ruud Joosten
Chief executive, Royal BAM Group
Leading the company pursuing the A.Hak acquisition

Organizations Involved

RG
Royal BAM Group
Dutch construction company
Acquirer

One of Europe's largest construction and infrastructure groups, headquartered in Bunnik, Netherlands.
A.Hak
A.Hak
Underground infrastructure contractor
Acquisition target; awaiting ACM clearance

Dutch specialist in critical underground infrastructure for electricity, water, gas and heat.

Timeline

3 events Latest: October 20th, 2026 · 3 weeks ago

  1. BAM adds 40% stake in trenchless driller VLST

    Latest Merger & Acquisition

    BAM agreed to pay about €45 million for 40% of Van Leeuwen Sleufloze Technieken, which runs 19 horizontal directional drilling rigs and expects roughly €60 million of 2026 revenue. The same day BAM said it would sell restoration contractor Schakel & Schrale; both moves are due to close in the first quarter of 2027.

  2. BAM and A.Hak file for Dutch competition approval

    Regulatory

    The companies asked the Authority for Consumers and Markets for permission for BAM to take sole control of A.Hak. The ACM published the notification on 21 October as case ACM/26/204676.

  3. BAM announces €504 million A.Hak acquisition

    Merger & Acquisition

    Royal BAM agrees to buy underground-infrastructure specialist A.Hak; closing expected in Q1 2027.

Scenarios

1

BAM completes the A.Hak deal in Q1 2027 as planned

Likely Resolves by Apr 30, 2027

Discussed by: BAM management in the acquisition announcement and analyst presentation

Regulatory approvals come through and the works council gives a positive opinion, letting BAM close in Q1 2027. A.Hak continues under its own name within BAM's Netherlands division, and the deal becomes immediately accretive to free cash flow.

2

Regulators or works council delay the A.Hak deal

Possible Resolves by Q2 2027

Discussed by: Deal terms note customary conditions including regulatory approval and employee consultation

Competition review or the works-council consultation extends beyond Q1 2027, or regulators attach conditions to the transaction. Financing is already secured, so a funding failure is unlikely; the risk sits in approval timing and any remedies imposed.

3

A.Hak hits its €65-75 million EBITDA target by 2029

Possible Resolves by End of 2029

Discussed by: BAM management guidance in the analyst presentation and earnings call

After closing, A.Hak lifts adjusted EBITDA from about €43 million in 2026 toward €65-75 million in the medium term, a range BAM has guided to but not broken down by year or growth rate. The €1 billion backlog through 2031 and long-term framework contracts underpin the trajectory.

Historical Context

2 moments from history that rhyme with this story — and how they unfolded.

2014-2015

GE buys Alstom's energy business (2015)

General Electric agreed in 2014 to pay about $13.5 billion for Alstom's power-generation and grid business, betting that global electricity demand would drive decades of equipment sales. Competition regulators approved it in 2015 after GE offered concessions.

Then

GE became the world's largest power-equipment supplier.

Now

The unit underperformed, and GE later unwound its power portfolio — a lesson in paying large premiums for energy-infrastructure scale.

Why this matters now

BAM is making a similar bet: paying €504 million for specialist grid-construction capability ahead of a multi-decade buildout. Whether the price looks smart depends on demand materializing as fast as forecast.

2022-present

Dutch grid congestion sparks investment surge (2022)

From 2022, Dutch transmission and distribution operators reported grid congestion blocking new solar, wind and industrial connections. That pushed operators to sharply expand network-reinforcement plans.

Then

Operators raised capital spending and fast-tracked projects to clear connection queues.

Now

That ramped toward the €235 billion Dutch network investment program through 2040 that underpins this deal.

Why this matters now

The demand A.Hak is positioned to serve was born of a specific congestion crunch that remains unresolved. The investment boom behind BAM's purchase is real and measurable, not speculative.

Sources

(14)
+8
World Construction Network Royal BAM Group A.Hak Law360 SquawkNews MarketScreener IFR EarningsAPI Algemeen Dagblad Autoriteit Consument & Markt Postmerger Stek Construction News Royal BAM Group