BAM acquires underground specialist A.Hak for €504 million

Royal BAM Group nv has reached an agreement to acquire A.Hak, a specialist in underground infrastructure, at an enterprise value of €504 million. For 2026, A.Hak has expected revenues of circa €425 million and an adjusted EBITDA margin of circa 10%. The company employs an operational workforce of circa 900 full-time employees.

BAM has secured financing for the acquisition through existing cash resources and a committed bridge loan facility provided by Rabobank, ING Bank and ABN AMRO. Following the transaction, A.Hak will continue to operate independently under its own name and existing leadership.

With the addition of A.Hak, BAM's exposure to the energy transition market will exceed 20% of Group revenues. The transaction will be immediately accretive to free cash flow, which is the cash a business generates after paying for operating expenses and investments. In the medium term, A.Hak's adjusted EBITDA is expected to increase to €65–75 million.

Ruud Joosten, CEO of Royal BAM Group, stated: 'The acquisition of A.Hak is a major step in BAM’s growth strategy and significantly strengthens our position in the fast-growing market for energy and water infrastructure in the Netherlands.' Henk Herremans, CEO of A.Hak, stated: 'Over the past years, A.Hak has built a leading position in underground infrastructure and a strong platform for future growth.'

A.Hak generates approximately 85% of its revenue in the Netherlands and also operates in the United Kingdom and Belgium. The company has an order backlog for the 2027-2031 period of €1.0 billion. More than 75% of A.Hak's expected revenue for 2027 to 2031 is supported by existing contracts and anticipated renewals.

Electricity and gas network operators in the Netherlands plan to invest €235 billion between 2026 and 2040. Royal BAM Group realised a revenue of €7.0 billion in 2025 with approximately 13,500 employees.