Royal BAM Group has agreed to acquire A.Hak, a Dutch underground infrastructure contractor, at an enterprise value of €504 million. The deal is not yet complete: BAM expects it to close in the first quarter of 2027, subject to customary conditions including regulatory approvals and employee consultation. BAM says the acquisition will strengthen its energy and water infrastructure position in the Netherlands and create opportunities to expand A.Hak’s existing UK activities.
What the announced deal includes
BAM’s 8 October 2026 announcement puts A.Hak’s enterprise value at €504 million. A.Hak has about 900 full-time employees and generates about 85% of its revenue in the Netherlands, with additional operations in the UK and Belgium. BAM says A.Hak will continue operating independently under its own name and existing leadership if the transaction closes.
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| Deal detail | Figure or status |
|---|---|
| Enterprise value | €504 million, according to Royal BAM Group’s 8 October 2026 announcement. |
| Expected 2026 revenue | About €425 million, BAM’s estimate rather than a reported full-year result. |
| Expected 2026 adjusted EBITDA margin | About 10%, BAM’s estimate. |
| Order backlog for 2027–2031 | €1.0 billion, according to BAM. |
| Expected medium-term adjusted EBITDA | €65–75 million, BAM’s projection. |
| Workforce | About 900 full-time employees, according to BAM. |
| Revenue generated in the Netherlands | About 85%, according to BAM. |
BAM says long-term framework agreements account for more than half of A.Hak’s current revenue. Existing contracts and anticipated renewals, it says, support more than 75% of expected revenue for 2027–2031. These figures describe BAM’s view of A.Hak’s revenue base and outlook; they are not guarantees of future results.
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What A.Hak does
A.Hak specializes in underground infrastructure for electricity, water, gas and heat networks. Its work includes distribution networks, transmission pipelines, high- and medium-voltage cable infrastructure, and trenchless construction techniques. The company has more than 60 years of experience, according to BAM, and mainly serves utilities and transport and distribution network operators through long-term framework agreements.
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Why BAM wants the contractor
The strategic fit BAM describes is based on complementary capabilities. A.Hak brings transmission pipeline expertise and specialist trenchless methods. BAM points to its own energy transmission and distribution activities, civil engineering capability and experience delivering integrated solutions. BAM also says the companies’ geographic coverage complements one another.
The Dutch market is a central part of the rationale. BAM cites electricity and gas network operators’ planned investment of €235 billion in the Netherlands from 2026 to 2040 as market context. That is a figure cited by BAM in its announcement, not an independently verified estimate here.
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How the deal could support BAM’s UK push
A.Hak already operates in the UK, but its business is concentrated in the Netherlands. BAM’s stated plan is to use its established UK presence to help grow A.Hak’s existing activities and apply its specialist expertise to a wider range of customers and projects. BAM says investment in energy transition and essential water infrastructure is taking place on an even larger scale in the UK.
That is a strategic opportunity, not a quantified forecast. BAM has not specified expected UK revenue from the acquisition, named post-acquisition UK contracts or guaranteed growth. Ruud Joosten, BAM’s CEO, said the company’s established UK position offers opportunities to scale A.Hak’s existing activities and deploy its expertise across more customers and projects.
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Closing conditions and financing
The agreement remains pending. BAM expects completion in the first quarter of 2027, subject to customary conditions including regulatory approvals and employee consultation. Until the transaction closes, A.Hak remains a separate business rather than a completed BAM acquisition.
BAM says it will finance the transaction with existing cash resources and a committed bridge-loan facility from Rabobank, ING Bank and ABN AMRO. BAM describes the deal as immediately accretive to free cash flow and expects A.Hak’s adjusted EBITDA to reach €65–75 million in the medium term; both are BAM’s assessments and projections, not established post-acquisition outcomes.
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What to watch next
- Completion: whether the parties satisfy the required conditions and close in the expected first quarter of 2027.
- Operational continuity: BAM says A.Hak is intended to retain its name, independent operation and existing leadership.
- UK execution: whether BAM’s established presence translates into broader work for A.Hak; the announcement provides no quantified synergy target.
- Financial performance: whether the company’s reported results support BAM’s revenue, margin and medium-term EBITDA expectations.
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