Skanska makes strategic expansion in the UK – acquires utilities networks company, McNicholas plc, for approximately GBP 50 M, SEK 670 M

Skanska is acquiring McNicholas plc, a UK company in the construction and servicing of power, gas and water utilities networks. The purchase price amounts to approximately GBP 50 M, about SEK 670 M, on a debt free basis. The company will be consolidated from December.

“This is a strategic step to strengthen our presence in the UK. We believe that we will have great future opportunities to expand our business in the UK market in general and also specifically in the utilities sector, in which we already have a business with revenue of approximately GBP 110 M, SEK 1.5 billion. McNicholas plc’s revenues last year amounted to approximately GBP 150 M, SEK 2 billion. Combined, we will be a leading player with strengthened possibilities to further expand within the growing market for utilities,” says Stuart Graham, President and CEO, Skanska AB.

“As a result of the acquisition, we gain valuable expertise and competitive edge. McNicholas plc is a well-managed company with a strong position on the market. We are familiar with their capability after having worked together earlier.”

McNicholas plc is mainly active in London and southeastern England. The company is based in London and has about 1,300 employees. Last year the operating income amounted to GBP 5,7 M, SEK 76 M. Organizationally, McNicholas plc will be incorporated with Skanska UK’s utilities operating unit.

Skanska UK reported revenues of GBP 793 M, SEK 10.7 billion, in 2005, with 3,500 employees. The company is active in building construction and civil engineering as well as utilities and building services. Skanska also is a leader in the UK’s Private Finance Initiative programme (PFI).


For further information please contact:

Tanya Barnes, Head of Communications, Skanska UK,
tel +44 1923 423 905
Peter Gimbe, Press Officer, Skanska AB, tel +46 8 753 88 99