Calviks AB (publ) ("Calviks" or the "Company"), listed on Nasdaq First North Growth Market, has received approval from the Norwegian Competition Authority (Konkurransetilsynet) for its previously announced acquisition of Subshore.no AS ("Subshore"). The approval marks another important step towards completing Calviks' largest acquisition to date and the continued build-out of its Norwegian investment platform, Norvika.
On 21 September 2026, Calviks announced that the Company had entered into a binding agreement to acquire 70 percent of the shares in Subshore, a leading niche provider of staffing and industrial services to the offshore and process industries in Norway. In 2026, Subshore is expected to generate revenue of approximately NOK 910 million and operating profit (EBIT) of approximately NOK 55 million.
“The approval from the Norwegian Competition Authority is an important milestone and brings us one step closer to completing our largest acquisition to date. Subshore is a well-run and profitable company with a strong market position, and it will become a significant part of Norvika. Together with our other Norwegian operations, we are creating a broader and stronger platform for continued profitable growth in Norway,” says Viktor Rönn, CEO of Calviks.
The acquisition is a central part of Calviks’ strategy to build Norvika into a leading Norwegian investment platform within workforce solutions and related industrial services. Through Subshore, Norvika broadens its operations in areas including offshore, industry and renewable energy. The acquisition also means that Calviks establishes a new business area within product sales and industrial services through Subshore’s subsidiary OneSource.
The transaction values Subshore at approximately NOK 255 million on a cash- and debt-free basis. The initial purchase price for 70 percent of the shares amounts to approximately NOK 178.5 million, of which approximately NOK 125 million is payable in cash at closing. In addition, two performance-based earn-out payments may become payable. The cash portion of the purchase price is financed through the SEK 650 million senior secured bonds issued by Calviks in October 2026.
The acquisition is estimated to be completed at the end of October with a financial closing 1st of July 2026