John Laing acquires major Norway PPP stake

Norway Concession

John Laing is acquiring a majority interest in Norway’s largest PPP project, Rv. 555 Sotrasambandet.

The firm now controls an indirect majority share, picking it up from Macquarie Capital - although the specific terms of the deal have not been released.

The Sotra Link consortium, comprising Macquarie (70%), South Korean civil engineering company SK Ecoplant (20%) and Italian industrial group Webuild (formerly Salini Impregilo, 10%) reached financial close on the project last year, with construction starting in early 2023. FCC is also working on the project.

According to John Laing, Macquarie will “continue to support the project as it progresses through construction – maintaining its oversight of the project”.

Under the plans, around 10km of new highway, including a 950m suspension bridge, will be delivered through a 20-year DBFMO contract.

“This acquisition builds on our strong track record in transport public-private partnerships and enables us to further scale our portfolio in Europe,” said Jamie Christmas, acting chief executive officer and chief financial officer of John Laing.