GRK Infra Plc has agreed to acquire Finnish construction company Pirkan Rakentajapalvelu Oy from Rakentajapalvelu Group Oy, with part of the purchase price to be paid in newly issued GRK shares.
The transaction also includes the acquisition of Pile Consulting Oy, a sister company of Pirkan Rakentajapalvelu. The deal is expected to strengthen GRK’s specialist foundation engineering capabilities and provide additional capacity for demanding piling, retaining wall and anchoring projects.
Deal valued at approximately EUR 10.6 million
The base purchase price is approximately EUR 10.6 million. This includes EUR 6.4 million in cash and approximately 214,950 new GRK shares, valued at EUR 19.79 per share. The share value is based on GRK’s volume-weighted average price (VWAP) during the 30 trading days before the agreement was signed.
An additional earn-out of up to EUR 2 million has also been agreed. The payment will be based on the EBIT generated by the combined business during the 48 months following completion of the deal.
Pirkan Rakentajapalvelu reported revenue of EUR 18.5 million and an operating profit of EUR 2.5 million in 2025. Pile Consulting was established in 2026 and therefore did not generate revenue in 2025.
Transaction expected to close by October 2026
The acquisition requires approval from the Finnish Competition and Consumer Authority, along with the fulfilment of other customary conditions.
Subject to these requirements being met, GRK expects to complete the transaction by 1 October 2026. Following regulatory approval, the company plans to combine the acquired business with its existing ground stabilisation operations.
Deal adds capacity and expertise
According to GRK CEO Mika Mäenpää, the acquisition will strengthen the company’s position in specialist foundation construction while expanding its range of expertise.
“The acquisition significantly strengthens our position in special foundation construction and complements our service offering with important areas of expertise,” Mäenpää said.
Mäenpää added that the transaction will give GRK additional expertise and capacity for complex piling, retaining wall and anchoring projects. He also said the acquisition supports the company’s long-term growth plans in Finland and Sweden.
Seller to face 36-month share transfer restriction
GRK’s Board of Directors plans to approve a directed share issue to the seller when the transaction is completed. Around 214,950 new GRK shares will be issued under the authorisation approved at the company’s 2026 Annual General Meeting.
The seller will be subject to a 36-month transfer restriction covering the new shares. The shares may therefore not be transferred during the first three years following completion of the acquisition.
About GRK
GRK operates in Finland, Sweden and Estonia, employing approximately 1,200 people. Its activities include the design, construction, repair and maintenance of roads, highways, railways and bridges.
The company also provides services in electricity network construction and environmental technology, with expertise covering infrastructure construction, project management and rail projects.