Nordic Infrastructure Group acquired by Eleda Group

Eleda Norge, the Norwegian arm of the Eleda Group, signed a share purchase agreement in October 2025 to acquire the entire share capital of Nordic Infrastructure Group from Qben Infra, ININ Group and the other owners, who exited in full. The cash consideration valued the business at an enterprise value of NOK 500M–1.5bn, plus an earn-out of up to NOK 65m. The purchase was structured in two tranches, 19.5% in November 2025 and the balance in January 2026, subject to regulatory approvals. Nordic Infrastructure Group, which trades as Qben Rail, builds and maintains railway and tramway infrastructure in Norway. Its work covers the track itself, the overhead lines and electrical installations that power it, and the signalling systems that keep trains apart, together with the safety services required whenever work is carried out on an operating line. It generated revenue of NOK 1–10bn and an EBITDA of NOK 100–200M, an EBITDA margin of [members only]. The group operates as a federation of 12 companies, among them Rail Production, Team 1435, Banefjell, Hadeland Elektro, SLAM Jernbaneteknikk and Trasé, each keeping its own management and local customer relationships. Eleda builds and maintains the infrastructure beneath and around roads and railways across the Nordic countries: water and sewerage networks, electricity and fibre cables, roads and track. It is itself a federation of local contractors, assembled through acquisition and run on the principle that each keeps its name, its management and its customers while sharing procurement, tendering capacity and specialist equipment. The group is backed by Bain Capital and Altor, and entered Norway after building its position in Sweden. That structure is what made the two fit together, and railway work compounds the logic: the approvals required to work on an operating line attach to the firm rather than to its staff, and certified crews are scarce, which makes acquiring an established operator the practical route into the market. Eleda had been assembling its Eleda Rail platform and sought a stronger position in Norwegian railway maintenance, where spending follows the condition of the network rather than the economic cycle.