AOL was founded by Arne Olav Lund and has operated as a construction contractor in the civil engineering industry since 1957. The company is domiciled in Larvik and in 2021 had net sales of around NOK 315 million. AOL works throughout eastern Norway with production and improvement of roads, water and waste water as well as with groundwork and landscaping.

“Our goal is to become a local community builder in Norway and in recent years we’ve supplemented our operations with companies that further this ambition. The acquisition of AOL is part of our strategic focus in eastern Norway. With its some 120 employees the company will be an important complement to our civil engineering operations in the area,” says Johan Hansson, MD of Peab Anlegg in Norway.

The transaction is conditional on approval from competition authorities. Takeover is expected to occur in December 2022.