Norwegian construction and property development company Veidekke ASA signed an agreement to purchase 90.1% of Swedish construction-focused Billström Riemer Andersson AB's share capital for an undisclosed sum.

Billström Riemer has revenues of 1.4 billion Swedish kronor and is involved in the civil engineering and property development sector.

Jimmy Bengtsson, CEO of Veidekke Sweden, said the transaction "will strengthen our focus in the evolving Gothenburg region."

The deal will be finalized within 10 days after approval from the Swedish competition authorities.

As of March 26, US$1 was equivalent to 8.20 Swedish kronor.