Astor Group moves to full ownership of Nordic Shield Group

Scandinavian Astor Group has agreed to acquire the remaining shares in Nordic Shield Group (NSG), taking full control of the Swedish provider of high-security construction solutions. 

The transaction values NSG at approximately 467.8 million Swedish kronor, with consideration comprising cash, shares and promissory notes.

Astor Group, a Stockholm-based defence and security company, previously held 36.5 percent of NSG. 

Full ownership is intended to support integration into the group’s structure and expand its offer in the protection of critical infrastructure, defence facilities and secure data environments.

Expanding role in security infrastructure

The initial payment includes around 73.2 million Swedish kronor in cash, with the balance to be settled through shares and debt instruments. 

An earn-out of up to 146.8 million Swedish kronor may be payable, contingent on NSG’s financial performance in 2027.

Nordic Shield Group develops high-security classified constructions, including shelters, hardened data centres and containerised units designed to withstand threats such as sabotage and electromagnetic pulse. 

The company reported revenues of 104 million Swedish kronor in the first quarter of 2026, with an EBITDA margin of 20 percent.

- Taking NSG into full ownership is a strategic step that gives Astor Group control over a business we already know well, said Martin Elovsson, board member and incoming CEO of Astor Group, in a press release.

The acquisition is subject to regulatory approval and is expected to close in the second quarter of 2026. 

Astor Group said the deal supports its ambition to reach 2.5 billion Swedish kronor in revenue by 2028, while expanding its footprint across defence, government and critical infrastructure markets.