A combined heat exchanger and exhaust silencer for a vehicle, comprising: an inlet and an outlet for an exhaust gas flow; a housing arranged with a first end portion at said inlet and a second end portion at said outlet such that the exhaust gas can flow through said housing; a bypass pipe arranged in said housing, said bypass pipe having a perforated wall portion, said bypass pipe defining a first flow channel for the exhaust gas through said housing; a second pipe arranged in said housing, said second pipe having a perforated wall portion, said second pipe being arranged extend from said first end portion to said second end portion of said housing; a third pipe (212, 512) arranged in said housing, said third pipe having a perforated wall portion, said third pipe being arranged extend from said first end portion to said second end portion of said housing, said third pipe having a larger inner diameter than an outer diameter of said second pipe, wherein said second pipe is arranged in said third pipe such that a space between an outer surface of said second pipe and an inner surface of said third pipe defines a second flow channel for the exhaust gas through said housing; a heat exchanger pipe (216, 416) for defining a flow channel for a heat exchanging fluid, said heat exchanger pipe arranged as a spiral around the periphery of said second pipe, in said second flow channel, a sound absorbing material arranged in said housing and surrounding said bypass pipe and said third pipe, said sound absorbing material further being arranged inside said second pipe; a bypass valve configured to: in a first state, allow a flow path for exhaust gas to be open from said inlet to said outlet via said flow channel of said bypass pipe, and in a second state, close said flow path, whereby at least a main portion of said exhaust gas is forced through said second flow channel. an inlet and an outlet for an exhaust gas flow; a housing arranged with a first end portion at said inlet and a second end portion at said outlet such that the exhaust gas can flow through said housing; a bypass pipe arranged in said housing, said bypass pipe having a perforated wall portion, said bypass pipe defining a first flow channel for the exhaust gas through said housing; a second pipe arranged in said housing, said second pipe having a perforated wall portion, said second pipe being arranged extend from said first end portion to said second end portion of said housing; a third pipe (212, 512) arranged in said housing, said third pipe having a perforated wall portion, said third pipe being arranged extend from said first end portion to said second end portion of said housing, said third pipe having a larger inner diameter than an outer diameter of said second pipe, wherein said second pipe is arranged in said third pipe such that a space between an outer surface of said second pipe and an inner surface of said third pipe defines a second flow channel for the exhaust gas through said housing; a heat exchanger pipe (216, 416) for defining a flow channel for a heat exchanging fluid, said heat exchanger pipe arranged as a spiral around the periphery of said second pipe, in said second flow channel, a sound absorbing material arranged in said housing and surrounding said bypass pipe and said third pipe, said sound absorbing material further being arranged inside said second pipe; a bypass valve configured to: in a first state, allow a flow path for exhaust gas to be open from said inlet to said outlet via said flow channel of said bypass pipe, and in a second state, close said flow path, whereby at least a main portion of said exhaust gas is forced through said second flow channel. in a first state, allow a flow path for exhaust gas to be open from said inlet to said outlet via said flow channel of said bypass pipe, and in a second state, close said flow path, whereby at least a main portion of said exhaust gas is forced through said second flow channel.