Merger of YIT and Lemminkäinen
YIT and Lemminkäinen merged on February 1, 2018
The Boards of Directors of YIT Corporation and Lemminkäinen Corporation decided on January 31, 2018, to complete the merger of Lemminkäinen and YIT in accordance with the merger plan signed on June 19, 2017. The merger was entered into the Trade Register and took effect on February 1, 2018.
The combination has created a financially strong company with urban development as the engine for growth and profitability. The companies’ business areas complement and balance each other and decrease sensitivity to economic cycles.
The combination is expected to create significant value for the shareholders of the combined company through decreased sensitivity to economic cycles and improved competitiveness providing a strong platform for growth.
In connection with its interim report January-September 2019, YIT has adjusted its estimate on the total amount and timing of the synergy benefits of the merger. Total synergy benefit measures done and decided by the end of September 2019 amounted to approximately EUR 46 million and achieved cumulative synergy benefits impacting the result were approximately EUR 36 million, of which EUR 19 million were realised in 2018. The company has specified the synergy timetable and estimates that it will reach cumulative annual synergy benefits impacting the result approximately EUR 41 million by the end of 2019 and approximately EUR 48 million by the end of 2020.
The combination was implemented as a statutory absorption merger whereby Lemminkäinen will be merged into YIT.
The Extraordinary General Meetings (each, an “EGM”) of YIT and Lemminkäinen held on September 12, 2017 approved the merger. The Finnish Competition and Consumer Authority (the "FCCA") announced on January 16, 2018 that it would approve the merger between YIT and Lemminkäinen as such. On January 26, 2018, the FCCA gave its final approval decision for the merger.
Stock Exchange Releases
February 1, 2018
January 31, 2018
January 26, 2018
January 16, 2018
December 13, 2017
December 11, 2017
October 9, 2017
September 28, 2017
September 12, 2017
September 7, 2017
August 24, 2017
July 27, 2017
June 19, 2017
Extraordinary General Meeting, September 12, 2017
Merger announcement, June 19, 2017
June 19: Announcement
August 25: Publication of merger prospectus
September 12: Extraordinary General Meetings of Both companies
(Voluntary pro forma information will be given before Q1 results)
February 1: Merger completed
March 16: Annual General Meeting
March 20: Lemminkäinen final accounts
April 11: Lemminkäinen shareholders’ meeting
April 26: Interim Report January-March 2018