Lemminkäinen and YIT will complete the merger
- Stock Exchange Releases
- 5/16/2011
Competition authority approves Lemminkäinen's acquisition of Mesta Industri in Norway
LEMMINKÄINEN CORPORATION STOCK EXCHANGE RELEASE 16 May 2011 at 20:00 Competition authority approves Lemminkäinen's acquisition of Mesta Industri in Norway Today, the Norwegian competition authority has approved Lemminkäinen's acquisition of 100% of the shares of Mesta Industri AS, a Norwegian infrastructure construction company, from Mesta Group, a Norwegian state owned company. The agreement was signed on 17 December 2010. This corporate acquisition has been approved on the condition
LEMMINKÄINEN CORPORATION STOCK EXCHANGE RELEASE 16 May 2011 at 20:00
Competition authority approves Lemminkäinen's acquisition of Mesta Industri in Norway
Today, the Norwegian competition authority has approved Lemminkäinen’s acquisition of 100% of the shares of Mesta Industri AS, a Norwegian infrastructure construction company, from Mesta Group, a Norwegian state owned company. The agreement was signed on 17 December 2010. This corporate acquisition has been approved on the condition that Lemminkäinen divest its fixed asphalt mixing plant in Harstad, in the north of Norway. Lemminkäinen accepts this condition.
The 2010 net sales of Mesta Industri were approximately EUR 50 million and the business has some 170 employees on average.
The preliminary purchase price is approximately EUR 14.8 million and it will be paid in cash. The final purchase price will be determined on the basis of the Mesta Industri’s equity effective on the day of closing. The acquisition is likely to be closed by the end of May.
Nordic infrastructure construction is one of Lemminkäinen's strategic growth areas. Lemminkäinen has been in the infra business in Norway since 2001. After the acquisition, Lemminkäinen will be the country’s third-largest paving contractor.
Lemminkäinen announced the acquisition on 17 December 2010. On 31 March 2011, it confirmed that the matter was being considered further by the authorities.
LEMMINKÄINEN CORPORATION
Corporate Communications
MORE INFORMATION:
President and CEO Timo Kohtamäki
Lemminkäinen Corporation
Tel. +358 2071 53263
CFO Robert Öhman
Lemminkäinen Corporation
Tel. +358 2071 53515
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www.lemminkainen.fi
Lemminkäinen Group operates in all areas of the construction sector. The Group’s business sectors are Building Construction, Infrastructure Construction and Technical Building Services. Net sales in 2010 were around EUR 2.0 billion, of which international operations accounted for roughly a quarter. The Group employs about 8,300 people. Lemminkäinen Corporation’s share is quoted on NASDAQ OMX Helsinki Ltd. www.lemminkainen.fi