- Stock exchange releases
YIT TO SELL AGO AG'S SHARES AND ITS BUSINESS OPERATIONS IN HUNGARY
YIT Corporation STOCK EXCHANGE RELEASE 30. May 2011 at 8:30 a.m.
YIT TO SELL AGO AG’S SHARES AND ITS BUSINESS OPERATIONS IN HUNGARY
YIT has agreed on two divestments in Central Europe. YIT will sell all of AGO AG’s shares in its possession (59.25% of the company’s entire capital stock) to Perseus L.L.C. In addition, YIT will sell its building system services in Hungary to Imtech N.V.
AGO AG’s shares were part of the Caverion acquisition, which became effective at the beginning of September 2010. AGO AG is a German company listed in Entry Standard segment in Frankfurt Stock Exchange, with an annual turnover of approximately €50 million. AGO AG’s core business is energy sales and production, and the company operates in Germany, Italy, and South Africa. YIT decided to sell the shares because its strategy is to focus on building system services in Northern and Central Europe. AGO AG shares have been recorded under assets for sale in YIT Group’s balance sheet.
In Hungary, YIT will sell its building system services to Imtech N.V. The turnover of YIT’s building system services in Hungary was approximately €10 million in 2010. YIT will focus on developing its operation on a market in Central Europe, where it enjoys a stronger market position and has better growth opportunities.
The transactions completed have no major effect on YIT’s cash flow or result. The divestment on Hungary is expected to materialise within two weeks. The sale of AGO AG’s shares requires approval by competition authorities and is assumed to materialise within six weeks.
YIT has acquired two international groups in Central Europe in 2008 and 2010: MCE and Caverion. After the acquisitions, YIT has been developing the acquired companies to match its chosen strategy. After the divestments, YIT will focus on improving profitability and growth in its business operations.
For additional information, please contact:
Sakari Toikkanen, Senior Vice President, Business Development, YIT Corporation, +358 40 532 2174, email@example.com
Hanna-Maria Heikkinen, Vice President, Investor Relations, YIT Corporation, +358 40 826 8262172, firstname.lastname@example.org
Vice President, Investor Relations
Distribution: NASDAQ OMX, principal media, www.yitgroup.com
YIT is a leading European service company in building systems, construction services, and services for industry. We build, develop, and maintain quality living environments in the Nordic countries, Central Europe, Russia, and the Baltic countries. In 2010, YIT's turnover was approximately EUR 3.8 billion. The Group has nearly 26,000 employees. YIT's shares are listed on NASDAQ OMX Helsinki. www.yitgroup.com