The construction business of the Finnish firm YIT will be transferred to the Etalon group of companies. The deal will be closed during April, the business was valued at €50 million
Photo: etalongroup.ru
The Finnish company YIT has completed a strategic review of its business in Russia and intends to sell it to the Etalon group, according to message on the YIT website.
“The deal is estimated to close during April. Its price is about €50 million,” the company said in a statement.
The Finnish developer began a strategic review of the business back in November, and due to changes in the geopolitical situation in March, it accelerated, the report explains. “Due to the Ukrainian crisis, our operations in Russia were facing unprecedented challenges and it was becoming increasingly difficult to continue operations. The sale of the Russian business gives us the opportunity for a quick, controlled and complete exit,” said Markku Moilanen, President and CEO of YIT.
Plans to buy YIT were confirmed in the Etalon development group. “The Board of Directors of the company considered and approved the decision on the strategic acquisition of its Russian business (“YIT Russia”) from the YIT concern with an acquisition price not exceeding 4,597 million rubles,” the statement says. message “Etalon” on the London Stock Exchange.
The final approval of the transaction requires obtaining permits from the regulatory authorities.