Press release amendment: Ilmarinen acquires Aleksia
Press release amendment:
Ilmarinen acquires Aleksia
MeritaNordbanken and Ilmarinen, the Finnish pension insurance company,
have today agreed on the purchase by Ilmarinen of the real estate company,
Aleksia. The cash acquisition overrides the completion of the sale of
Aleksia shares and its listing on the Helsinki Exchanges.
MeritaNordbanken chose to accept Ilmarinen's bid due to the fact that the
offering of Aleksia was not proceeding as expected.
The agreement between MeritaNordbanken and Ilmarinen has the following
*Ilmarinen acquires Aleksia in total for cash. The purchase price
represents the value of the total share stock of Aleksia, EUR 370 M.
*MeritaNordbanken buys back a few quality properties from Aleksia for EUR
*The consequences for Aleksia's personnel will be clarified in the
collective negotation process with personnel.
The sale of Aleksia represents a capital loss for MeritaNordbanken of EUR
In view of MeritaNordbanken's focus on concentrating on and expanding its
core banking business and of the sluggish development of real estate
shares in Finland, today's sale of Aleksia to Ilmarinen is the best option
for MeritaNordbanken and its shareholders. The bank will continue to
divest the Group's real estate holdings in accordance with its strategy.
Pertti Voutilainen, Executive Vice President, tel. +358 500 225557
Markku Pohjola, Executive Vice President, tel. +358 9 165 422 45
Lars Thalén, Senior Vice President, tel. +358 46 8 614 79 51
Lauri Peltola, Press Relations Manager, tel- +358 50 324 1445