Wetteri and Osuuskauppa Suur-Savo have implemented the transaction, business transferred to Wetteri from January 1st, 2024
Wetteri Plc Stock exchange release 2nd January 2024 15.00 EET
On October 27th 2023, Wetteri announced acquisition of the automotive business of Osuuskauppa Suur-Savo, a car dealer operating in Mikkeli, Savonlinna and Vantaa. The buyer is Wetteri Plc's subsidiary Wetteri Auto Oy. The Finnish Competition and Consumer Authority approved the deal on December 8th 2023. The deal was executed and the automotive business transferred to Wetteri on January 1st 2024. Purchase price of 1.0 million euros has been paid on January 2nd 2024. The inventory, value approx. 10 million euros, will be transferred to the finance company for trade financing. As part of the transaction, the buyer and seller have agreed on a separate 12-month financing agreement regarding the stock of demonstration cars. The value of the demo car stock is approx. 3.6 million euros. Wetteri continues the automotive business operations in Mikkeli, Savonlinna and Vantaa.
With the deal, Wetteri's geographical presence is strengthened in both eastern and western Finland. The number of Wetteri's personnel increases by approx. 90 automotive experts.
Aarne Simula, CEO, Wetteri Oyj:
"With this transaction, Wetteri gains a solid foothold in Eastern Finland and its position in the capital region is strengthened. This third acquisition in its series is part of Wetteri's growth journey, which is accelerated by the revolution in the automotive industry. With the acquisitions, we strive for synergy benefits and efficiency, which are needed in the renewing automotive industry."
Additional information:
Aarne Simula, CEO, Wetteri Plc
Tel. +358 400 689 613, aarne.simula@wetteri.fi
Wetteri Plc – An Entrepreneur-Driven Automotive Growth Company
Wetteri Plc is an entrepreneur-driven growth company in the automotive sector. The company engages in the retail sales of passenger cars, commercial vehicles and heavy vehicles, and produces maintenance and repair shop services for vehicles, from passenger cars to heavy vehicles. Headquartered in Oulu, the company has 40 locations in Finland. The company employs around 1000 people, of whom nearly 70% work in maintenance and repair services. Wetteri promotes digitalisation in the automotive sector and is an important player on the common journey towards emission-free motoring. More information: sijoittajat.wetteri.fi/en/