ABBS BUILDING SYSTEMS BUSINESS IN THE NORDIC COUNTRIES, THE BALTIC COUNTRIES AND RUSSIA ARE TRANSFERRED TO YIT
On this day, YIT Corporation has paid to ABB Ltd EUR 169.2 million in cash for the purchase of ABBs Building Systems operations in Finland, Sweden, Norway, Denmark, the Baltic countries and Russia. Building Systems offers technical building systems and property and industrial services.
The cash amount was determined in accordance with the deal agreement signed by YIT and ABB on July 4, 2003, such that the negative difference of the assets and liabilities of the balance sheet items being transferred in the asset purchase transactions was subtracted from the transaction value. The purchase price will be finalized in November 2003, when the audited balance sheet calculations concerning the situation at the end of August have been completed.
The transaction had to be approved by the competition authorities before it entered into force. The Finnish Competition Authority approved the Finnish end of the deal on July 18, 2003, and the Swedish Competition Authority (Konkurrensverket) approved it on July 23, 2003. The Lithuanian Competition Authority approved the deal on August 28, 2003. The acquisition was consummated on August 29, 2003, and the business functions were transferred to YIT on the same day.
YIT is financing the acquisition with debt capital.
Veikko Myllyperkiö Vice President, Corporate Communications
For additional information, contact: Reino Hanhinen, Group CEO, YIT Corporation, tel. +358 20 433 2454, firstname.lastname@example.org Esko Mäkelä, Executive Vice President, YIT Corporation, tel. +358 20 433 2258,email@example.com Veikko Myllyperkiö, Vice President, Corporate Communications, YIT Corporation, tel. +358 20 433 2297, firstname.lastname@example.org Sakari Toikkanen, Director of Corporate Planning, YIT Corporation, tel. +358 20 433 2336, email@example.com
DISTRIBUTION: Helsinki Exchanges, principal media, www.yit.fi
YIT is the largest Finnish and significant North European construction company. We develop and build apartments and living services, business premises and entire areas. We are also specialised in demanding infrastructure construction and paving. Together with our customers, our nearly 10,000 professionals are creating more functional, attractive and sustainable cities and environments. We work in 11 countries: Finland, Russia, Scandinavia, Baltic Countries, the Czech Republic, Slovakia and Poland. The new YIT was born when over 100-year-old YIT Corporation and Lemminkäinen Corporation merged on February 1, 2018. Our restated pro forma revenue for 2018 was approximately EUR 3.2 billion. YIT Corporation’s share is listed on Nasdaq Helsinki Oy. www.yitgroup.com