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International Internet Magazine. Baltic States news & analytics Saturday, 23.02.2019, 15:16

Finnish competition authority okays merger of YIT, Lemminkainen

BC, Tallinn, 29.01.2018.Print version
The Finnish Competition and Consumer Authority has approved the merger of the Finnish construction companies YIT and Lemminkainen, both of which have operations in the Baltic countries, informs LETA/BNS.

The merger is expected to be completed by Feb. 1.


YIT and Lemminkainen announced the consolidation in June, saying that the aim was to strengthen the position of the companies on the northern European markets.


The revenue of the merged company of YIT and Lemminkainen is estimated to amount to approximately 3.4 billion euros per year, while profit will total 85 million euros per year. The companies are hoping to save 40 million euros per year by 2020 through the merger. The merged company will employ altogether 10,000 people in 11 countries.


Lemminkainen will technically be merged with YIT, so that Lemminkainen shareholders will own 40% of the merged company, while YIT shareholders will own 60%.


YIT and Lemminkainen operate in Finland, Russia, Sweden, Norway, Denmark, Estonia, Latvia, Lithuania, Czech Republic, Slovakia and Poland.


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