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Tuesday, 19.03.2024, 06:26
Finnish competition authority okays merger of YIT, Lemminkainen
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.