Finnish developer YIT has announced a takeover of Lemminkainen construction concern.
“The Boards of Directors of YIT and Lemminkainen corporations have announced an agreement on the combining of the companies by means of a merger”, as it follows from a statement released by YIT.
The annual turnover of the new company will be about 3.4 billion euros, with operating profit of 85 million euros. The parties expect that an overall synergy effect will be annually about 40 million euros, and, in a total volume, it is implemented until the end of 2020, according to a press release.
As indicated therein, after the merger, YIT’s shareholders will receive 60% of the combined company’s shares, while holders of Lemminkainen shares will get 40%.
