Caverion to Sell Parts of its Industry Operations to Elcoline Oy Based on the Conditions Imposed on the Maintpartner Transaction
HELSINKI, June 26, 2020 /PRNewswire/ -- Caverion has signed an agreement to sell certain Finnish operations of Caverion Industria Ltd to Elcoline Oy based on the conditions imposed on the Maintpartner transaction by the Finnish Competition and Consumer Authority (the "FCCA"). The buyer is a Finnish, internationally operating provider of industrial maintenance that has approximately 300 employees before the transaction.
According to a stock exchange release published by Caverion on 22 November 2019, the FCCA approval on the Maintpartner transaction included certain conditions based on which Caverion was to divest approximately 6.5 percent of the post-transaction revenue (approximately EUR 300 million in 2018) of the Industry division in Finland.
The business transfer covers total outsourcing agreements in industrial services mainly with customers in chemical and energy industries. Furthermore, the sale includes Caverion's marine industry unit and industrial maintenance servce centers acquired as part of the Maintpartner transaction in Turku, Pori, Rauma and Oulu in Finland.
The business transfer is expected to be completed during autumn 2020. The transaction value will not be disclosed.
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