Metsäliitto Group sells all of its shareholding in Vapo Oy
Metsäliitto Group has agreed to sell its shareholding in Vapo to a consortium managed by EPV Energy (5 May 2009)
Metsäliitto Group, Stock Exchange Release 5 May 2009 at 10 am
Metsäliitto Group has today agreed to sell all of its shareholding (49.9%) in Vapo Oy to a Finnish consortium managed by EPV Energy Ltd. The price for the shares to be sold totals EUR 165 million. Metsäliitto books a gain of approximately EUR 27 million.
“Good cooperation between Metsäliitto Group and Vapo and operative business continues as usual. In the future, Metsäliitto will concentrate even more closely on its core businesses and develop them further. This sale enables Metsäliitto to develop its key businesses and improve its financial position,” says Kari Jordan, President & CEO, Metsäliitto Group.
The transaction is expected to be completed during the second quarter of 2009. The deal will be concluded after receipt of the approval by the regulatory authorities.
Vapo Group’s sales in 2008 were EUR 631.8 million and it employs 1,780 employees. The Finnish State owns 50.1% of Vapo’s shares.
EPV Energy is a Finnish power company which supplys 1,200,000 MWh of heat and 4,000,000 MWh of electricity for its owners yearly. The company’s sales in 2008 were EUR 166.4 million.