Construction and Engineering | Helsinki, Finland | Corporate Acquisition
Construction company YIT has agreed to acquire industry peer Lemminkäinen (HEL: LEM1S) in an all-stock €632 million deal. The takeover is expected to generate synergies of about €40 million per year, creating a building giant with combined revenues of around €3.4 billion and roughly €85 million in operating profit. Lemminkäinen has been undertaking a restructuring effort since 2014, launching a cost-saving programme, divestments and capital raisings. Its shares closed on Monday up 8.4%.