Lehto Group Plc: Lehto sells its ownership in Insinööritoimisto Mäkeläinen Oy (engineering office)
Lehto Group Plc
Stock exchange release
20 March 2024 at 8.00 a.m. (Finnish time)
Lehto Group Plc (“Lehto”) has on 19 March 2023 signed an agreement to sell the entire share capital of Insinööritoimisto Mäkeläinen Oy (“Transaction”). The buyers are the management of Insinööritoimisto Mäkeläinen Oy, Elvak Oy and Lehto Invest Oy. Insinööritoimisto Mäkeläinen Oy (“Target”) is a 100% owned subsidiary of Lehto, which is focused on structural design and employs around 40 employees in Kajaani, Kempele and Vantaa.
Lehto considers that this is a related party transaction, because Lehto’s board member Hannu Lehto has control over Lehto Invest Oy and Elvak Oy is a company managed and partly owned by Hannu Lehto’s son. An external Appraiser has estimated that the purchase price corresponds to the fair value of the Target.
The enterprise value (EV) defined in the Transaction is approximately EUR 0.5 million, to which the assets transferred in the Transaction are added (EUR 0.1 million), and from which the liabilities transferred in the Transaction (EUR 0.6 million) are subtracted. The transaction has no significant impact on Lehto Group's turnover, operating profit or financial position.
The deal is part of Lehto's previously disclosed plan, in which Lehto, as part of the corporate restructuring proceedings, divest its whole construction business and any holdings related thereto.
Lehto Group Plc
Board of Directors
Additional information:
Juuso Hietanen
CEO
+358 50 343 4023