The sale of YIT Kalusto Oy to Renta completed
YIT Corporation Investor News 29 February 2024 at 12:15 p.m.
The sale of YIT Kalusto Oy to Renta completed
The sale of the entire share capital of YIT Kalusto Oy, the company’s subsidiary providing in-house equipment services, to Renta Oy has been completed. YIT announced the sale on 9 January 2024.
In addition to the share transaction, the property used by YIT Kalusto Oy in Urjala has been transferred to Renta. As part of the arrangement, YIT and Renta have signed a long-term cooperation agreement on the delivery of equipment services to YIT in Finland.
”The transaction strengthens our financial position. We are also pleased that we were able to complete the transaction in such a short timeframe. With the cooperation agreement with Renta we can strengthen our competitiveness, further increase the efficiency in using equipment and optimise resources,” said Tuomas Mäkipeska, CFO, YIT Corporation.
The enterprise value is EUR 37 million in total. The purchase price has been paid at the closing of the transaction. The estimated net cash inflow from the arrangement has been specified to approximately EUR 28 million. YIT records an estimated gain on sale of approximately EUR 17 million. The gain on sale is reported in EBIT adjusting items and thereby, it has no effect on YIT’s guidance for 2024.
For further information:
YIT’s Corporate communications, tel. +358 44 743 7536, [email protected]
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YIT is a leading construction and development company. Building on over 110 years of experience, we develop and build sustainable living environments: functional homes, future-proof public and commercial buildings, and infrastructure to support the green transition. We employ approximately 4,300 professionals in eight countries. Our revenue in 2023 was EUR 2.2 billion. YIT Corporation's shares are listed on Nasdaq Helsinki.
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