YIT has sold its stake in joint venture Tieyhtiö Vaalimaa
YIT Corporation Investor News 14 May 2024 at 8:00 a.m.
YIT has sold its stake in joint venture Tieyhtiö Vaalimaa
YIT has sold its stake in the joint venture Tieyhtiö Vaalimaa Oy to the company’s other owner Meridiam Infrastructure Finance II S.á.rl. YIT and Meridiam established a joint venture in 2015 to manage the E18 Hamina-Vaalimaa highway project, which was completed in 2018. In the project, YIT oversaw the construction of the road and continues its work as a project partner in road maintenance. Before the transaction, Meridiam owned 80% of Tieyhtiö Vaalimaa and YIT's ownership was 20%. The parties have agreed not to disclose the transaction price.
The Hamina-Vaalimaa project comprised approximately 32 kilometres of new motorway construction and other related road alterations. The project significantly improved the safety and operability of the road; and high-quality environmental construction and stringent environmental consciousness played a significant role in project planning.
"The cooperation with Meridiam and the Finnish Transport Infrastructure Agency in the implementation of the project was excellent and we will continue as a partner in road maintenance. The transaction is part of our previously communicated target to improve capital efficiency. We are pleased with the result of the transaction and its positive impact on our financial position", said Tuomas Mäkipeska, CFO, YIT Corporation.
The sale is part of YIT's transformation program, one of the objectives of which is to improve YIT’s capital efficiency. In 2023, the company initiated a strategic review regarding certain assets and operations to secure the best possible value creation.
Further information:
YIT Group Communications: tel. +358 44 743 7536, [email protected]
Distribution: Nasdaq Helsinki, major media, www.yitgroup.com
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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