Finnish Competition Authority approved an agreement to sell Destia’s surfacing business to NCC
Finnish Competition Authority approved today 24th November an agreement to sell Destia’s surfacing business to NCC.
In March 2011, Destia signed an agreement to sell its surfacing business to NCC. The business transaction required the approval of the Finnish Competition Authority. In August, the Authority decided to propose that the transaction be rejected, after which the matter was transferred to the Market Court. Market Court decided to accept the transaction with some conditions. NCC was not able to accept the conditions set for the original business transaction and therefore Destia and NCC cancelled the business transaction signed in March 2011. Destia and NCC signed a new agreement, which have now reached approvement by Authority.
The business transaction includes the entire surfacing business with the exception of an asphalt plant located in the Helsinki Metropolitan Area.
The acquired operations generated sales of approximately EUR 42 million in 2010. The existing order book amounted to about EUR 80 million at year-end 2010. Approximately 80 employees will be transferred to the service of the new company, as old employees with their current employment terms.
Business acquisition is carried out by end of the year.
Aki Markkola, General Counsel, tel. +358 400 685 669