Vapo has today closed the sale of its wholly owned subsidiary Nevel Oy to Ardian. Nevel provides industry and municipalities with advanced infrastructure solutions in Finland, Sweden and Estonia. The transaction was announced on 2 November 2020 and a follow-up release was published on 23 December 2020. The competition authorities in Finland and Sweden have approved the transaction.
The enterprise value of the transaction is approximately EUR 656 million. Vapo will recognise a tax-free sales profit of approximately EUR 490 million in the result for the first tertial of 2021.
As a result of the closing of the transaction, Vapo Board of Directors has today relieved Nevel Oy’s CEO from his duties in Vapo Group’s Management Team.
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