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We represented Elcoline Oy in an asset deal

  • Finland

    01-10-2020

    We represented Elcoline Oy in an asset sale and purchase in which Caverion sold a significant portfolio containing its maintenance operations to Elcoline Oy. The operations acquired by Elcoline Oy formed part of the Finnish operations of Caverion Industria Ltd. The transaction was announced on 26 June 2020.

    The transfer covers total outsourcing agreements in industrial services mainly with customers in the chemical and energy industries. The sale also includes Caverion’s marine industry unit and industrial maintenance service centres in Turku, Pori, Rauma and Oulu. The transaction value will not be disclosed.

    The transaction was exceptional since it constituted Caverion’s divestment of part of the Finnish turnover of its Industry operations which had been required in the Finnish Competition and Consumer Authority’s decision concerning Caverion’s earlier Maintpartner transaction. The Competition and Consumer Authority’s final confirmation is still needed for the fulfilment of the conditions set out in the decision.

    Caverion Corporation’s press release

     

    Elcoline Oy is a Finnish, internationally operating provider of industrial maintenance services established in 2002. Elcoline Group employs approx. 500 contracting and maintenance professionals at contract sites all over the world.

    Caverion Corporation is a Finnish listed company which designs, implements and maintains building technology and industrial services. Caverion serves customers in 11 countries in Northern, Central and Eastern Europe, employing over 16,000 professionals. The turnover was approximately EUR 2.1 million in 2019. Caverion is listed on Nasdaq Helsinki.

    Vesa Turkki, Partner
    Johan Wesander, Partner
    Henrik  Sandholm, Specialist Counsel

    This information is for guidance purposes only and should not be regarded as a substitute for taking legal advice. Please refer to the full terms and conditions on our website.

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