Lemminkäinen divests its technical building services business to Are

Avance advises Finnish construction company Lemminkäinen Corporation (listed on NASDAQ OMX Helsinki Ltd) in the divestment of its technical building services business (Lemminkäinen Talotekniikka Oy) to Are Oy (part of the Onvest Group). The debt and cash free price is EUR 60 million. Lemminkäinen will record a significant capital gain from the transaction, which will have a positive impact on Lemminkäinen’s equity ratio. The completion of the transaction will require approval by the Finnish Competition and Consumer Authority, which Lemminkäinen expects to be received by June 2014.