The Finnish Competition and Consumer Authority (FCCA) has given the green light for the merger of Finnish builders YIT Corporation and Lemminkäinen.
Constructor-developer YIT and construction group Lemminkäinen announced plans last June to combine the two companies, merging Lemminkäinen into YIT with the transfer of all its assets and liabilities, before dissolving Lemminkäinen.
The FCCA approval, given on January 26th, is the final authority required to complete the merger. The process was delayed in December 2017 when the FCCA applied for an extension into the investigation of the two companies.
According to the firms, the merger will create a construction company with a projected annual turnover of €3.4 bn and an operating profit of €85 mln, enabling it to better compete against multi-national companies in Finland and Europe.
The combined company will employ an estimated 10,000 people in 11 countries and seek growth particularly by competing for urban development projects.
The merger is now expected to take place on February 1st.
