finnish government sells infrastructure company to private investors
Last Updated : GMT 16:22:18
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Finnish government sells infrastructure company to private investors

Arab Today, arab today

Arab Today, arab today Finnish government sells infrastructure company to private investors

Beijing - XINHUA

Finnish government announced on Monday to sell the state-owned infrastructure company Destia to a private investment company for 148 million euros (201 million U.S. dollars). The government signed an agreement on Monday morning to sell the entire share capital of Destia, an infrastructure and construction company, to Ahlstrom Capital, said the government in a press release. The transaction was approved by the government last Thursday. The purchase price of the shares is 148 million euros including a capital repayment of 42 million euros to the state. Owning Destia is of no strategic importance to the state, and the deal will increase competition in the infrastructure and construction industry, explained the government, adding that the change in ownership will have no effect on Destia's personnel. "Under the new owner, the company and its employees can hopefully look forward to growth. I believe that this decision is beneficial to the company, its employees as well as the State," said Pekka Haavisto, Minister for state ownership steering of Finland. Haavisto wrote in his blog that the money received from the sale will be used for investment to increase the state revenue. Destia has been a wholly state-owned company responsible for planning and constructing traffic routes and industrial environments since 2008. Destia's net sales were 490 million euros in 2013. Founded in 2001, Ahlstrom Capital is one of the largest private equity investors in Finland, which focuses on active direct equity investments primarily in industrial companies. The total turnover of its portfolio companies reached 1.2 billion euros in 2013. (1 euro = 1.36 U.S. dollars)

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