Metsaliitto Agrees to Sell Stake in Vapo
May 8, 2009 - Finland's Metsaliitto Group said that it has agreed to sell all of its shareholding (49.9%) in Vapo Oy to a Finnish consortium managed by EPV Energy Ltd.
The price for the shares to be sold totals EUR 165 million.
Metsaliitto said that it will record a gain of approximately EUR 27 million.
"Good cooperation between Metsaliitto Group and Vapo and operative business continues as usual," said Kari Jordan, president and CEO of Metsaliitto. "In the future, Metsaliitto will concentrate even more closely on its core businesses and develop them further."
Metsaliitto expects the deal to close during the second quarter of 2009 upon approval by regulators.
Headquartered in Finland, Vapo is a supplier of local and renewable fuels, bioelectricity and environmental business solutions in the Baltic Sea region.
EPV Energy is a Finnish power company which supplys 1,200,000 MWh of heat and 4,000,000 MWh of electricity for its owners yearly.
Metsaliitto Group focuses on five business areas: wood supply, wood products industry, pulp, board and paper, and tissue papers. Metsa-Botnia, M-real, and Metsa Tissue are part of the group.
SOURCE: Metsaliitto Group