YIT SELLS THE NETWORK SERVICES BUSINESS UNIT TO RELACOM
YIT CORPORATION
NOVEMBER 21, 2007 at 08:00
CORPORATE RELEASE COMPANY ANNOUNCEMENT
YIT SELLS THE NETWORK SERVICES BUSINESS UNIT TO RELACOM
YIT Corporation has signed an agreement to sell the Network Services
business unit to Relacom Finland Oy. The transaction price amounts to
EUR 25 million and it will be paid in cash. The transaction must be
approved by the Competition Authority before it enters into force. It
is expected that the deal will be consummated by the end of year
2007.
The Network Services business unit provides telecom network
construction and maintenance, electrical network maintenance and
construction, and IT on-site services. In 2006, Network Services had
revenue of EUR 83.7 million, representing 2.5 per cent of the YIT
Group's revenue. The business unit currently has approximately 1,000
employees, or approximately 4 per cent of YIT's total personnel. The
Network Services business unit mainly comprises the former YIT
Primatel Ltd, which YIT acquired from Sonera in the spring of 2002.
Following the acquisition, Relacom Finland Oy will become a stronger
company in its field in Finland, serving operators and office market
with construction, installation and maintenance services. Employees
will transfer to Relacom under their current terms of employment.
The sale of the business unit does not affect the YIT Group's outlook
for 2007. The transaction has a non-recurring effect of about EUR 9
million on profit after taxes in Q4/2007.
YIT CORPORATION
Juha Kostiainen
Vice President, Corporate Communications and Business Development
For additional information, contact:
Pekka Frantti, President, YIT Industrial and Network Services Ltd,
tel. +358 50 390 0932
Sakari Toikkanen, Executive Vice President, YIT Corporation, tel.
+358 20 433 2336
Petra Thorén, Vice President, Investor Relations, YIT Corporation,
tel. +358 20 433 2635, +358 40 764 5462
Distribution: OMX Nordic Exchange Helsinki, principal media,
www.yitgroup.com
