Kesko sold a minority interest in its Baltic machinery trade subsidiaries to Danish Agro group
(Thomson Reuters ONE) -
KESKO CORPORATION STOCK EXCHANGE RELEASE 10.02.2017 AT 17.00 1(2)
Kesko sold a minority interest in its Baltic machinery trade subsidiaries to
Danish Agro group
Kesko Corporation's subsidiary Konekesko Ltd has sold 45% of its Baltic
subsidiaries' shares to Danish Agro a.m.b.a.'s group company DAVA Agravis
Machinery Holding A/S. In the same context, an agreement was made on options to
expand DAVA Agravis' ownership to include the whole share capital of the Baltic
machinery trade companies and Danish Agro group's ownership to include
Konekesko's agricultural machinery business in Finland.
In the transaction, Konekesko sold 45% of the share capital of its Baltic
subsidiaries to DAVA Agravis. In addition to this, the parties agreed on DAVA
Agravis' right to buy and Konekesko's right to sell the rest of the
subsidiaries' shares by notifying about it no later than January 2019. In
addition, the parties agreed on the option of Danish Agro's other subsidiary,
Danish Agro Machinery Holding A/S, to buy and Konekesko's option to sell
Konekesko's agricultural machinery trade functions in Finland by notifying about
it no later than September 2020.
Konekesko's Baltic subsidiaries engage in the import, selling and servicing of
agricultural, forest and construction machinery. Key brands represented by the
companies include Claas tractors, combines and grassland machinery, Ponsse
forest machinery, Kobelco excavators and Kubota mini excavators.
Kesko's strategic objective is to achieve growth in the Finnish grocery trade,
the building and technical trade and the car trade.
"Machinery trade functions have grown and developed with strong principals. In
view of Kesko's focus on strategic growth areas, it is good that the machinery
trade operations can strengthen further as part of a larger entity and also
improve the customer experience," says Antti Meriläinen, Senior Vice President
for the agricultural and machinery trade.
In 2016, the pro forma net sales of the Baltic functions were ?129 million and
operating profit was approximately ?5 million. The debt free price of the shares
now sold is approximately ?21 million, which has been paid in cash in connection
with the closure of the transaction.
The completion of share and business transactions by using the call options or
put options agreed in connection with the transaction is subject to obtaining
permissions from the competition authorities and the fulfilment of the other
terms and conditions of the transactions.
Further information: Antti Meriläinen, SVP, Kesko's agricultural and machinery
trade, antti.jo.merilainen(at)kesko.fi, tel. +358 105 320 492
Kesko Corporation
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Main news media
www.kesko.fi
Konekesko is part of Kesko's agricultural and machinery trade unit, which
belongs to the building and technical trade division. Konekesko is a machinery
trade company that focuses on importing, trading and providing aftersales
service for construction, materials handling, environmental and agricultural
machinery, and recreational machinery. Konekesko operates in Finland, Estonia,
Latvia and Lithuania.
Danish Agro group consists of a number of agro-industrial companies in Denmark
and abroad. The group mainly operates within the sale of feed mixes, ingredients
and vitamin mixes, fertiliser, crop protection, seeds and energy, plus the
purchase of crops from farmers. The group is also distributor of a number of
strong farm machinery brands. Through the subsidiary DAVA Agravis Machinery
Holding A/S, Danish Agro group and strategic partner Agravis Reiffeisen AG today
own machinery activities in Estonia, Poland and the Czech Republic. Through the
subsidiary Danish Agro Machinery Holding A/S, Danish Agro group today own
machinery activities in Denmark, Norway, Sweden and Finland. The Danish Agro
group has around 5,000 employees and a budgeted turnover for 2017 of around EUR
4.3 billion.
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Kesko Oyj via GlobeNewswire
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"Kesko sold a minority interest in its Baltic machinery trade subsidiaries to Danish Agro group"
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